Study On Strategy Of C Insurance Company's FinTech

With the increase of insurer's quantity and industry regulatory reform, Insurance industry competition is fierce. And because of the development of the Internet technology,Insurance industry's traditional business model will have a disruptive change. In recent years,many insurers have established official website, released mobile applications, and cooperated with third-party E-commerce Platform. They all are developing Internet business in insurance field.Outside capital also found significant opportunities of the “Internet Plus” in insurance industry, took a variety of ways to enter the market. Since 2013, four Internet insurance companies have founded. Third-party insurance platforms, UBI products are constantly emerging. And the insurance industry is showing a trend of accelerated integration of the Internet. By virtue of "openness, equality, cooperation and sharing", low transaction costs,the advantages of user experience and big data, the FinTech is impacting traditional industries; it brings new competition, traditional insurance industry faces new opportunities and challenges.Facing opportunities and challenges of the FinTech, Traditional insurers are all accelerating the layout of FinTech. These insurers have tried to operate their business on the Internet, include selling their policies, improving custom service, optimizing operations and reducing costs. Traditional insurers were also try to develop high frequency, small,fragmented policy and Usage Based Insurance. So Internet is rapidly changing insurance industry.C Insurance Company is a traditional insurer. It has captured large market share. But it's currently facing decline of market share, business channel transformation and homogeneity of product competition. C Insurance Company hope to develop FinTech to enhance the competitiveness of enterprises. But it's performance is not significant.This essay researches FinTech's features and models in insurance industry, presents three models and six models of FinTech in insurance industry. Through analyzing the external environment and strengths, weaknesses, opportunities and threats of C Insurance Company,the essay find the strategy of FinTech. C Insurance Company must to use differentiation strategy in FinTech.After finding of differentiation competition strategy, the essay suggests C Insurance Company should seize the current opportunities for rapid development of the Internet. Using differentiation strategy, combined with the external environment and C Insurance Company's characteristics, this essay propose some implementation plan for C Insurance Company's FinTech strategy.