Research On The Bancassurance Development Situation And Countermeasures Of China Life Insurance Company Ltd.

With the rapid development of world economy, bancassurance cooperation has become an important means to make the banking and insurance industry to the development of financial integration. In China, agent based distributor primary cooperative mode has been unable to adapt to the financial enterprise customer centric transformation needs. China Life Insurance Company Limited is the largest life insurance company of China. It has always maintained a leading competitive advantage in the life insurance industry. As an important sales channel of Chinese life, bancassurance has become one of the focuses of its development. Studying the bancassurance development Situation and countermeasures of China Life Insurance Company Limited, we can not only improve the bancassurance development level of our country and raise awareness of consumers, but also has very important pratical significance to the traditional life insurance companies.The paper firstly combed the basic theory knowledge of bancassurance, expounded the effect on econmics of bancassurance and the related theories of external macro environment analysis tool and enterprise strategy analysis tool. Secondly, this paper researched on the premium situation, the mode of cooperation, competition, and product type and policy environment of China Life Insurance Company Limited. It has analyzed the external macro environment through the use of PEST and analyzed enterprise strategy through the use of SWOT. Then the paper found some problems in the development of China Life Insurance Company Limited. These problems include the cooperation mode is not mature, products value is low, channel development degree is low, the company charges cost is too high, sales misleading serious and Information technology support is behind.These problems are restricting and affecting the healthy and rapid development of China Life Insurance Company Limited bancassurance. Finally, it is proposed to change business model to meet the development needs of different periods, change philosophy of cooperation with banks to jointly promote customer relationship management, improve channel development and integration, market demand for accurate positioning of the product, regulate bank insurance sales, establish effective incentive and restraint mechanisms, vigorously develop high-quality compound talents, strengthen the construction of specialized sales force; strengthen the integration of technology systems, improve customer relationship management system construction.