The Study, Based On The Provincial Insurance Company Insurance Product Innovation

Innovation creates fortune, drives economic development of countries as a fundamental force. The history of thirty years development of insurance industry of China is a history of continuous innovation. With all-around opening-up of Chinese insurance industry, insurance market unveil some problems such as poor capability of innovation, homogenization of insurance products, insufficiency of effective supply, which confine badly market competence of insurance companies.To enhance market competence, insurance companies must orient their products to the needs of the market, reinforce extension, and cultivate ability of innovation, to create various products which meet the needs of the market. As fundamental parts of insurance companies, branches of provincial level know better than their headquarters, which control products design and development, on the needs of the market and their clients. Therefore, bringing branches of provincial level into system of products innovation to bring out continuous innovation will solve the problem of unconformity of products and the needs of the market, and promote the healthy development of insurance industry.Due to the uniqueness of insurance risk, insurance company headquarters and regulatory departments should establish a target mode and cultivate the ability of product innovation, as well as provide protective measures, and reinforce the control and regulation to branches of provincial level to avoid risk and assure successful innovation of insurance products.