中国寿险业分析报告BCG.pdfVIP

THE BOSTON CONSULTING GROUP Building Professionalism THE NEXT STEP FOR LIFE INSURANCE IN CHINA BCG A SENIOR MANAGEMENT PERSPECTIVE PREFACE With a population of 1.3 billion people and a steadily developing global economy, China has the potential to become the largest life insurance market in the world. This possibility has been clearly recognized both by local players and by powerful international insurers, many of which have set up joint ventures with Chinese insurers or acquired minority equity stakes. The path to success will not be easy for either domestic or foreign insurers. The Chinese government has strict controls on the participation of foreign players and on the type of investments that any insurer is able to make. Chinese consumers, long subjected to a generally poor level of service from many local insurers, are increasingly wary, demanding and selective. The improvement of the customer experience is shaping up as a key strategic element in the battle for market share. While government regulations are currently easing, rendering the Chinese market more and more attractive, a far greater degree of liberalization must evolve before China can begin to compare itself to the mature life insurance markets of Western Europe, the United States, and some other parts of the world. Fortunately, the government recognizes the importance of the industry’s growth to its overall program of economic development. This report, the product of an extensive research effort by The Boston Consulting Group involving interviews with myriad local and multinational players, takes an in-depth look at the life insurance industry in China. It focuses on the patterns of its evolution and on the hurdles that both domestic and foreign players currently face. Particular emphasis is