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In recent years, the insurance market has the concept of separating the products and sales which are gradually accepted by the sectors and clients in China. Moreover, from the market perspective, the China’s insurance market is very attractive to brokerage agencies of Taiwan. Particularly, these two nations share similar language and culture, and insurance development is included in the new State Council Ten Guidelines: raising the role and significance of insurance to the “basic means of important sectors in modern economy and risk management are the level of social civilization, economic development, society management, these are the important indicator of governance capacity.” In other words, insurance should be involved in economic construction and social management. Therefore, insurance is not only a national policy but also an important direction for the future internationalization.
The study, conducted by the interviews with Everpro/ Everpro Insurance Brokers Chairman Wen-yong Wu, explores the history and current situation of the insurance sector westward to China. Especially, Everpro’s business strategy and future prospects in China insurance market is discussed in depth. The SWOT analysis was conducted to sort out and to induce the current development of the insurance market and the successful key operating strategy of the insurance sector in China.
Both Everpro insurance brokers and the insurance sector in China were analyzed by SWOT in this study. For Everpro, the advantages (S) include high ratio of MDRT, regular professional education lectures, good welfare-hereditary system and perfect report management; the weaknesses (W) contain a long time for localization, and the difficulty to build social network; the opportunity (O) is involved in insurance coverage below 10% in China, declining birthrate and aging population, and the insurance listed as a national policy in China; the threat (T) comprises massive policy changes, low loyalty (easy to change jobs), more strict foreign-funded enterprises. The interaction among the above four levels was separately discussed. Four strategies were induced as the followings: the refined strategy (SO) includes weekly professional education and training to strengthen the insurance concept and focus on the retirement and taxation market; improvement strategy (OW) comprises active job promotion interviews, marketing drills and promotion of questionnaire visits; buffer strategy (ST) contains large-scale organization and nationwide establishments, team management, and report management; transition strategy (WT) is involved with active interaction with the competent authorities, talented development programs, participation in local communities and colleges to build social network.
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