Marketing Strategy For Financing Property Insurance Service-bancassurance Of Hua'an Property Insurance Co. LTD

Western countries witness rapid growth of bancassurance in fields of financial services in recent years. For insurance companies and banks, bancassurance displays much attraction for its potential huge profit. In comparison with counterparts in Western countries, china's financial service institutions are far behind: ideas to be updated; cooperation level to be upgraded; technical level to be improved; services to be differentiated; marketing skills to be polished; overly competition for premium; ineffective incentive system, et cetera. It's a hot topics of discussions for financial service institutions, property insurance companies in particular, that how to update insurance services for investment in bancassurance market.Firstly, the thesis identifies the reasons for development of bancassurance in China, introduce financial property insurance's development; review status quo of Hua'an property insurance Co. LTD and the intrinsic reasons for Hua'an to initiate services of financing property insurance. Secondly, the thesis analyzes the marketing environment of Hua'an over its bancassurance business. Under help of SWOT matrix, Hua'an's strategy for competition is decided therein. Using methodology of market segmentation and market positioning, the thesis finds target market for Hua'an. Therefore, guided by 4Ps model, the thesis suggests marketing combinations involving products,price,place and promotion for Hua'an to compete in market of financing insurance services.The thesis research reveals that bancassurance business should be customer-oriented, profit-driven, market-directed and technical improvement motivated. The competition of financial and insurance services is no so dependant on quantity of customers as it was, profit takes over gradually. What's more, competition for sales channel are giving way to service quality; vulgar relationship oriented marketing are converting to professional marketing. As a result, for small and medium-sized enterprise, in order to compete in new business of bancassurance, the strategy of market differentiation should be deploy, and the new road to exist and develop can not be found without service and promotion channel innovation.The research herein present advices on bancassurance service for Hua'an, also, it produces reference for small and medium-sized insurance enterprise to establish their marketing strategy.