Study On The Competition Strategy Of Bank-insurance Of PA Companies In The New Situation

Bank-insurance provides customers with one-stop financial services in the form of financial integration.Since 1996,it has been 20 years that bank-insurance was the introduced to mainland China from France.Moreover,its business scale has reached 40% of the national life insurance market and has become an important source of life insurance premiums and bank intermediary business income.Bank-insurance is at the forefront of financial cross-regulation and innovation.The state government reform plan just passed by the “two sessions” has merged the China Banking Regulatory Commission and the China Insurance Regulatory Commission,and established the China Banking Supervision Committee,which clearly points to the trend of reform and development of China's financial mixed operation.Under the new circumstances,it is of great practical significance to carry out an in-depth discussion and research on China's bank-insurance,and to reposition and reflect on the development and competition strategies of bank-insurance.This article started from the perspective of bank-insurance cooperation,looked at the current model of bank-insurance cooperation,connected theory with practice,and analyzed the status quo and existing problems of China's bank-insurance industry.Investigating the industry and PA Company,firstly it focuses on the actual situation.It used the PEST model to analyze the macro-environment of the domestic bank-insurance,and used Porter's five-force model and SWOT model to analyze the competitive structure of PA bank insurance as well as the advantages,disadvantages,opportunities and threats of PA bank-Insurance.Then,this article carried out interviews and questionnaire surveys with internal employees and customers in cooperation channels.It found problems,at the same time,it combined with the future development trend,the advantages and characteristics of PA companies,and then proposed competition strategies,improvement suggestions and recommendations that can be further implemented by PA Company bank-insurance.This paper proposes that PA companies should continue to strengthen its differentiated competition strategies.Rely on the hard power and soft power of PA Group,PA Company should continue explore and innovate,give full play to the advantages of “ science,technology and finance”,develop products that meet market demands,provide ultimate service which know customers better to acquire and retain more highly-viscous users.Diversified marketing projects will promote the differentiation of marketing methods and take advantage of offensives.The professional and modern training will create different professional teams,and create more value for the channels through the value-added effects of human capital investment.By learning from examples and combining actual conditions,implement differentiated competitive strategy characterized by position warfare,electronic warfare,guerrilla warfare and protracted warfare in both internal and external channels to realize complementary configuration and effective integration with channel resources,to give full play to its own and convergence advantages,to reduce the costs of all aspects of cooperation,to improve the efficiency of cooperative operations,and to strengthen and maintain customer loyalty.By then,we can deepen and lead the bank-insurance convergence and Innovation,consolidate and enhance the competitive advantage of the “most divergent Chinese brands” obtained by the PA Group in 2017,and finally help achieve the PA company's goal of leading the Chinese banking industry.