Analysis Of The Incentive Mechanism Of Life Insurance Salesmen In China

China’s insurance industry is rapidly developing. Full liberalization of the insurance market has been more than seven years. Competition in China’s insurance industry has become more and more intense. Competition in life insurance companies is ultimately reflected in the talent competition. Now, one of the most important sale channel for life insurance companies is the marketing staff. The effective incentives play more and more important role in the issue of life insurance salesmen.Life insurance companies initially adopt the agency system to sell their products because of low cost and high efficiency. However, there are also problems, such as single incentive, low marketing efficiency, and short-term effectiveness. In recent years, life insurance companies face the difficulty in high cost of increasing members. Thus, how to retain the talent and motivate talented people plays a crucial role in the management of the marketing staff. Analysis of life insurance salesmen incentives are also of great significance, which affects the development of the life insurance industry.The basic theory of principal-agent theory, incentive theory, human resources management theory are guides, based on the current situation and existing problems of China’s life insurance salesmen incentives, combined with the instance of China Life Insurance Company and Ping An Life Insurance Company, summed up the United States and Japan life insurance salesmen incentives and Enlightenment, presenting the basic framework for the perfection of life insurance salesmen incentives for life insurance salesmen in China.The study uses the normative analysis and empirical analysis methods, qualitative analysis and quantitative analysis methods, combing the literature of the domestic and foreign researchers on the basis of actual data and analyzing the current situations and problems of life insurance salesmen incentives in China. The article also uses comparative analysis, carrying out analysis of the incentive mechanism of the US and Japan life insurance salesmen, and to establish China’s life insurance salesmen incentives.The study shows that:life insurance salesmen are an important role in the development process of China’s life insurance industry. To solve the incentive problems of the life insurance salesman in the development of China’s life insurance industry has great significance. Life insurance salesmen and life insurance company have agency relationship. The nature of life insurance marketing and life insurance marketers’legal position lead to low retention rate, low capacity, and low income. Now, performance evaluation mechanism, compensation and reward mechanism, education and training mechanism, and career planning have some limitations. Therefore, to solve the incentive problems of the life insurance salesmen can start from the above aspects and take them into effect.In the paper, there are five chapters, divided into three parts. The first part is Overview and Summary of the theory. The second part is the research of Status and Problems, including Chapter2and Chapter3. The third part is the core part of the paper, Chapter4, which is divided into four.The main innovation lies in three points. Firstly, the paper initially constructed the overall framework of incentive mechanisms of life insurance salesmen in China. Secondly, the paper designs incentives for life insurance salesmen from three levels. Thirdly, the life insurance market practices are based on a combination of economics theory, human resource management, and performance management theory.