Business Structure Transformation Of The Life Insurance Companies In China

Since the resumption of life insurance in our country in 1980 s,life insurance has experienced more than 30 years of rapid development, the change of product, channel and the term structure reflects every stages and process of the foreign mature life insurance market. However, in the process of the 30 years of extensive growth, life insurance market also accumulated a lot of contradictions and problems, which the other life insurance market has appeared and met, Among them, many problems produced and intensified, are all derived from the business structure imbalance, which is reflected especially in the channel structure, product structure and maturity structure.At present, in the process of further promoting the reform of the insurance supply side, how to realize the transformation and upgrading of life insurance business structure has become a major issue, which can not be avoided. China Life Insurance Company as the nation’s largest life insurance company, the above issue in the development of industry exist to varying degrees in the company, accelerating transformation of the development mode and realizing the sustainable and healthy development has become consensus of the industry, including China Life Insurance Company.In the eyes of development of China life insurance company itself, transformation of the development mode is to accelerate the adjustment of company’s business structure, to make the transition from scale speed to scale efficiency. The primary part and the important content of the adjustment of company’s business structure is to promote the business structure adjustment, including the adjustment of product structure, channel structure and maturity structure.This paper analyzes and discusses the transformation of development mode from four dimensions, including the theoretical level, international level, industry level and company level, and makes in-depth analysis and discussion about the business structure evolution of life insurance companies, the paper focus on product structure, channel structure and maturity structure as a research starting point, strive to clear the direction and ideas of our large life insurance company’s business restructuring and upgrading,and make relevant policy recommendations. The study found that business structure is the result of the life insurance business activities, is the strategic selection of life insurance company, which is based on of the external environment and their own advantages. Although business structure has very strong practicality, in the eyes of the long development history, and from the point of life insurance company inner management logic, the business structure adjustment of life insurance company has intrinsic regularity.Therefore, this paper recommends to focus on structural adjustment to promote supply-side reforms of life insurance industry: First, turning life insurance products by the main type of financial products to protection products, concerning the diversification change of products. Second, turning the sales channels by the main type of traditional channels to giving priority to traditional channels and taking the diversification of channels into accounts. Third, turning growth mode from first year premium push to renewal of the pull.