Research On The Competitive Strategy Of Short-term Health Insurance Business Of Zhongan Insurance

With the continuous development of society and the increasing power of Internet technology,Internet insurance companies,which take the main battlefield of the Internet as the sales channel,have emerged strongly.According to the data released by the China Banking and Insurance Regulatory Commission,146 insurance companies in China had handled Internet insurance business with a premium income of 298 billion by the end of 2020.In recent years,the government has also promulgated a number of regulatory policies to promote the healthy development of Internet insurance,at the same time,the insurance policy has also become more perfect.Especially since the outbreak of the epidemic in 2020,citizens have paid more attention to their own health,but the medical resources in society are indeed limited,which is one of the main contradictions in the current society.According to the data released by the China Banking and Insurance Regulatory Commission,it can be seen that China’s health insurance premiums increased by 37% every year from 2013 to 2020,which was much faster than life insurance,property insurance and accident insurance.The premium income of short-term health insurance of property insurance companies reached 111.4billion yuan in 2020,which was the first insurance type with more than 100 billion yuan in addition to auto insurance.As the first professional Internet insurance company in China,Zhongan Insurance has been actively restructuring the business since its establishment.Now it has basically changed from the original return insurance to the short-term health insurance business.Unlike the traditional insurance companies,Zhongan Insurance relies on the "insurance+technology" engine model and faces great challenges in its development and operation under the new model.In this paper,PEST tool and five forces model are used to analyze the current operating environment,and external influencing factors of Internet insurance companies are obtained.Then,resources and capabilities of Zhongan are analyzed,and internal influencing factors of Zhongan Insurance are obtained.Its internal influencing factors include investment ability,operation ability,organizational structure model and scientific and technological factors,and it has a dominant position in Internet insurance companies.However,its comprehensive cost rate is high,its profitability is not strong,and product pricing factors,etc.,making it at a disadvantage in the industry.Finally,based on the internal and external factors,the quantitative strategic matrix analysis was established,and it was concluded that Zhongan Insurance should choose the differentiation strategy route,which is mainly reflected in the following aspects: in the aspect of product development,it should carry out the in-depth operation of the currently profitable insurance products,and develop the scene to improve the ecosystem;In terms of operation,it is necessary to increase the proportion of compound talents,improve follow-up services,reduce product complaints,and cooperate with domestic and foreign technology companies to achieve win-win results.By analyzing the operation status of Zhongan Insurance,this paper can find out the problems existing in its current operation to promote its advantages and complement its weaknesses,besides,it can also find out the corresponding strategies to promote the healthy development of Zhongan Insurance.At the same time,it can also provide some reference for other insurance companies that have carried out Internet business.