How Do I Conduct SWOT Analysis for Insurance Companies?

The insurance marketing strategy is for the insurance marketing department to select and locate the target insurance market, and to formulate a comprehensive marketing plan and action plan in order for the insurance marketing company to occupy the target market and complete the predetermined marketing goals.

Insurance marketing strategy

The formulation of the insurance marketing strategy must start from the company's overall tasks and goals, analyze the market, determine market goals, and establish business strategies and plans, and then allocate resources and formulate more detailed strategic implementation plans. Finally implement the feedback and control of the plan. Specifically, it is divided into the following six steps. ^[1]

The execution of insurance marketing strategy generally includes five interrelated contents: the formulation of insurance marketing plans, the establishment of insurance marketing organizations, the establishment of insurance marketing decisions and compensation systems, the development of human resources systems, and the construction of corporate culture. ^[1]

First, the formulation of an insurance marketing plan.

The formulation of an insurance marketing plan is a concrete embodiment of the company's marketing strategy. In order to effectively execute marketing strategies, detailed action plans must be developed. The starting point of the insurance marketing plan is to systematically analyze and predict events in the sales market of insurance companies. The marketing department of an insurance company links this information with the relevant information of the company itself, and can clearly understand and evaluate the possibility of the company's action in the sales field. Because marketing or sales are the "bottleneck" areas of planning in most cases, marketing (or sales) planning is especially important for the insurance company's operations and also important for planning in other areas of work. Insurance companies not only carry out long-term (such as one-year marketing plans), but also develop short-term (such as January or quarter) marketing plans.

In order to systematically establish and control insurance marketing programs, marketing programs can be divided into market-related programs, means-related programs, and competition-related programs.

There are two basic types of market-related solutions: centralized and differentiated. Centralization is to control sales behavior according to a dominant principle, for example, for a certain customer group, for an insurance area, or for an insurance product and service, specialization is eventually formed. On the contrary, differentiation means universalization. It basically targets all customer groups and sells all products or services to all customer groups, but performs different market treatments for different market segments.

The marketing plan related to the means focuses on each sales policy means. For example, pay attention to lower premiums, higher quality of insurance protection, adaptive risk compensation, especially high-level services or emphasis on special sales methods.

Competition-related solutions involve relationships with other insurers and non-insurers, such as those between insurance companies and banks. Its characteristics are confrontation (offensive sales strategy for the purpose of crowding out the other party), adaptation to imitate the products and prices of other insurance companies, and avoidance (choose market gaps). Special consideration can be given to the decision-making process. When designing products and determining premiums, insurance companies should adopt industry-wide sales strategies or consciously differentiate themselves.

When formulating an insurance marketing plan, the key decisions and tasks for the implementation of marketing strategies should be identified, and the responsibility for implementing these decisions and tasks should be assigned to individuals or groups. In addition, a specific timetable should be included to determine the exact time of the plan. The question to be answered by the insurance marketing plan is: What are the tasks performed by the strategy? What are the key? How to complete these tasks? What measures are taken? What resources can the company have?

Second, the establishment of insurance marketing organizations.

The marketing department of an insurance company plays a pivotal role in the execution of marketing strategies. The marketing department is responsible for identifying market opportunities, formulating and executing marketing strategies, and its goals are profit and market share. The marketing department shall assign the execution tasks of the strategy to specific departments or personnel, define clear responsibilities and information communication channels, and coordinate various decisions and actions within the department. The establishment of an insurance marketing organization structure needs to be carried out in accordance with the requirements of organizational design, to address the establishment of an insurance company's marketing structure, the division of responsibilities and powers, and the communication and transmission of information between departments and personnel.

Third, the establishment of insurance marketing decisions and compensation systems.

In order to implement the marketing strategy of insurance companies, corresponding decision-making and compensation systems must also be designed. The establishment or appropriateness of these systems is also directly related to the success or failure of the implementation of marketing strategies. For example, in the insurance sales remuneration system, if the commission ratio of an individual agent's insurance is increased, it will inevitably increase the personal agent's enthusiasm for the sale of the insurance, thereby improving the sales performance of the insurance. Therefore, when establishing insurance marketing decisions and compensation systems, it is necessary to consider which systems are the most important, which are the main control factors, and how information is communicated.

Fourth, the development of human resources systems.

The final effective implementation of insurance marketing decisions also depends on the staff of the marketing department, so the development of human resources is very important. It involves the selection, recruitment, training, use, evaluation and motivation of back office staff and sales staff.

Fifth, the construction of corporate culture.

Corporate culture and its basic connotation refers to a management idea in which an enterprise uses various cultural means to form internal cohesion and display its image outward. It includes two levels of core concepts and externalization of core concepts. The core concept of corporate culture is corporate values. Values are the identification of individual or group of employees to the survival and development of the company, and a common consciousness. The values of modern enterprises are coexistence, that is, the coexistence of internal employees and the coexistence of enterprises and the public. The core concept of corporate values has three levels of externalization: First, the spirit of enterprise. This refers to a common belief and pursuit formed by all employees in long-term business management practices. The corporate spirit is often condensed into a short slogan or motto. The second is corporate rules and regulations. This is the general term for the corporate leadership system, the definition of departmental relations, and the code of conduct for personnel at all levels and positions. These systems are infiltrated with corporate values. The third is corporate image. This is the superficial layer of corporate values and the most tangible external form of corporate culture, including material image and personnel image.

The focus of the insurance company's corporate culture construction is:

(1) Establish a scientific and standardized system culture, and cultivate employees' voluntary and voluntary compliance. Institutional culture in enterprise culture refers to the system and organizational structure that are formed in the production and operation activities of the company in line with the spirit and culture of the enterprise spirit and values, and mainly include the corporate leadership system, corporate organization, and corporate management system.

(2) Lead the ES strategy and establish a "people-oriented" management idea. The ES (employee satisfac-tion) strategy refers to the satisfaction of employees as the core, maximize the reasonable needs of employees, mobilize the enthusiasm, initiative and creativity of employees, improve the work ability of all employees, and thereby promote the development of the enterprise.

(3) Introduce the CS strategy and establish the business philosophy of "market-oriented and customer-centric". CS (customer satisfaction) means "customer satisfaction".

(4) Guide the CIS strategy and shape a good corporate image. The corporate image is the overall evaluation of the company by the general public and the employees of the enterprise, the overall impression of the company's products, services, personnel quality, public relations and other aspects of the society and the employees of the enterprise, and the corporate values and spirit of the enterprise that are recognized by the society And corporate performance and external performance.