The Research Of Development And Marketing Strategy Of Bancassurance Products Of Life Insurance Companies In China

With the development of Socialism Market-driven Economy and the forwarding process of financial modernization in China, bancassurance, as a way that banks and insurers cooperate, has been witnessed significant development and takes a large segment in personal financial market as well. Also, it has become one of the major marketing channels for the insurance companies in China, especially the life insurance companies. Starting from the1990s, the development of bancassurance business in China has experienced ups and downs, while the number of the insurers has grown significantly. Despite the achievements, due to the fierce competition against deposit and personal financing products in the financial market of China, problems regarding to bancassurance have aroused, in which the problems of bancassurance products are in particular, which has already having a negative impact on the further development of bancassurance in China. These problems originated in the fact that life insurers in China partially emphasize on the premium level, and also their marketing strategies are way behind time. The continuous existence of these problems has already had a negative impact on the healthy development and stable growth of the life bancassurance business in China. To be specific, when it comes to the product development of life insurers’ bancassurance products, the problems include putting too much emphasis on the financial reward instead of risk management, almost similar products, unreasonable structure of bancassurance products and the inadaptability with financial products of the bank, which basically all come from the problems of the marketing strategies of bancassurance products, which include deficits in incentive mechanism, inadaptability of bancassurance products in marketing channels, weaknesses in technical aspects and inbalance of different client sources, etc. To solve these problems, the insurers need to push forward the innovations of development and marketing of bancassurance products. Practical measures include the matching of bancassurance products with other financial products in bank, enhancement of the functions of risk management and the versatility of marketing channels.As for the structure of the thesis, it has5chapters in total. The first chapter starts with the concept, characteristics and meanings of bancassurance, so as to make up for the base of this wholethesis. and by detailedly analyzing the developing environment as well as the supply-demand relationship of bancassurance, the second chapter summarizes the factors that affect the bancassurance products. The third chapter lists the commonly seen bancassurance products in Chinese market by different categories so as to analyze and research the typical problems attaching to them. To absob some useful experience from better developed markets in the world, the fourth chapter thoroughly introduces bancassurance products in other parts of the world and points out why they excel. On this basis, the most innovative and important part of the thesis lies in the fifth chapter, in which practical solutions of the development and marketing of bancassurance products in China were suggested based on the present situation of personal financial market in the country. The sixth chapter is a brief summary of the entire thesis.