P Life Insurance Company, Strategic Research

With the rapid development of China's national economy and continuous improvement of people's living standard, China's insurance industry has entered a persistently rapid developing stage. At the same time, China's entering into WTO is not only an opportunity but also a big challenge to all the domestic insurance companies. The domestic insurance companies while deal with the increasingly fierce competition in the home market, but also have to face the strong impact "forced" by insurance companies from developed countries. Any insurance companies in China would feel tremendous competitive pressure. In order to maintain a stable and sustainable development in the intense competition, all the insurance companies are trying to and must establish their own competitive advantages. Undoubtedly, product is one of their important means to build up the core competitiveness. P Life Insurance Company, as the third biggest life insurance company in China, is faced with the competition from the leaders, the pursuers in the industry and those foreign-funded insurance companies. How P Life Insurance Company establish and implement its scientific, reasonable, clear and effective product strategy in pursuit of the healthy and rapid development and maintaining market position is the key point studied and discussed in this paper.Trough internal interview, internal and external information and data collection, the author has gathered all the basic information needed by the paper composition. Based on this, firstly the author has introduced the development course and trend of China's life industry and the history and status in quo of P Life Insurance Company briefly. Then, by employing a series of strategy research techniques, such as PEST and SWOT method, the external environment, internal resources and abilities and competitive condition of P Life Insurance Company has been analyzed. Supported by the foregoing theoretic and demonstrative studies, the author has brought forward the product strategy of P Life Insurance Company and has proposed in detail how the strategy would be carried out at the aspects of all-around basic product development, additional service improvement, product branding, profit standard building, product development process management, product operation optimization and risk management, effective IT system and strengthening the distribution channel. AT last, the author has also tried to give some topics for further study in the future.The creative ideas of this paper might be as follows. Firstly, through in-depth analysis of the external environment and internal resources, the author has put forward the product strategy of P Life Insurance Company which is with positive impact on the operation and development of the company. Secondly, based on the developing trend of Chinese life insurance industry and international experience, the author has tried to prospect the future product strategy of P Life Insurance Company and possible topics for further study. Thirdly, fully understanding and utilizing the resources of the company, the author has pointed out the way of cultivating the core competitiveness of P Life Insurance Company and the approach of strategy implementation. Fourthly, as one of the biggest life insurance companies, the product strategy of P Life Insurance Company is referential and applicable to other domestic insurance companies.