Problems And Countermeasures Of China Life Insurance (Group) Company’s Bancassurance

The true sense of bancassurance began in the1980’s. Banks signed an agreement with insurancecompanies and Instead of insurance companies selling of insurance products through huge sales outlets ofbanks Sales of insurance products. Banks obtain fee by acting as insurance products. Insurance companiesobtain premium income. With the growing prosperity of Chinese financial sector development, Chinesebank insurance business also achieved rapid development.China Life Insurance (Group) is the largest life insurance company in China. China LifeInsurance (Group) has always maintained a professional leading competitive advantage in the life insuranceindustry. This article introduced the overview and development environment of China Life Insurance(Group). I Analysis the development of China Life Bancassurance political environment, economicenvironment, social environment and technology environment through the use of PEST analysis andanalysis the advantage of the development of strengths, weaknesses, opportunities and threats what ChinaLife Insurance (Group) confronts through the use of SWOT analysis. In this paper, the study found severalissues in the development of China Life Insurance (Group). These issues include regulatory imperfect, thecooperation mode is not yet mature, management issues and sales misleading serious. These constraints areimportant factors that affect the healthy and rapid development of China Life Insurance (Group)bancassurance. This paper also put forward a series of coping strategies to solve these problems. China’srelevant departments should continue in accordance with the actual situation and needs to get rid of thosewho hinder the development of bancassurance system bound To create a favorable institutionalenvironment for the development of bancassurance by the establishment of a sound legal protection,strengthen the supervision of the banking and insurance cooperation, ongoing institutional innovation.China Life Insurance (Group) have to work hard to cultivate high-quality professional personnel,strengthen self-management for the company’s employees for providing the fundamental guarantee for thedevelopment of its bancassurance, as well as to strengthen the information disclosure, weakening the asymmetry of information for improving China Life Insurance (Group)’s reputation and enhance their owncompetitiveness.