quora
Nobody downloaded yet

An Evaluation of CRM Strategy at Ping An Life Insurance, China - Dissertation Example

Comments (0) Cite this document
Summary
CRM is a tool that integrates technologies and business processes to satisfy customer needs. It is thus a customer-centric approach based on customer retention and relationship orientation. This report analyses the CRM approach at Ping An Life Insurance, China, a major subsidiary of Ping An Insurance (Group) Company of China. …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.3% of users find it useful
An Evaluation of CRM Strategy at Ping An Life Insurance, China
Read TextPreview

Extract of sample
"An Evaluation of CRM Strategy at Ping An Life Insurance, China"

Download file to see previous pages Ping An has been recognized and awarded for its customer relationship management approach but an evaluation of data suggests the adoption and implementation of CRM is not professionally and strategically adequate. Emphasis on salesmen appears to a hindrance to growth and accountability is lacking at Ping An. After evaluation of the available data, recommendations have been made on how CRM can be effectively implemented at Ping An Life Insurance.
China Insurance industry
Life insurance business in China is huge and intensely competitive, according to Binder, Bowers and Yung (2004) of The McKinsey Quarterly. China is now the world’s fastest growing major life insurance market. The drivers of growth in the sector include 40 percent household savings rate, limited and deteriorating public-pension and health schemes that have heightened the demand for personal retirement savings and protection tools. Consumers sought investment options but the choice was limited. No attractive mutual funds offers are available and consumers cannot invest overseas. Bank yields are very low compared to typical savings policy. This helped to stimulate growth in the insurance sector in 1990 when foreign insurance companies were allowed to enter China either in joint venture with 50:50 partnership or with a maximum of 25 percent ownership. However, within 15 years more than 90 percent of insurance sector is with three domestic insurers – China Life Insurance, Ping An Insurance and China Pacific Life Insurance. The insurance industry is among the fastest growing industries in China and is the core business of the Ping An Group (Annual Report, 2012). However, the Chinese insurance business is in transition and hence has to adjust for sustainable and healthy growth (Market Review, 2012). This is critical since China’s economy is growing and personal wealth is expanding and hence sustainable growth becomes essential. Besides, competition is setting in as foreign insurers’ operational areas have expanded, which means they can operate in geographical regions they were earlier barred from. Besides, despite the three domestic insurers having large number of agents, the productivity on an average is less than one-fourth of Hong Kong agents. It has also been found by Binder, Bowers and Yung (2004) that these agents give misleading information and poor customer service. Such issues would allow the foreign insurers to increase their market share of the affluent and mass-affluent segment. 1.2 Customer ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation”, n.d.)
Retrieved from https://studentshare.org/human-resources/1486797-an-evaluation-of-crm-strategy-at-ping-an-life-insurance-china
(An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation)
https://studentshare.org/human-resources/1486797-an-evaluation-of-crm-strategy-at-ping-an-life-insurance-china.
“An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation”, n.d. https://studentshare.org/human-resources/1486797-an-evaluation-of-crm-strategy-at-ping-an-life-insurance-china.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Internationalization strategy and activities of Bentley in China
Aside from conducting Porter’s five forces and PESTLE analysis, the automobile industry in China was carefully examined by determining its market structure. In relation to the internationalization trajectory of Bentley Motors, this study explained why establishing a strong dealership network was chosen by this company.
37 Pages(9250 words)Dissertation
Customer Relationship Management (CRM) in Tourism-Related Hospitality Establishments in Beijing, China
The intention of this study is Customer Relationship Management, or CRM, that has many perspectives and definitions that illustrate its fundamental thrust, that of trying to present a holistic strategy for managing customer relationships by getting to know the customers and their needs better, communicating with them more effectively and trying to fulfil these needs
76 Pages(19000 words)Dissertation
Insurance Law
Insurance products provide people with a safety net against various financial risks in different areas of their life (Clarke, 2005; Thomson, 2001). Hence, insurance products are designed to cater to the widespread need of people that provides them with financial security to cope under crisis situation.
6 Pages(1500 words)Dissertation
Evaluation of CRM Contribution
However, with the change in time where markets became tight and competition became tough there comes the need to remodel selling techniques. Customer Relationship Management (CRM) has come to the front as one of those techniques and companies are relying on CRM more than ever before.
81 Pages(20250 words)Dissertation
International Business Strategy (Guanxi) in China and Taiwan
It is regarded as being both important and problematic in this context. This study starts therefore with a brief history of Chinese culture as it applies to business and selected definitions of guanxi from its ancient origins in peasant society to its current forms in the modern world.
80 Pages(20000 words)Dissertation
Strategy Management in Small Export Business of China
The dissertation includes the components of the small firms of China, their analysis from the strategic perspective, framing research questions for the survey, conducting a survey based on the industry, evaluating the findings obtained, drawing the conclusion and suggesting appropriate recommendations for the issues faced by the industry.
58 Pages(14500 words)Dissertation
How CRM be Applied in the Life Insurance Company

The idea of this research emerged from the author’s interest and fascination in how Customer Relationship Management is applied in the Life Insurance Company in China. The paper also makes an appropriate recommendation which is aimed at enabling the company to achieve even much greater results with their CRM strategies.

10 Pages(2500 words)Dissertation
Application of CRM in the life insurance Company in China and in a company of Ping An Life Insurance of China
The interactive experience provided by the company has a great ability to establish, nurture and sustain long-term customer relations, enabling them to come back for more services. The goal of the company in applying CRM is to enhance the customer relationship into greater profitability by increasing repeat purchases rates and reducing customer acquisition costs that may lead to losses for the company.
8 Pages(2000 words)Dissertation
A Case Study of Ping an Life Insurance Company of China

The author states that Chinese firms are adopting the CRM system fast. This process involves the implementation of software that would record the details of the company’s relationship with its customers through the performance of various indicators. Several advantages have been found to be associated with the process of CRM.

9 Pages(2250 words)Dissertation
Desiree and the Kelveys: Society's Scapegoats
Deeper analysis makes it clear that the dominant theme of both tales is the concept of the social scapegoat. “The Doll’s House,” and “Desiree’s Baby,” both focus on the rigid conventions and prejudices which prevail in society and the unwritten codes of behavior to which people conform.
3 Pages(750 words)Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Dissertation on topic An Evaluation of CRM Strategy at Ping An Life Insurance, China for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us