Research On Competitive Strategy Of Life Insurance Business Of M Insurance Brokerage Company

In recent years,China’s insurance brokerage industry has developed rapidly and the industry competition has become increasingly fierce.M Company is one of the leading insurance brokerage companies in China,facing the threat of many competitors.In the increasingly competitive environment,how to adjust the strategic direction of M Company to achieve sustained business growth is an important issue worthy of attention and research.This paper investigates the competition strategy of life insurance business of M insurance brokerage company.The main research work is as follows:First of all,the facilities PEST were used to analyze political environment,economics,social environment and engineering conditions of business.The research shows that M Company not only faces favorable external environment such as government policy support and residents’ income increase,but also faces unfavorable factors such as residents’ low awareness of insurance brokers and epidemic situation.Secondly,use Porter’s five forces analysis model and other methods to analyze the industry environment in which enterprises are located,and make clear the competitive position of enterprises.The research shows that there is a certain gap between M Company and its main competitors in some aspects.At the same time,the main insurance companies and other insurance intermediaries have certain substitutability for insurance brokerage companies.Thirdly,it analyzes the internal resources and capabilities of M Company from the aspects of human resources,marketing,corporate culture and incentive mechanism,technology research and development capabilities,etc.The research shows that M Company has high-quality insurance broker team,excellent professional service ability,excellent Internet sales ability and strong cooperative R&D ability of insurance products,but its service level needs to be improved in the aspects of policy custody and claims settlement.Finally,by SWOT method and strategic clock model,on the basis of clarifying the advantages,disadvantages,opportunities and threats of enterprises,the differentiated competition strategy for M Company’ s life insurance services is constructed.The research shows that companies should adopt SO strategy and implement differentiated competition strategy,and the strategic direction should be market consolidation,market development and product development.The research of this thesis will provide important reference value for the formulation of competitive strategy of life insurance business of M Company,and also provide reference for the research of competitive strategy of the same industry.