Study On China's Life Insurance Product Strategies

With the development of economy and society, insurance becomes more important than ever. Now China's insurance industry is still in the stage of being cultivated. In comparison with developed countries, there is a big gap between developed countries' insurance industry and China's. Life insurance is one of the main parts of China's insurance industry. The potential of it is large. China's life insurance products have been developing quickly. With the entry to WTO, China's life insurance market is becoming more and more competitive and every life insurance company is trying hard to improve its ability of competition. At present, there is a severe imbalance between the supply and the demand of China's life insurance products. As for the supply of China's life insurance products, there are many problems: the product development lags behind the demands of Chinese consumers; most of the life insurance companies' products are similar and can't meet the requirements of the consumers well, and only a few of them fit Chinese culture and life style; the marketing segmentation and product positioning aren't clear; many life insurance companies attach less importance to the promotion of their products, etc. The present conditions of the demand of China's life insurance products are such: there are many factors that influence the demand of life insurance products; the psychologies and the demands of the consumers are variable; there is a big difference in the kinds and the quantity of life insurance products among the different regions of China; Chinese consumers still have much dissatisfaction with the products. According to the specific conditions of the supply and the demand of China's lifeinsurance products, the thesis raised a strategy-----the life insurance product strategy.The author analyzed the current product strategies of China's life insurance products and introduced the present product strategies of developed countries', then put forward life insurance product strategies that fit China's life insurance market. Those life insurance products strategies are all discussed in detail in this thesis, including the new product development strategy, the product life cycle strategy, the product mix strategy, the brand strategy, the packaging strategy, the after-sale service strategy and so on. The purposes of the author 's study on the life insurance product strategies of China are mainly to solve the problems existing in the supply and the demand of the life insurance products, and to provide some references for life insurance companies. The methods applied in studying the subject include questionnaire analysis, statistics analysis and qualitative analysis. The product strategy is one of the main strategies of marketing and it is significant for China to apply it to the marketing of China's life insurance products because it can be used to solve the problems that existing in the marketing of China's life insurance products. Life insurance product strategies can also be used to make the products meet the requirements of Chinese consumers well, and to make the lifeinsurance company improve its ability of competition. Beside that, life insurance product strategies can be applied to make full use of the potential of the demand of China's life insurance market. In a word, it is available for China to develop its life insurance industry smoothly, and then shorten the gap in insurance industry between the developed country and China. However, the strategies discussed in the thesis are only parts of the life insurance product strategies. There are still some other strategies that need to be discussed further. Moreover, the application of life insurance product strategies must be connected with other marketing strategies.