Nobody downloaded yet

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

Comments (0) Cite this document
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 PAPER96.4% 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
(“An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation”, n.d.)
Retrieved from
(An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation)
“An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF An Evaluation of CRM Strategy at Ping An Life Insurance, China

London Life Insurance Company

...?London Life Insurance Company Introduction London Life Insurance Company was formed during 1874 in the region of London in Ontario, Canada. The insurance company by the close of 1988 endeavored to gain a national presence in the Canadian region through its operation spread along various offices created in major cities in Canada. Sales and administrative operations of the company were supported by a professional team of around 2,700 and 2,600 working as the sales and administrative workforce for the company respectively. The product mix of London Life Insurance Company was duly optimized through encompassing a large number of benefits pertaining to life, disability, medical and group insurance products with also existence of other... ...
10 Pages(2500 words)Assignment

Evaluation of CRM Contribution

...but will also help them grow and enjoy customer life time value only if implemented carefully and properly. Evaluation of CRM contribution in order to gain customer retention in the UK banking industry – A case study of Barclays Bank Richmond branch 1 INTRODUCTION Approaching customers and selling company’s offerings is not a new concept; what is new is the change in focus. Previously, companies tend to focus on selling their products and services to the customers irrespective of the fact that whether the solutions offered are required or not and honestly there was no need either because there were quite a few alternatives available which makes the sales of any product easier. However,...
81 Pages(20250 words)Dissertation

Application of CRM in the life insurance Company in China and in a company of Ping An Life Insurance of China

...?Application of CRM in the life insurance Company in China and in a company of Ping An Life Insurance of China The essence of information technology revolution is providing a great opportunity for marketers to build better relationships with their customers due to quick response they can make. This strategy provides an opportunity to combine the abilities to respond directly to their customer requests hence providing the customer with a highly interactive customer experience, which is beneficial for the business (Messner, 2005). 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... agents...
8 Pages(2000 words)Dissertation

A Case Study of Ping an Life Insurance Company of China

...has allowed the organizations to convey their message to greater segments of the population and is cheaper than most other sources of marketing. E–commerce has evolved as one of the most popular channels of business interaction (Wang and Feng, 2012). The process of strategy development involves a two stage process; firstly, detailed assessment and evaluation of the business strategies of the organization and secondly, development of a customer strategy that suits the target customers the most. These two strategies would provide a solid platform to the organization for the development and implement of CRM activities. Case Study...
9 Pages(2250 words)Dissertation

How CRM be Applied in the Life Insurance Company to help companies profit from the many customers available and cater for the demand of their commodities all over the globe. Thus, the application of customer relationship management can be seen as an effective marketing tool to enhance customer loyalty and satisfaction, thereby promoting the business performance. Nowadays, there is a growing number of companies use CRM to enhance company competitive power in the marketplace in China (McGregor, 2012). This study has gathered a lot of information about the Ping an Life Insurance company of China and how it applies CRM in its life...
10 Pages(2500 words)Dissertation

Life Insurance

...? Life Insurance I. Introduction: Life insurance is defined as a contract between the insurer and the owner of the policy where a reimbursement is agreed from the insurer to the policy owner in case of any accidental death or critical illness happens with the policy owner. The one who is insured has to pay a certain amount in the form of premiums as the cost of the insurance or the service on a monthly or yearly basis. Exclusions in relation to such services are generally explained and declared in the contracts. For example such insurances are not provided in cases of frauds, or cases of...
10 Pages(2500 words)Research Paper

Life Insurance

...Life Insurance So many ways exist in which to offer good parenting and my parents did not fail in this responsibility. Memories of my childhood are filled with admiration, remembering how my father worked hard to give us a comfortable life. I am a first born in our family with my two younger siblings born in a span of five years after my birth. When my father completed his aviation course and had a two-year experience in the US, we moved to China where he got a lucrative job with a Beijing-based airline as a pilot. It was the trend in China then to lure US pilots with lucrative pay because of the increased need for pilots due to the fast expansion of the...
4 Pages(1000 words)Essay

Strategy Evaluation

...Explain why strategy evaluation can be a complex and sensitive undertaking. The strategy evaluation of any business proposal can be very complex and cumbersome exercise. The major factors considered in the process are - assessment of any suitable advantages, evaluating the operational assumptions to be realistic, availability of necessary competence, resources and attitudes, an evaluation of risks and uncertainties, flexibility in operations and provision of proper time allocation (Allan). In the assessment of suitable advantages the evaluation process must be able to bring out comprehensive SWOT analysis of the...
1 Pages(250 words)Essay

Life Insurance

...Life Insurance Table of Contents Introduction 3 Life Insurance 3 Sum Assured 4 Recommendations and Conclusion 5 Bibliography 6 Introduction Life insurance is part and parcel of life. As the world is fast changing and speed has become one of the major driving forces of our life, it has also become more risky at the same time. Apart from that, the effects of terrorism and other similar factors have increased the insecurity that one’s life faces in this millennium. Life InsuranceLife insurance is the assurance on one’s...
2 Pages(500 words)Essay

Ping Pong and China

...Ping pong and China al Affiliation) Introduction Ping pong game was developed in in England through trying to emulate the indoor version of lawn tennis. The game was invented in the 1880s (Memphis, 2010). It originated from table tennis. The game developed many names due to the many manufacturers of the game. The name ping pong was got when the name was introduced in China. Ping pong as a game in China gained popularity due to several reasons. The reasons include the low cost of the game since no professional requirement is needed (Griffin, 2004). The activity also came to gain popularity due to political reasons behind...
6 Pages(1500 words)Essay
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!

Contact Us