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1、5 to 10 year business strategy proposal (presentation) for minsheng lifepwcpwc1contents executive summary objective key challenges work plan team structure pwc credentials team cvs thought leadershippwc2executive summarythank you for asking pricewaterhousecoopers to make this proposal to help minshe
2、ng life prepare a 5 to 10 year business strategy.pricewaterhousecoopers has the experience and knowledge to do an excellent job:we understand the insurance market in china through our wide experience of working with chinese insurance companiesthrough our unrivalled international network and our inve
3、stment in thought leadership we can draw on international best practice. in particular, we will draw extensively on our global research work for “tomorrows leading life insurer”. our team has extensive experience of market research and insurance strategy projects both in china and internationallywe
4、are already working with you to prepare a business plan and can ensure that the strategy is consistent with the business planour approach is to work together with your staff at your offices, to manage the work according to the work plan set out in this proposalif you decide to appoint us, our fee fo
5、r the work will be rmb 495,000 plus out of pocket expenses. this fee excludes the cost of any consumer research which may be necessarypwc3objectiveminsheng life needs to develop a 5 to 10 year business strategy fo rthe development of its life insurance business.the strategy will cover the business a
6、ims of the company and the management philosophythe market positioning to be adoptedthe customer segments to be addressedthe distribution channels to be employedthe categories of products to be soldthe strategy will support and extend the business plan and information memorandum which the company is
7、 already preparing.pwc4key challengeschallengesminsheng life will be operating in a dynamic market and faces a number of key challengessocial change is driving the demand for life insurance in chinachinas insurance market is growing rapidlythe regulatory environment is changingcompetition in chinas
8、insurance market is intensifyingnew distribution channels are emergingnew savings products are needed in chinapwc5social change is driving the demand for life insurance in chinarmb: hundred millionthe reforms of social security and healthcare insurance have a big effect on life insurance.people stre
9、ngthen their consciousness of risk control source: ministry of labour and social security* social security = pension + healthcare insurance + unemployment insurance challengessocial security19992155.32070.5943.520002608236212322001306027221533gross incomepayoutaccumulativebanlanceannual growth rate:
10、 19%annual growth rate: 15%annual growth rate: 27%pwc6chinas insurance market is growing rapidlylife insurance growth rate: 59%source: china insurance regulatory commissionrmb: hundred millionchina insurance markettotal premium income: 29%life insurance: 59%growth rate over the period 97-01challenge
11、slife insurance income222386.68729971,424total premium income856.512501,3931,5962,10919971998199920002001pwc7double digit growth in life insurance is possible for the next decadelife insurance penetration is much lower in china than in developed markets. there is a wide expectation, supported by gov
12、ernment statements, that a private pension system will be developed in china.growth in the life insurance market may be expected to continue in the medium term, although there will be competition from retail funds vehiclesgrowth in the life insurance market over the three years 1997 to 2001 averaged
13、 59% per annum. ?in the short term high growth rates are likely to continue, perhaps in excess of 30%.growth over the following 5 to 10 years may be in excess of 15 to 20% per annum, based on pwc projected growth rates. (pwc estimates are based on market reaching certain penetration levels over 20 y
14、ears.) life insurance premiums as a percentage of gdp in selected asian countries (1999)012345678910japanaustraliasouth koreataiwanhong kongsingaporemalaysiaindiathailandpr chinaphilippinesindonesiasri lankabangladesh%life insurance premiums as a percentage of gdp in selected asian countries (1999)0
15、12345678910japanaustraliasouth koreataiwanhong kongsingaporemalaysiaindiathailandpr chinaphilippinesindonesiasri lankabangladesh%10%15%20%25%30%35%40%200220032004200520062007200820092010201120122013201420152016201720182019202020214.75%5.50%8.50%projected annual growth rates derived from target 20 ye
16、ar target penetrationtarget penetrationchallengespwc8over the five years to 2000, household savings in china have grown at an average annual rate of 20%.retail bank deposits have grown less fast while life insurance has grown more rapidly. significant retail funds held directly in equities.the mutua
17、l funds market is still very small. volatile equity markets have caused a sharp fall in sales of investment linked life insurance contracts and a surge in sales of participating businesslife insurance market new business share (%)(july 2001 to june 2002)010203040506070unit linkedparticipatingother i
18、ncluding healthnew businessshare %pwc estimateschina retail savings assets 2000(usd bn)78%2%10%9%1%bank depositslife & pensiondirect equtydirect bondsotherthe retail savings market is growing overall, with a shift from bank deposits to other sectors in response to falling interest rates. challengesp
19、wc9three companies dominate the life insurance marketschina life57%ping an28%china pacific10%others5%aianew china life insurancetaikang lifemanulife sinochem lifepacific-aetna life insurance citic prudential life axa-minmetalsallianz da zhong life china life cmgjohn hancock tian an life other life i
20、nsurance companieschina life812.36ping an401.22china pacific143.47others66.54rmb: hundred millionkey players of china life insurance market in year 2001 challengespwc10foreign insurers have only a small share in china life insurance market foreign life insurersgross premiums in 2001rmb hundred milli
21、on20.72.642.11.210.640.550.070.05aiamanulifeing(aetna)citicprudentialaxaallianzchinalifecmgjohnhancockrmb: hundred millionmarket share2.0%98.0%foregn insurance companieslocal insurance companieschallengespwc11but competition in chinas insurance market is intensifyingforeign insurers speed up their s
