Bank Of Taiping Life Insurance Business Strategy Change Research

In 2008, the national insurance income presented an explosive growth. The total insurance income reached nearly 1 trillion Yuan. The range of increase is about 40%,among which. the bancassurance contributes the most of the income, and the average increase range of bancassurance is above 100%. The rapid growth of bancassurance became the concerns of the regulatory authorities. At the same time, the global financial crisis broke out, and China’s economic development growth rate declined, which had a significant adverse impact on the insurance industry. In order to prevent risks and promote sustained and stable and healthy development of the industry, China Insurance Regulatory Commission required the insurers to take the initiative to adjust their business structure, to achieve business transformation, and back to the essence of insurance, vigorously develop high value of the period of paid content business.The Taiping life insurance isan insurance enterprise which enjoys a long history.. Since it recovered business at mainland in 2001, it has been sticking to the moderate style of business. It has insisted taking the developing bancassurance as the enterprise strategy, and it created a miracle in our country’s bancassurance history. In 2008, Taiping Life Insurance has entered a new stage of development,and it started to develop and implement the second "Five-Year Strategy Plan". The company’s management decided to take the road of professional development, from a focus on the scale of business to focus on embedded value of the company. The bancassurance which is the most important business line must actively cooperate with the company’s overall strategic decision and change its’management tactics.Under the guidance of professional strategic thinking, it thought that Taiping Life bancassurance should carefully analyze and sum up the pros and cons of the existing strategies, analyze the changes of bancassurance operating environment and industry development trend of the future. The bancassurance need to determine the direction for future development. Taiping Life bancassurance should also be the first one to respond to the requirements of the CIRC, take the initiative to restructure its business, from the extensive management up the transition to professional management. In the overall strategic objectives under the guidance of Taiping Life bancassurance must first be refined and the internal management of the strategic goals determines the direction of bancassurance strategic change, and then a clear strategy for the implementation of bancassurance details change. Finally, the article makes a few suggestions to ensure the smooth implementation of the new strategy. It suggests making changes in these five areas that is bancassurance human management system, product development strategy, channel expansion strategy, marketing management support system and team culture building.