Vol. 3 No. 1 (2024): The QUEST: Journal of Multidisciplinary Research and Development
Articles

Operation of Chinese Commercial Insurance Companies: Basis for Development Plan

  • Lai Chunhua,
  • Joy Savellano
Lai Chunhua
Nueva Ecija University of Science and Technology
Joy Savellano
Nueva Ecija University of Science and Technology
DOI: https://doi.org/10.60008/thequest.v3i1.181

Published 06/30/2024

Keywords

  • China,
  • Commercial life insurance,
  • demographic changes,
  • development plan,
  • strategies,
  • challenges
    • ...More
    Less

How to Cite

Chunhua, L., & Savellano, J. (2024). Operation of Chinese Commercial Insurance Companies: Basis for Development Plan. The QUEST: Journal of Multidisciplinary Research and Development, 3(1). https://doi.org/10.60008/thequest.v3i1.181

Copyright (c) 2024 The QUEST: Journal of Multidisciplinary Research and Development

Creative Commons License

This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Abstract

This research study delves into the complex dynamics of China's commercial life insurance industry, exploring the strategies implemented by insurance companies and the multifaceted challenges they encounter. The primary objective of this study is to offer an in-depth analysis of this vital sector, highlighting its current state and potential avenues for development. The research begins with a detailed profiling of respondents, covering a range of demographics such as age, gender, civil status, average monthly income, and education level. This sets the foundation for a deeper understanding of the customer base. The study then moves on to a thorough examination of the operations of commercial life insurance companies in China. It scrutinizes various elements including demand and supply dynamics, strategic approaches, service quality, sales proficiency, and the role of innovation in shaping the industry. A significant focus of the study is the exploration of the myriad challenges faced by these companies. These challenges range from adapting to varying life expectancy trends, expanding service offerings, integrating advanced technologies, managing human resource constraints, to navigating fluctuating income levels among the populace. Drawing from these extensive analyses, the study proposes a strategic development plan targeting key area of improvement. This plan emphasizes the need for creating and launching insurance products specifically designed for distinct customer segments, enhancing customer service through targeted improvements, and leveraging cutting-edge technologies to optimize operational efficiency. These targeted initiatives are aimed at bolstering competitiveness, elevating customer satisfaction, and driving operational excellence within the industry. This study offers invaluable insights into the commercial life insurance sector in China, pinpointing crucial factors that influence its growth trajectory. It presents a series of strategic recommendations intended to steer the industry towards sustainable development. By addressing the identified challenges and seizing emerging opportunities, the industry can effectively adapt to demographic shifts and maintain its competitive edge in an ever-evolving market.

Full Paper

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