The Research On Management Strategy Of Foreign Life-insurance Companies In China

With the rapid growth of China economy, the insurance industry has largely maintained growth at a relatively high rate. In 2009,total insurance premiums stood at RMB 10210 billion, and other foreign insurance company premiums reached 403.29 RMB billion, represented 3.95% and rose by 0.07%. Foreign life insurance company insurance premiums stood RMB 374.35 billion. There are 15 countries or regions established 52 foreign-funded insurance company in China:27 life insurance companies, 19 property insurance companies and 6 re-insurance companies. At present, foreign insurance companies relatively concentrated Beijing, Shanghai, Shenzhen and Guangdong, in which shared 13.34%;16.83%;8.07%and 8.73%. The foreign insurance companies have a strong role to play in maintaining capital market stability.In Shandong province, at the end of 2008, total insurance premiums stood at RMB 1194 billion. Insurance industry is one of the three pillars of finance industry. There are 32 life insurance companies in Shandong province(besides Qingdao area),of which ten are joint venture companies:Aviva-cofco Life, Hengan Life,Ing-cap Life,Citic-PrudentialLife,Aegon-cnoocLife;Manulife-sinochem Life,Guohua Life, Haier-NewYork Life and so on. The joint venture insurance companies established more than 40 branches, whose insurance premiums made 1.65% of the total ones. About 50% joint venture insurance companies came from Europe, maintaining a high rate of 20%.Learned from an investigation, the foreign insurance companies in China believe that there will be 50-70 ones in 2011, and their market share will continue to rise to 10%.Through this paper, our purpose is to have a look the insurance market of our country. No this basis, we want to give some advices to foreign insurance enterprises and government departments.First, we made a analysis of China and Shandong insurance market from the economics, and have a comparison with local insurance company and foreign insurance company.Secondly, we try to find the market and consumers for foreign insurance companies,using Michael Porter's five forces model,and do some research about the resurvival environment of local insurance companies.Again, for purpose to have a survey about the traditional consumer psychology, we combine the qilu culture to purchase of insurance, behavior.Finally, thanks for the theory of traditional classical 4ps and added 3ps,we could create Chinese style localization of service marketing mode.In the paper we use market survey questionnaire method, and design the insurance and choice of factors. With the help of regression analysis, we conclude that the factors of insurance purchase.Finally, we made constructive ideas for the foreign insurance to reach localization. On the basis of analysis about foreign insurance, we could come out "rational guidance and perceptual service". The government should make suggestions to the insurance market and made contributions to improve people life and have a harmonious society.