||Insurance is a social stability fund, that is, a poll of funds collected from the insured. The purpose of the funds is to scatter risks, digestion and mitigate loss to ensure a stability of an economic system; which plays a significant role for a country's economic development.|
The development of the insurance industry has evolved along with the changes of economy environment. From 1990 to 2006, foreign insurance companies in Taiwan has rapidly expanded. However, the profit of insurance industry is shrinking over the years. The changes of accounting rule of International Accounting Standards (IFRS) is affecting the company's operating costs. As a result, the foreign insurance companies have to withdraw from the Taiwan market, or being merged with Taiwan local insurance companies.
However, there is one exception. The foreign insurance P company's premium income, business scale has expanded year by year, so I would like to explore the company's development and strategy.
This study is mainly through the interviews with senior executives of foreign insurance companies, observations from different angles, and summarize the strategies and the future development of the P company.
The study found that P company focuses on its strength, and developed gradually through the following three aspects:
1. talent cultivation:
Expand recruitment channels, increase the quality of talent poll, Fintech talent recruitment and cultivation.
2. Product strategy:
Focus on protection type of products to gain profit. Then continue to development distinctive and competitive retirement or pension products.
3. Marketing strategy:
Rely on electronic platform operating system and gain recognition and reputation via social media platforms. Continuing to expand the banking channels, and the sustain service with existing customers; I believe that these suggestions on the development of P companies are beneficial.
Keywords:management strategy, foreign insurance company, interview method, blue ocean strategy, insurance industry