The Executives

Abstract

In recent years, with the opening of the market and the relaxation of national policies, China’s bancassurance market has developed rapidly. SR Company is one of the earliest foreign insurance companies established in China. With the rise of domestic bancassurance businesses, the growth of corporate premiums has been showing a rapid development trend. However, with the increase in market players, the impact of foreign financial institutions, and the impact of the financial crisis, SR’s bancassurance business is facing the dilemma of reduced premium income and a shrinking market share. Improving the core competitiveness of the company's products has become a strategic choice for the company to deal with the changes in the banking market. This paper, based on the work experience and thinking of planning, supervision, training, and other posts in the bancassurance business of SR Company, combined with the theoretical knowledge and the detailed investigation, deeply analyzed the problems existing in the bancassurance business of SR Company and the causes of the problems, and on the basis of studying and referring to the successful experiences of peers at home and abroad, put forward the development ideas of innovative marketing as well as better carrying out the bancassurance business marketing strategy and business philosophy. First of all, the article expounds the basic theory and function of bancassurance business, the concept, characteristics, and strategies of insurance marketing, and on this basis analyzes the external opportunities and threats, internal strengths and weaknesses faced by the company, and analyzes the strengths and opportunities strategy, weaknesses and opportunities strategy, strengths and threats strategy, and weaknesses and threats strategy, and puts forward corresponding countermeasures. Secondly, it analyzes the basic status quo of the bancassurance business of SR Company in terms of business scale, marketing channels, main products, customer relations, and sales teams, and deeply analyzes the problems in the product structure, bancassurance cooperation, marketing channels, and product promotion of the bancassurance business marketing of the company. Finally, in view of the outstanding problems in the marketing of bancassurance products, the company proposed marketing countermeasures and improvement measures for bancassurance business in four aspects: product innovation, marketing channel innovation, marketing team building, and brand promotion strategy.

Keywords: Bancassurance; Marketing strategy; SWOT analysis.