The Marketing Strategy Of Shanxi Branch Of PICC Life Insurance Co.,Ltd. In The Context Of Financial Integration

Since promoting financial integration proposed in11th five-yearsplan, Chinese financial regulatory appear relaxed tendency, cooperation amongdifferent financial institutions has been increasing. Financial integration notonly brings new opportunities for financial institutions, have also bringsunprecedented challenges. In the context of financial integration, the LifeInsurance Company’s internal and external environment changes, thecompetition on products increases, the kinds of products diversifies, theproducts’ pricing factors are different from the past, the marketing channel iswidening, the change of the method and content of promotion is happenning.Since Shanxi Branch of PICC Life Insurance Co.,Ltd set up in the end of2007,facing the change of financial integration’s environment, combined with thecompany’s actual situation, through the formulating and revising the marketingstrategy, the premium income of the company has increased rapidly in the pastseven years, the company’s premium income ranks the third in the Shanximarket among22Life Insurance companies. However, in the face of thefinancial integaration, Shanxi branch of PICC Life Insurance Co.,Ltd. still hassome typical problems to be solved in its key procedures like product design,prices fixing, distribution channel, promotion and so on. Its products are notrefined, the prices are not flexible, it relies more on the banks to distribute, andits system is not standardized.The research combines the literature research and quantitative analysis andanalyzed the data home and abroad. It also uses PEST, Porter’s Five ForcesModel to analyze the macro environment, industry environment and inner resources of Shanxi Branch of PICC Life Insurance Co., Ltd., and analyzes theadvantages and disadvantages, its opportunities and threats by using the SWOTtool. Based on the above data and the4P theory, the research constitutes themarketing strategy of Shanxi Branch of PICC Life Insurance Co., Ltd. andprovides the safeguards for it in the context of financial integration.The research emphasizes on the constitution of marketing strategy and itssafeguards through environment analysis. It aims to better meet therequirements of the customers, improve the marketing competitiveness of thecompany in the context of financial integration. The difficulty lies in that thedata of the international industry structure and life insurance industry are notaccurate, the confirmation of these data requires large quantities of referencework; what’s more, the data of financial industry both home and abroad belongto business secret, thus resulting the difficulty in their collection, organizationand analysis. In addition, the results of this research can be applied to the otherlife insurance companies.On the typical marketing problems of Shanxi branch of PICC LifeInsurance Co.,Ltd. in the context of financial integration, through internal andexternal environment analysis, adjusts and optimizes the marketing strategiesand safeguard measures those are suitable for Shanxi area, group’s tactic andfinancial integration, for Shanxi branch of PICC Life Insurance Co.,Ltd. tooptimize the product structure, to make pricing and marketing channelreasonable, and to diverse promotion ways in order to better meet customers’demands and improve the market competitiveness of Shanxi branch.