A Study On The Competitive Strategy Of Health Insurance Business Of Internet Insurance Companies

In the context of the new era,the insurance industry has undergone tremendous transformation.The State has promulgated a series of policies to help the insurance industry transform and develop in the direction of technology,professionalism and compliance,and to implement the protection function of insurance in depth.Health insurance is a major segment of the insurance industry and national policies have clarified the importance of its status.At the same time,as people pay more and more attention to the management of their health and have an increasingly urgent need for medical protection,the protection function of health insurance products is gradually being recognised.With these opportunities,health insurance has seen rapid development and more and more industry giants are focusing on the health insurance market,laying out in-depth health ecorelated industry chains in an attempt to carve out a slice of the health insurance market.With insurance giants occupying half of the health insurance market,and various capitals scrambling to apply for insurance licences to enter the health insurance industry,competition in the health insurance market is becoming increasingly fierce.In this context,this paper takes Company A’s health insurance as the research object,and summarizes the problems of Company A’s health insurance strategy through questionnaires and data analysis,such as:1.lack of differentiation of health insurance products,2.weak product marketing management capability,3.sales reliance on external channels,4.insufficient specialization of practitioners,5.weak customer service capability,6.many customer complaints and disputes,7.Product development does not meet regulatory requirements,etc.By analyzing the external environment and competition of the industry in which Company A’s health insurance business is located using PEST and Porter’s Five Forces model,analyzing the activity support nodes and core competitiveness of Company A’s health insurance core business using the value chain,summarizing the strengths,weaknesses,opportunities and threats of Company A’s health insurance business,and conducting a SWOT strategy analysis,the main reasons for the problems of its current health insurance strategy were pointed out,such as:1..insufficient innovation capability,2.insufficient marketing management,3.insufficient risk management,4.weak channel capability,5.insufficient customer service capability,6.lack of professional health insurance talents,etc.To address the problems and causes of Company A’s health insurance strategy,this paper uses the QSPM matrix to select an appropriate competitive strategy for it and proposes safeguards for implementing the strategy,such as:1.enhancing product differentiation and innovation capabilities,2.enhancing risk management capabilities,3.enhancing channel management capabilities,4.enhancing customer service capabilities and reducing customer complaint rates 5.strengthening human resources construction,etc.Through the study of the above,it is hoped that the competitiveness of Company A’s health insurance business can be improved and the long-term development of its health insurance business can be achieved.It is of great theoretical and practical significance for other Internet insurance companies to choose an appropriate competitive strategy for their health insurance business.