Comparison And Analysis Of The Difference Between Hong Kong And Mainland Life Insurance Product

As the mainland residents’ purchase volume of insurance products from Hongkong is rising rapidly.Only in the year 2014,their cumulative premiums had occupied more than 20% of the total amount.Besides, "The eight policies on deepening the construction of the Shenzhen Insurance Innovation Development Experimental Zone and Accelerating the development and opening of Qianhai" issued by the government of Shenzhen strengthen the relationship between the insurance companies in Hongkong and the mainland, Which make the two seperated markets become closely linked now and therefore produce a healthy competitive relationship.Based on this relationship, this article make a comparison and analysis of Hong Kong and the mainland insurance market, trying to find out the cause of the difference between these two places, and puts for ward effective suggestions for mainland insurance company.At present the researches of both the insurance market and insurance products were relatively scant, and most of the researches were based on local market. In view of that, this paper will use the basic insurance theory and related pricing method of life actuarial insurance, to make a comprehensive com parison of Hong Kong and mainland insurance marketing on the aspects of marketing link, product variety, product form and the product pricing. Then with a combination of relevant data of both insurance market in two places and life insurance products, this paper will draw the conclusion why Hong Kong insurance product is superior to the mainland, and make the corresponding suggestions. Firstly, this paper clarifies the related concepts, characteristics and classification of life insurance products, and through the comparison and analysis of Hong Kong and the mainland insurance companies in three aspects of the marketing, brokerage market and product display, to make suggestions on the product links. Secondly, this paper through the comparison and analysis based on product category , product form, and product pricing, to make suggestions on product recommendations. This paper puts emphasis on the analysis of price factors in life insurance product, discussing it from three aspects of the empirical analysis of model life table, investment yield and intermediate expenditures, which has obvious effects on life insurance product pricing. Finally, some suggestions are raised to find out the development and im provement direction of life insurance products of the mainland.