Analysis On The Structural Transformation Of Jixiang Life Insurance Products Of Local Life Insurance Company

In recent years,with the continuous introduction of favorable policies for the insurance industry,China's insurance industry started late but developed rapidly,among which the life insurance industry also carried the train of China's economic growth and gradually stepped on the right track.At this time,local life insurance companies,as the emerging force in the industry in recent years,closely followed the industry pulse and segmented the life insurance market to achieve the characteristic development through innovation.However,in order to rapidly gain market share and expand market scale,most local life insurance companies only focus on scale rather than value in terms of premium income,and put a lot of energy into innovative life insurance products with investment function but weak security function,which leads to repeated or long-term losses in the whole local life insurance industry.At the same time,China insurance regulatory commission also began to strictly control the chaos in the life insurance market in 2016.Successive control policies severely damaged short-term investment products,indicating the government's determination to reverse the current situation of the life insurance industry,which emphasizes investment over guarantee function.In the "insurance return to security function" has become the general trend,the local life insurance company's product structure transformation has become the company's sustainable development of the urgent matter.Under this background,the Jixiang life insurance co.,LTD.As a native of hunan province,the first local insurance institutional investor,Since its establishment,the unreasonable product structure has led to a series of losses,which has greatly affected the sustainable operation of the company.In this paper,the product development status of Jixiang life insurance was analyzed from the three dimensions of product function category,channel category and term category,and the existing problems were identified.The root causes of the problems were explored from three levels(company,market and policy).Finally,we think Jixiang life insurance should adhere to the current market trend in product transformation: in terms of product function category,we should focus on the development of medium-and long-term traditional life insurance products,especially the expansion of health insurance category.On channel categories will unswervingly to personal direct selling products as the core,supplemented by channels of banks and insurance companies,and to increase gradually expand in emerging channels;In terms of the term category,the company should mainly rely on the way of paying premiums in the renewed period to drive the sustainable development of the company.At the same time,jixiang life insurance also needs to continuously improve its management efficiency and capital utilization ability,and accurately locate and analyze customers' pain points and needs with big data,so as to achieve considerable development.