Worksite Marketing Reserch By TaiKang Life

In recent years, the growth rate of China's life industry began to slow down. As a result, three major distribution channels, namely group insurance, individual insurance and bank insurance, all are stuck in growth quagmire. In order to break the current dilemma, major insurance carriers start to look for innovative business solutions to generate growth momentums. Consequently, worksite marketing, with its previous success histories in mature market, is drawing more and more attentions. By introducing the research result carried out by TaiKang life and share insights with other insurance carriers, the author hopes to promote the development of worksite marketing in China.Since worksite marketing is still a new concept in China, the author combines the methods of theoretic study,market research and practical use of marketing theory to conduct worksite marketing study. With the discussion of theoretic research and new concept, the author tries to resolve the questions on the nature and service range of worksite marketing. With the exploratory studies on insurance market study and analysis, the author makes it possible to accurately understand characteristics of worksite marketing. The strategy of TaiKang's worksite marketing is the practical embodiment of marketing theories such as S.T.P. and marketing mix in insurance industry.The major research conclusions include:1. Combing the characteristics of worksite marketing with fact and figures of China's insurance market, the author innovatively raises the new definition of worksite marketing. Worksite Marketing—at employees'worksite, marketing C-cor employees'benefits and service to employees or its'family through an employer-permitted\joined\sponsored plan, with the employee deciding whether to purchase the product. If purchased, the employee pays the majority or the totle of the premium cost.2. The author creatively segments the employees'benefits into 3 categories, that is A-cor employees'benefits, B-cor employees'benefits, and C-cor employees'benefits. So, employees'benefits market is segmented into A-cor employees'benefits market, B-cor employees'benefits market, and C-cor employees'benefits market.(See details in the Part 5)3. The author also points out that it is necessary and feasible for TaiKang Life to implement worksite marketing program.When selecting the target market and positioning insurance products, the author use the multi-factor analysis of market segmentation and dynamic positioning of target marketing. The author also pioneers the"3-3"mode in the operation procedures of worksite marketing, which are worth putting more efforts on further studies for its more advantages. Those innovative procedures can provide some insights to other insurance companies.