The Research Of The Problem And Countermeasure Of Life Insurance Market In Shanxi Province

Since the reform and opening up, with the continuous improvement of the socio-economiccompetitiveness, the improvement of people’s living standard and the growing awareness demand ofsecurity investment, China’s life insurance industry in terms of premium income, not only theinsurance funds, but the insurance products and insurance enterprise management mode, theregulatory authorities of legal policy has reached breakthrough development.But after the2008financial crisis, with the domestic stock market remains in the doldrums,transfer the center ofgravity of the banking, the rise of bank financing, securities fund financing alternatives, insurancedeal on its sales channels of impact and other factors,new performances:the growth rate ofinsurance premium income slowed down,low product yield,a relative decline in competitivenessappears in China’s life insurance industry. In view of this situation, Chinese scholars haveconducted extensive research on the current consumption situation of China’s life insurance,theresearch focused on the influence factors of life insurance demand and differences in regionalcomparison of life insurance demand, but the life insurance market from both sides of supply anddemand, market structure multi-angle comprehensive study results is still relatively small, and thelack of in-depth research angle,different insurance companies, the lack of the research results ofeconomics, finance, marketing and management, and other disciplines are used in the analysis ofinsurance market.Based on the review of relevant theory and literature, For a more in-depth study of the marketstructure, insurance companies operating status, the factors of insurance demand, market fairness inthe life insurance market in Shanxi province and the existing problems.The article points out,Shanxi as one of China’s inland provinces, there is a big gap with the developed coastal areas inChina in terms of the size of the economy, industrious upgrading, and residents’ awareness toprotect the investment and even the management level of insurance companies. Residents to protectthe investment awareness and insurance company management level with the developed coastalareas in China, so the local insurance market in addition to existing the growth rate of insurancepremium income slowed down, a relative decline in competitiveness and other nationalperformance, there also exists some new features and new trend,for example, higher mainoperating concentration ratio, small product differentiation.In addition, the Shanxi provincialinsurance company also has regional characteristics of high products claim ratio,with healthinsurance developing, lagging behind regional characteristicsFrom the demand perspective, analysis the data of2007to2011around the city of ShanxiProvince, there is a positive correlation between the local demand for life insurance and income oflocal residents,using the panel data model, but with the level of social security, the price level andthe interest rate level has no significant relationship.In addition to the fairness of personal insurancemarket in Shanxi of Shanxi Province, the life insurance premium income sources fairness isrelatively poor, With local economic development around the city, although the differences in localeconomic development around the city are larger, but Local life insurance companies are stillnecessary to fully tap the local potential markets of the less developed cities with power.On the basis of the above analysis, aiming at the characteristics and existing problems of thelife insurance market in Shanxi Province, using knowledge of management, marketing,advice tothe local insurance company to put forward, in order to provide feasible suggestions for the localinsurance industry healthy development, science: with their own strength, to select the correct and realistic competitive strategy; market segmentation, the target market and customer development;promote operation efficiency, reduce cost and enhance competition ability; to grasp the opportunityto actively enter the policy, and the occupation of the "blue ocean"; focus on operational risk,income structure and regional balance premium; improvement of marketing mode, implementpower established competition strategy; do deep advertising marketing, grasp its own characteristicsto the propaganda of insurance.