Stuty On Development Strategy Of Huaxia Life Insurance Company

As China's economy has entered a new norm,the insurance industry as a "social stabilizer" and "economic shock absorber" has made considerable progress and rapid development.The insurance industry's "Ten new xxx" fully defines the status of the insurance industry as "one of the three troika of China's financial industry development." Insurance industry,especially life insurance industry,has stepped into the fast track of development and innovation.Huaxia Life Insurance was established in 2006 and is a state-owned,joint-stock life insurance company.After more than ten years of rapid development,Huaxia Life Insurance has set up more than 400 branches in 24 provinces across the country,with nearly 300,000 domestic and foreign employee.However,China's life insurance industry still has many problems and perplexities.The insurance market is highly concentrated,there are serious product homogeneity,and the people's insurance concept still has deviations.These problems have,to varying degrees,restrained the rapid development of life insurance industry in China.Therefore,in the environment where opportunities and threats coexist,choosing the corporate strategy that suits our own development becomes one of the most important topics for Huaxia Life Insurance.We takes Huaxia Life Insurance Company as the research object and analyzes its development strategy.On the basis of literature review and field study,this paper analyzes the external market environment and the internal development status of Huaxia Life Insurance.We use Porter's five force model and internal and external factor evaluation matrix to sum up the external opportunities that Huaxia Life Insurance Company facing and their own internal strengths and weaknesses.By SWOT analysis,we confirmed that Huaxia Life Insurance should adopt a differential development strategy,e.g.market segmentation,targeting high-end customer groups,product portfolios and product innovation,quickly and steadily occupying the market;implementing brand culture and expanding market influence;implement the mobile interconnection strategy;emphasize customer focus;actively participate in the health field and implement an integral strategy to ensure the achievement of the development goals of Huaxia Life Insurance.The research on the development strategy of Huaxia Life Insurance Company in this paper has certain reference value under the current market environment.