Research On Competitive Strategy Of Auto Insurance Business Of PICC Nanjing Branch

With the development of the economy and the improvement of people’s living standard,the total quantity of national vehicles is increasing constantly.At present,China is facing major changes unseen and impacts of epidemics in a century,Instability and uncertainty are on the rise.To further stimulate automobile consumption,the Ministry of Finance,the State Administration of Taxation and the Ministry of Industry and Information Technology have successively introduced tax reduction and exemption policies to support the development of the automobile industry.The auto insurance business of people’s insurance of china has become the first major force of the company property insurance,and many property insurance companies focus on auto insurance business,In recent two years,the emergence of Internet insurance companies has brought a certain impact on the auto insurance market.In order to further standardize the auto insurance market,the China Banking and Insurance Regulatory Commission issued the Guidance on the Implementation of Comprehensive Reform of Auto Insurance on September 19,2020,with the purpose of improving the terms and rates,stimulating the market vitality,standardizing the order,improving services,strengthening supervision and promoting the high-quality development of auto insurance.In the fierce competition environment,the market share of PICC Nanjing Branch decreases year by year,the company is plagued by problems such as declining profit of auto insurance and loss of sales elites.We take PICC Nanjing Branch as the research object,through the study of enterprise competition strategy and other theoretical basis and literature data,combined with the use of external factor evaluation matrix,internal factor evaluation matrix,SWOT matrix analysis,quantitative strategic planning matrix and other tools,Find out the internal advantages and disadvantages of the company,as well as the external opportunities and threats;At present,the company’s internal and external problems are the shortage of sales personnel,the overall decline of underwriting profit,the service technology is not strong,the channel intermediary fees are high,the product research and development time is long,the management is scattered,repeated investment,etc.,combined with the current market environment of the company,the expert group conducted a questionnaire analysis and concluded that PICC Nanjing Branch has a certain ability to grasp opportunities and deal with threats and still has a certain competitiveness in Nanjing auto insurance market.Through QSPM matrix analysis,it is concluded that the differentiation strategy is PICC Nanjing Branch should choose at present.According to the actual situation of the company,product differentiation,service differentiation,sales channel differentiation,to provide customers with different consumption experience and lock customers;And in combination with the practical situation of the company of classified according to market demand planning department,introduce talents,strengthening the staff training in human resources,finance and improve the financial analysis system,to reduce the financial and operating costs,reasonable arrangement of rewards and punishment mechanism in incentive system,and perfecting the incentive mechanism of measures to ensure the implementation of differentiation strategy implementation.