Building The Strategic Alliance Of Bancassurance In China

The globalization and liberalization of finance has been promoted by the economic globalization Since the 1970s. Under such a context, Insurance companies and commercial banks are blended to form a new business model, which is called bancassurance. After study the main problems in the further development of china's bancassurance, this paper suggests that breakthroughs should be made in the general agent relationship cooperation model at this stage, and strategic alliance of bancassurance should be built in order to share benefit, risks and plan projects commonly between insurance companies and banks. This paper also theoretically demonstrated the internal consistency between bancassurance and strategic alliance, which is all for the synergy effects, economy of scales effects and economy of scope effects. On the basis of this, this paper analyses the advantages of both sides of bancassurance which have established the strategic alliance. Taking value creation as the key point, this paper does an all around study on the organization structure, product model, business model, IT system, team building and service model. Finally, this paper discusses the establishment of strategic alliance between New China Life Insurance and Agriculture Bank of China.