Analysis On Strategic Development Of Taiping Life Insurance Company

With the increasing level of economic development of China market environment and China’s accession to the WTO, the insurance industry has entered a new historical stage of development. The change is not only reflected in the breadth and depth of opening wider to the outside, is also reflected in the insurance industry in an increasingly competitive market structure. At present, participate in the main competition in the insurance market, more and more aggressive in expanding the scale of operations to seek greater market share, industry oligopoly characteristics very obvious. Faced with this situation, Taiping Life Insurance Company in a timely manner in accordance with their own internal conditions change, the development of effective strategies to adapt to the new environment, establish the profitability of the core business philosophy, the company’s future and strive for greater development space. Based on this, on the basis of strategic management theory to explore domestic and foreign scholars, the macroeconomic environment of the Taiping Life Insurance Company, competitor analysis, and the analysis of the internal conditions obtained Taiping Life Insurance Company’s development strategy. The specific conclusions are as follows:The goal of Taiping Life Development is to adhere to its business philosophy "management with care, service with integrity" and its corporate culture " integrity, professionalism, value"; stick to the development of specialization and boutiques and foster the company’s core competitiveness; give priority to efficiency and compliance management. The main advantages of TPL are mainly reflected in the following aspects:a flexible company system; extensive sales network; management innovation; strong product innovation ability. However, its disadvantages lie in the high rate of brain drain, weak brand awareness and lack of senior management personnel. TPL opportunities are the fast-growing market and the entry of market transition, China’s sustained economic growth, productive market economy and economic and financial globalization. The threats are mainly from the intense market competition and new entrants, trend of the first group of industry oligopoly, threat of environmental change in the life insurance policy. Faced with these current situations, TPL should take effective measures to change its strategies from five aspects:market development strategy, product innovation strategy, service strategy, brand strategy and human resources strategy.