Research On The Competitive Strategy Of Group Business Of P Insurance Company Shandong Branch

In recent years,with the rapid development of China’s economy,China’s insurance industry has also developed rapidly.However,with the continuous expansion of market players and the continuous participation of various competitors,the competition in the insurance industry has become increasingly fierce.As a traditional business in the life insurance business,group insurance business is also facing more intense competition.In the face of fierce market competition,small and medium-sized insurance companies can easily fall into a "dilemma" if they fail to formulate a competitive strategy suitable for their own business development in a timely manner,resulting in poor performance and operation.P Insurance Shandong Branch was established in 2007.As a new member of a traditional largescale insurance group,its group insurance business continues to develop,but there are also many problems,such as the inability of its own sales force to meet business development,a single source of customer channels,platform The lack of type business and other troubles.By studying the selection,strategy implementation and safeguard measures of the group insurance business competition strategy of P Insurance Shandong Branch,this thesis provides a reference for the research on the group insurance business competition strategy of small and medium-sized life insurance companies.The three theories of industry life cycle theory,value chain theory and core competitiveness theory are the theoretical basis of this thesis.By using survey research method,literature research method,PEST analysis,EFE matrix,IFE matrix,Porter’s five forces model and value chain Analysis The corresponding analysis is carried out,and a comprehensive analysis is carried out on the internal and external environment,opportunities and threats,advantages and disadvantages,resources and capabilities of the group insurance business of P Insurance Shandong Branch.Through research,it is found that the external opportunities faced by the group insurance business of P Insurance Shandong Branch are:the life insurance industry is still in the growth period,and its development speed is compared with my country’s GDP growth rate,and the industry development potential is huge;the state has issued a number of positive policies to encourage The development of the insurance industry;the deepening of the aging population and the continuous improvement of the social security system are constantly stimulating people’s demand for insurance;the combination of the insurance industry and the Internet industry has continuously prompted the emergence of new business models in the insurance industry;Shandong Province is economically developed,and legal entities There are a large number of groups,and the group insurance market has huge development potential;insurance awareness has gradually developed into the mainstream awareness of the masses.The external threats faced are:more and more enterprises see the development potential of the insurance industry,and thus seize the market,and the competition between enterprises is becoming more and more fierce;the insurance products are relatively single,lack the uniqueness and innovation of enterprises,and the homogeneity is serious;The service quality of insurance is low,and there is a lack of personalized services for customers;extensive industry development model,lower rates,higher business costs,and lower underwriting profits;the market is in an oligopolistic industry,and most of the market has been occupied by large companies.Small and medium-sized insurance companies have less living space;the marketing model is constantly innovating,and the original channels of insurance companies are facing threats.Under many unfavorable conditions,there are also corresponding favorable factors inside:state-owned holding,market-oriented operation,large brand influence;sufficient financial support,there is room for turnover when enterprises face risks;perfect product system,diversified sales channels;the institutional layout is perfect,which has achieved all-round coverage of all cities,districts and counties in the province;the company’s operating organization is perfect and has the ability to control risks.The internal disadvantages it faces include:its own sales force is difficult to meet business development,the salary level does not meet the psychological forecast of professional talents,and it is difficult to retain talents;the traditional group insurance channel has not been transformed in time,the intermediary business and platform-based business are lacking,and there is no highquality service.Value-added services;single source of customers and lack of core competitiveness;claims service capabilities still need to be strengthened;online services for group insurance business are lacking.Through the analysis of SWOT matrix and QSPM matrix,this study believes that P Insurance Shandong Branch should adopt a differentiated strategy for group insurance business,and proposes specific strategies for P Insurance Shandong Branch’s group insurance business differentiation in marketing channels,customer service,and product management.Strategy implementation measures,and provide guarantee for the implementation of the differentiated strategy in four aspects:improving the organizational structure and process optimization,strengthening cultural construction,strengthening human resource management,and improving information system support,ensuring the effect of the implementation of the differentiated strategy,and making P Insurance The group insurance business of Shandong Branch established a competitive advantage and achieved sustainable,healthy and high-quality development.The innovation of this thesis:It is proposed that by formulating differentiated product marketing strategies in marketing channels and providing personalized customized customer services,differentiated strategies become an effective path for the rapid development of group insurance business of small and medium-sized life insurance companies.The remaining problems in this thesis are:the business related to the group insurance market is a corporate secret,and it is difficult to fully understand the situation of competitors.At the same time,due to the complexity and uncertainty of the group insurance business market,whether the differentiated competition strategy can achieve the expected results still needs to be tested in practice.