Bancassurance Development Research

With the development of economic globalization and the financial sector, bancassurance business grows rapidly in our country, which has become an important source of the life insurance premiums. Shaanxi Branch of China Life Insurance Company is one of the earliest drain who do the bancassurance business, and the size of its bancassurance premiums have occupied a leading position in the market in Shaanxi Province. But as the stringent insurance regulation for the increasinginsurance company, the increasing insurance company under the main competition and the rapid increase in the fierce market competition, Shaanxi Branch of Bank of China Life Insurance Company Limited, who is facing troubles of the bancassurance business such as bank fees continue to rise, single product structure, misleading sales and other issues, as a result that premium volume and market share is shrinking, restricted the healthy development of the company’s business.In this paper, Shaanxi Branch of Bank of China Life Insurance business is taken as a research object. Throughbancassurance policies, the development statistics of Shaanxi Province Branch of China Life Insurance Company, and development data of Shaanxi province, Shaanxi Branch of China Life Insurance Company’s development issues were discussed in depth. This paper analyzes the laws and regulations of the bank insurance policies; in particular the new regulatory policy enacted in 2013, and then summed up the new situation for the development of bancassurance.Based on PEST analysis, considering the characteristics of Shaanxi locations, the paper analyzes the development of the Shaanxi local policy, economic, social and technical factors, which have a specific impact on the development of thebancassurancebusiness of Shaanxi branch. By the Shaanxi branch of China Life Bancassurance real business sales data, Shaanxi insurance market and bancassurance marketing environment, the strength, weaknesses, opportunities and threats of the Shaanxi branch of China Life bancassurance based on SWOT were analyzed. And the suitable development proposals come for its own characteristics of Shaanxi branch of China Life bancassurance, which determines the strategic positioning of China Life Insurance Development Bank, including the development of new strategic partnership model, the new product business, marketing strategy to reposition and construction personnel. and four new slogan of China Life Insurance Company development are proposed, namely optimizing strategic bancassurance cooperation, proceeding financial holding group; strengthening product innovation, consolidating the channel partners; innovating sales platform, strengthening support services; improving the team quality, accelerating the restructuring and development channels.