Insurance Industry Marketing Model

In mainland China, there are currently two types of insurance: social insurance and commercial insurance (not involving reinsurance business).

Social insurance does not have the problem of marketing model at present because of the dominant idea of low level and wide coverage, but there is semi-compulsory phenomenon in the promotion. If a person is in the system, there may be many inconveniences not to participate.

Commercial insurance can be further divided into two major business and company categories: property insurance and life insurance.

Property insurance companies mostly deal with property insurance (the main business is auto insurance), liability insurance, credit insurance, and short-term accident insurance. The business marketing is based on store operations and single-level direct sales by agents due to the short term and rapid turnover of customers. Due to the existence of compulsory insurance, many transportation industry practitioners also have part-time agents.

Life insurance companies mainly deal with life insurance, health insurance and medical insurance. Because of the long period of time for customers to pay premiums, it is necessary to cultivate customer loyalty, so they are mainly based on various image advertisements and multi-level direct marketing by agents. Due to the promotion of electronic and paperless business, many banking and financial industry practitioners also have part-time agents.

The insurance industry claims that it is time for change, and corrections have been made to address the problems in marketing, but big changes don't seem to be on the horizon.

Second, the insurance marketing model known to these:

1. agents

2. telemarketing (including outbound and inbound)

3. bank branch sales (bancassurance)

4. e-commerce (selling insurance online)

5. channel sales

Extended reading: how to buy insurance, which Good, hand to teach you to avoid these "pits" of insurance