Research On A Company’s Bancassurance Channel Marketing Strategies

The history of Bancassurance in China is only20years, but it became the most important contributor of insurance industry. The premium allocation of Bancassurance business is nearly half of total life insurance premium.As a thumb rule, the cooperation of banks and insurance companies would be deepening to advanced mode by the change of economy and regulation, but it was not come true in China. Too many insurance companies are fighting for limited bank outlets which resulting in bank can select which it want and the cooperation still stay in the earliest stage—bank acts as an agent to sell insurance product to get revenue, and insurer acts a product provider. Most products sold are deposit replacement type and lack of protection function. For insurance company, Bancassurance channel can help the company to grow faster by collecting big premium income, but the channel resource is on bank hand. How to change the sales mode to real "cooperation"—work together to deliver proper products and service? It’s still a long way to go.This paper reviews the theories on marketing strategy, market segmentation, channel management. It introduces the beginning, development of Bancassurance, and analyzes the current status as well. By the case study on "A" company, it use the marketing theories to find the core problems in partner selection, product, service, promotion, and process, etc. It also provides solutions-a new marketing strategy to cover all these facets. The new strategy can solve the shortage on mismatch of "A" company’s doing with customer’s needs, and enhance company’s competence advantage of Bancassurance channel.