Research On Insurance Precision Marketing Of Insurance Company Based On Data Mining

Insurance business is currently promising in China. After China’s joining in WTO, insurance business face more fierce competition and huge challenges. With the wide application of network and information technology, the centralization of data and information is greatly improved. Mobile communication makes information dissemination more rapid and convenient. Marketing based on "Age of Big Data" is silently emerging. Many enterprises’ information management system accumulates plenty of business data, which sets a higher standard as well. As the first domestic commercial joint-stock insurance group, China Pacific Insurance probes its business to realize a balanced growth between business scope and value. With over20years’ accumulation, the group establishes perfect information system and accumulates rich marketing data in the aspect of policy information, customer information, trade information, and financial information. From2010, the group starts carrying out customer-demand-oriented strategic transformation, adopting the technique of data mining to existing customer resources to explore more business value. Based on these, the group provides differentiated products, different distribution channels, and regional policies according to customer’s specific demand, in order to realize the development of company. As a secondary branch of the Group, Pacific Life Insurance Company, grasping the opportunity of pilot, studies cross-selling mechanism with subtly division of customer resources by data mining. Taking customers’ good feelings as the basis and the interests of sales teams as the purpose, the company improves the premium-increasing rate and brings huge benefits.Based on modern marketing theories, the paper introduces concepts of precision marketing and data mining and discusses the necessity of precise marketing for the life insurance company given current marketing situation and existing problems. Through a comparative study, the paper explore how precise marketing based on data mining be used in customer segmentation, customer behavior, and differentiated marketing planning. In addition, the paper also discusses the important role of precision marketing in customer relationship improving, marketing efficiency upgrading, and marketing cost reducing.