Do you spend your free time huddled over a crystal ball?
If not, then you probably don’t have even the faintest guess what the future might hold. Sure, everyone makes plans, but as the saying goes: even the best laid of them often go awry. So how can anyone rest easy with so much uncertainty surrounding their future? The answer is simple: insurance.
Particularly when it comes to loved ones, no one wants to leave their family high and dry should the unthinkable happen. That’s why life insurance has become such a popular investment option, and why companies like China Life Insurance are flourishing.
More Than Meets The Eye
China Life Insurance Group, often just called China Life, offers far more than the name implies. In addition to life insurance, China Life also offers services like investment holding, asset management, property insurance, and more. It is truly a holistic and well-rounded service, as all of these insurance services go hand in hand.
Like many companies in the industry, China Life’s expressed goal is simply to improve the comfort and well-being of their customers. Based in Beijing, this company serves more Chinese citizens than any other.
A Revitalized Industry
Life Insurance was not always a common investment in China. In 1949, the Chinese government took over all life insurance in the country when they established the People’s Insurance Company of China. However, all insurance offerings were done away with just 10 years later.
Over the course of the next 40 years, PICC began to once again offer insurance policies to citizens, but eventually dissolved into four different state owned companies, one of them being China Life. In the 20 years since it was created out of that dissolution, China Life has diversified and boomed, becoming a favorite of the people.
Since it hasn’t been all that long that insurance was a common offering in China, the industry is experiencing a period of rapid growth. As such, there are only four main competitors in the insurance space with China Life. These are: People’s Insurance Company, Ping An, New China Life, and China Pacific. These four companies are duking it out, and the race is very tight.
Though the industry still has a lot of growing to do before a clear winner can be declared, China Life is by far ahead of the pack as it stands right now. With a customer base of nearly 200 million, China Life is one of the largest insurance companies in the entire world.
In the last few years, China Life has approached their efforts for visibility with a more story-based strategy. Where they had previously relied upon print advertisements, they have now moved into the TV space, which lends itself well to emotional themes. Social media, as well, and improved technology has changed the way in which information like this spreads.
Often, these ads encourage parents to make lifelong promises to their families. Given the cultural sense of obligation to family, this message not only aligns with China Life’s offerings, but also with the base that they’re serving.
This renewed marketing plan comes after a 2011 fraud finding against China Life, from which the company recovered very quickly.
Faltering or Flying?
The future remains to be seen for China life, as they posted significant profit losses in 2018, leading to a 9 spot loss on the Fortune 500, where the company now ranks at 51.
With the industry still evolving, China Life will need to be ready to evolve along with it if they hope to maintain their dominance in the space.