Study On Marketing Strategy Of Xinhua Life Insurance Jiangxi Branch Under New Situation

The past ten years have seen a rapid growth of China’s insurance industry.According to the statistics issued by Chinese Insurance Regulatory Commission, from2002to2012, the premium income of China’s insurance industry rose from305.5billion to1.5487trillion, up by407%in the decade; the number of organizations inthe system increased from34to164, among which52are joint ventures; the numberof employees grew from0.166million to0.8466million and the insurance densityimproved from2.4%to11.43%. Remarkable achievements as the industry has madein terms of premium income, staff number and insurance density, the marketcompetition has been intensified as the number of insurance organizations increases.In order to get adapted to the new situation and keep a steady development aswell, Xinhua Life Insurance established a new five-year plan in2011that thecompany will have implemented a customer-focused operational strategy from2011to2015and to gradually build the best financial service group in China withcomprehensive life insurances as business core. Jiangxi branch made a betterthree-year plan(2013to2015)and active responses to the strategic planning by meansof improving and perfecting its products, services, marketing plans and institutionalconstruction, aiming to make a leap in its business during the transitional period.By adopting an empirical method, this paper starts from analyses on the statusquo of insurance markets both home and abroad, and the internal and externalenvironment of Xinhua Life Insurance Company Jiangxi Branch. Based on my ownworking experience and understanding of marketing, along with knowledge fromamounts of books and journals on insurance market and marketing, I have analyzedthe actual situation of Xinhua Life Insurance Company Jiangxi Branch by takingadvantage of theories on strategic management and STP marketing theory, and alsoanalyzed its strengths, weaknesses, opportunities and threats by SWOT, in light ofwhich some effective marketing strategies and suggestions have been put forward.