Research Of Marketing Strategy Of Individual Insurance Product Of Shanxi Branch Of Ping An Life Insurance

The insurance industry in China, along with the continuous deepening of the reform of China's economic system and especially with the rapid economy growth after China's entry into WTO, is in the fast lane during the procedure of continuous opening-up and reform. Now such insurance industry gradually turns to be more and more market-oriented, professional, globalized and standardized. Shaanxi is a province, with its economy under-developed, located in West China. Compared with those developed regions, although the competition in local insurance market is less fierce, the potential of Shaanxi insurance market cannot be ignored because of the sound national strategy to boom the economy of central and western China. In respect of Life Insurance Company, total 15 companies have already launched their business in Shaanxi market. Actually, competition is becoming increasingly fierce after more competitive parties get involved. The vision of Shaanxi Branch of Ping An Life Insurance (Group) is to come to be the company with largest scale and highest quality in Shaanxi market. As to Shaanxi life insurance market of 2009, new individual insurance contract of China Life Insurance owns 43.9% market share, and,18.7% for Ping An Life Insurance. So, just in Shaanxi market, the gap still exists between China Life Insurance and Ping An Life Insurance.This article is to perform an analysis, on basis of insurance marketing theory and directed by the theory of marketing, of the marketing strategy of individual insurance products of Shaanxi Branch of Ping An Life Insurance. Firstly, it sees into the external environment by going through local economy, politics and law, existing status and the trend of life insurance market as well as main competitors in Shaanxi province. Secondly, it points out the problems existing in the marketing of individual insurance product of Shaanxi Branch of Ping An Life Insurance. Then, a kind of updated marketing strategy, with market targeting, product pricing, channel and promotion strategies included, has been formulated herein. Especially, based on the 4C theory, this article also proposes to form and spread the demand-oriented sales interview. Moreover, it also brings up suggestions to secure the implementation of the strategy of product marketing at the end of this article.This article, with the subject of the marketing of individual insurance product of Shaanxi branch of Ping An Life Insurance, is to formulate the strategy of product marketing, through the analysis of internal/external environment, with emphasis on the existing problems in product marketing of Shaanxi branch of Ping An Life Insurance. What I am hoping for, based on the analysis summarized in this article, is to provide the useful reference and infrastructure to benefit the development of the individual insurance of Shaanxi branch of Ping An Life Insurance.