Bancassurance Model And Development Strategy Research Of China

In recent years, the increasingcompetitions in the financial industry and the emergence of the euro area have accelerated the development of global financial integration. With the continuous progress of financial reform in China, the trend of the mixed operation in financial industry appears. In this trend, the integration processof banking and insurance industry is particularly prominent, which is known the Bancassurance process. These articles is, under such context, explains the definition of Bancassurance, analyzes the development of China’s banking and insurance cooperation strategies and models, discovers the problems existing in the development of Bancassurance and provides solutions.Firstly, the definition of Bancassurance is explained in three aspects:the channels, products services and business strategy. At the same time, the four stages of the Bancassuranceis briefly elaborated. The development of our bank insurance motivation is also analyzed.In this paper, by the analysis and comparison of major foreign countries’ development of Bancassurance mode, we found the cooperation between banking and insurance in Europe, which originated in France, started quite early. The great success of bank and insurance industry in France actively promoted the deep integration of the entire European banking and insurance industries, as well as the development in American. The analysis shows that the development trends of the foreign bank and insurance industry started from the bank proxy mode, then transited to the strategic partnership, and eventually developed into equity cooperative mode. Cross-holdings or new holdings, which both have contributed to the integration between the banking enterprise and insurance companies, also greatly promoted the healthy development of the Bancassurancechannel.The study of the development of the domestic bancassurance cooperation model in this paper, based on the banking and insurance cooperation mode among Industrial and Commercial Bank of China, Postal Savings Bank of China, the Agricultural Bank of China, China Construction Bank and Ping An Insurance Group,shows the mainBancassurance mode and developing process in our country recently. The analysis revealed thatbefore2008the Bancassurance mode in China is still in the primary stage of cooperation, in which the "many-to-many" model was mostly adopted. With the continuous development ofbank and insurance industry, China’s bank and insurance also begins to conform with international standards, gradually from a simple bank agent model to the development of equity cooperative mode.Finally, the paper pointed out that at present stage there are still many problems in Bancassurance in China:too much competition, single product and sales methods. Only by strengthening the cooperation between bank and insurance cooperation alliance, strengtheningequity cooperative mode are the main solutions to the Bancassuranceproblem at present stage.