Study On The Marketing Mode Of Life Insurance

With the development of economy, the insurance industry is playing an increasingly important role in insurance protection, accommodation of funds and social management. During the period of the 12th Five-Year Plan, the country has enacted a series of favorable policies that are conducive to the rapid development of life insurance enterprises, thus creating a good policy environment for development of the life insurance industry. Meanwhile, with the social development, the public's insurance demand has increased drastically. In the first quarter of 2016, the insurance premium income reached 1,197,912,000,000 yuan, with a year-on-year growth of 42.18%, so substantial growth was achieved. The data released by China Economic Life Survey in 2016 also suggested that insurance has become the first choice of the public's investment. However, as an important part of the financial industry, the insurance industry did not achieve a qualitative leap, and the whole industry is still facing problems such as unclear identity or affiliation of salesmen, low productivity, low retention rate and low income. Besides, a series of service problems induced by nonstandard operation of the insurance companies in the start-up period are gradually exposed. In this context, it is urgent to change the previous extensive marketing approach of life insurance.Minsheng Life Insurance Co.,Ltd(hereinafter referred to as Minsheng Insurance or Company M) is the domestic first life insurance company sponsored and established principally by private capital. In the face of opportunities and challenges, Minsheng Insurance keeps to the situation in the tide and attempts to carry out the transformation of life insurance marketing based on its own conditions. The transformation of marketing adopts the development strategy of vitalizing stock and pulling up increment. Specifically, in terms of vitalizing stock, the top-level information management companies in the industry are introduced to carry out specialized training and enhance professional sales ability; in terms of pulling up increment, the method of reconstruction of provincial-level headquarters is adopted to promote growth. In the process of transformation, science and technology are promoted with a focus on the core factors of sales, for example, the sales support, online tutoring and sales training for salesmen are further strengthened through the mobile internet, and the brand publicity and cultural infiltration on customers are carried out through cultural marketing. The reform target is to build Minsheng Insurance into a respectable company with high productivity, high performance and high quality of service, and to achieve the development philosophy of "To achieve a decuple profit by ten years' endeavor" proposed by Wanxiang Group, the major shareholder of Minsheng Insurance. Through professional transformation of the sales skills of salesmen, a substantial increase in marketing capacity of the salesmen can be achieved, so as to allow the company's market share to rise greatly.This paper studied the domestic and foreign "life insurance" marketing mode, and analyzed the three types of marketing modes respectively in the United States, Japan and Germany and the UK. Comparative study was carried out on three typical life insurance marketing modes, namely, the private agent and non-private agent modes (the United States), the universal insurance mode (Japan) and the broker mode (Europe). The study suggested that the life insurance marketing in China is facing the unprecedented opportunities brought by the mobile internet, the establishment of life insurance marketing mode is closely related to the economic development, and the economic take-off has promoted the rapid development of life insurance marketing. Meanwhile, the traditional culture has a significant influence on the establishment of the marketing mode, which embodies the leading role of culture and the cultural infiltration. In addition, the government guidance plays a role in the marketing mode, in particular, the regulatory policy tendency has an obvious guiding role in marketing. Therefore, the establishment of marketing mode is the result of combined effect caused by economic development, cultural accumulation and political intentions. Based on the above viewpoint, a comparative study was carried out on the marketing mode of domestic life insurance, and it's summarized that the domestic marketing mode of life insurance is mixed and diversified, with individual agent and intermediary agent as the main part, such mode is constantly enriched with the integration of innovative elements brought by development of science and technology, and mainly embodied in the innovative marketing in three fields of mobile internet, employee identity pilot reform and insurance agencies and media.The marketing reform of Minsheng Insurance will positively promote the marketing reform of contemporaneous national life insurance enterprises, and it's conducive to further perfecting the customer (user) insurance& finance service experience, as well as enhancing the professional quality and service level of insurance&finance servers. However, the transformation faces a number of problems and difficulties. Based on the SWOT analysis of Minsheng Insurance, this paper comprehensively analyzed the necessary conditions and the problems confronting Minsheng Insurance to realize strategic transformation from four aspects including superiority, disadvantages, opportunities and threats. Besides, targeted countermeasures and suggestions were put forward to facilitate the successful transformation of marketing strategy of Minsheng Insurance. In terms of superiority, Minsheng Insurance has thirteen years of brand resources superiority, in addition to this, its product mix has a certain foundation and its sales force has certain advantage in cultural and technical inheritance. In terms of disadvantages, its product innovation can not meet the demands of the market and the team, its construction and development of sales force lag behind the market, and its sales organization and management capability is weak. In terms of opportunities, the transformation needs to grasp the policy opportunity generated by the country's energetically developing of the insurance industry, take advantage of superior resources of shareholder group for developing comprehensive finance, and borrow successful experiences from brain worker consultation and transplant industry. In terms of threats, the problems of market fluctuations risk and weak management foundation need to be dealt with.This paper is divided into five parts. Part One is the introduction, which includes the background and significance of the subject, the research methods, innovation points and deficiencies. Part Two presents the marketing development relevant concepts and theories, and introduces the related theories of life insurance marketing. Part Three presents the characteristics of life insurance marketing mode, it mainly summarizes three typical foreign life insurance marketing modes and the domestic life insurance marketing mode, and analyzes the innovative marketing modes in three fields in China. Part Four carries out SWOT analysis on Minsheng Insurance. Part Five presents the conclusions and countermeasures. It's suggested in this part that transformation of marketing development can be achieved through the changes of four key factors including product innovation, management system, organization structure and modern financial servers' role transition.