22、teps into china market because the regulatory environment is changingproduct scopechina will expand the scope of activities for foreign insurers to include group, health, and pension lines of insurance (about 85% of total premiums) over 5 yearsprudential criteriachina has agreed to award licenses so
23、lely on the basis of prudential criteria, with no economic needs test or quantitative limits on the numbers of licenses issuedinvestmentlife:allow 50% foreign ownership in jv & be able to choose their own jv partnerschallengespwc12new distribution channels are emergingother channelsretail shopsmain
24、current channelsdirect salessales by agentscurrently, more than 90% life insurance market share has been fallen into these two channelsnumbers of agents have grown fast, including 9 insurance brokers and 45 insurance agents till 2001emerging channelsbanks / securitynet salesbanks, joined with securi
25、ties companies and post offices, have quickly grown as the 3rd important sales channels* the premium from bancassurance channel occupies less than 2% share of total premiumcomparing with foreign countries average market share of 20%, the potentials of banks channels are great in china*according to t
26、he estimates, the online market size will reach rmb50 billion till 2012*according to a survey carried out in some big cities, 47% of the interviewees will try to buy insurance by internet*have been developed in other asian countries * sources: china economic times, social survey institute of chinach
27、allengespwc132000 and early 2001 sales heavily unit linked. stock market performance has caused a big switch to participating business in second half of 2001. pwc estimate for mix of new business is shown in graph opposite.ias accounting rules from 2005/2006 will expose the underlying guarantees in
28、the participating business and potentially create substantial capital demands. 010203040506070unit linkedparticipatingother,includinghealthnew businessshare %life insurance market new business share (%)(july 2001 to june 2002)pwc estimatesthe success of participating business is potentially a proble
29、m in the makingchallengespwc14work planunderstand market trendsunderstand competitorsselect and prioritise target customer segmentsselect and prioritise distribution channelsselect product categoriesdevelop business model estimate business growth by market segment / product category / distribution c
30、hannel identify customer preferences by segment competitors positioning and competitive advantage document competitor business models develop criteria for segment selection prioritise segment identify channels preferred by target segment, identify international trends in channels used by target segm
31、ents develop long term targeting plan develop channel strategy plan review or commission customer research review the needs of target segments internationally review international best practice review competitors develop product strategyidentify preferred business modeldeliverablesweek oneweek onewe
32、eks two and threeweeks four and fiveweeks five and sixpwc15team structureto be revisedminsheng tbdpwc david campbellalex wongsteering committeefreddy zhulei malei maminsheng tbdpwc grace jiangproject managerstrategy analysisstrategy reportteam structurepwc16pwc credentialsa new chinese life insurert
33、his new insurer needed to develop a business plan to support its joint venture with a leading global insurer. we worked with both parties to create a business plan and products. our combination of china market and international experience meant that the plan had credibility for the international par
34、tnera new chinese life insurance joint venturethis jv between a major european insurer and a chinese company will use an unconventional distribution channel. we designed products for this channel and developed the business plan as well as assisting with systems design and customer research.a global
35、insurerwe were retained by a major global life insurer to identify potential joint venture partners and assist in negotiating with shortlisted companies. we helped our client refine their china strategy. we then developed a set of selection criteria for potential partners based on this strategy. we
36、used the selection criteria to identify potential partners.finally, we worked with the client to negotiate their joint venture.aviva (formerly cgnu)this global insurance player asked us to help them develop a global strategy for health insurance covering all territories except usa. we developed scen
37、arios for all the main health markets, including a number of asian countries and developed strategic options for the board.we were also asked to develop strategic business models for savings products in europe. we looked at industry best practice and identified a number of distribution and servicing
38、 models that gave the benefits of economies of scale in the european market.pwc17pwc credentialszfswe have worked with this world leading multinational life and non-life insurer on the two key strategic assignments below. european strategythe client asked us to identify specific opportunities to lev
39、erage its pan-european presence with particular reference to the start of the single currency.we brought together european insurance experts and our emu experts together with key client personnel around europe in an interactive strategy process which led to the identification of five significant opp
40、ortunities to add value to the group in europe.direct strategy for a leading business unitthis subsidiary is a major player in its markets. its retail products were distributed largely through brokers but there was a limited amount of business sold through employer sponsored affinity groups. it was
41、concerned at the threat from direct distribution, particularly from start up operations set up by the major banks.we selected 7 major markets in which direct distribution of retail insurance, both life and non life, had been attempted with varying degrees of success. we used these examples to identi
42、fy the 10 critical factors which determine success or failure of direct distribution. we then measured the market concerned against these 10 criteria to draw conclusions about the likely success of direct writing.having demonstrated that direct writing had a high chance of success at the expense of
43、the companys broker channel, we developed a market proposition for the company to adopt in the direct channel, bearing in mind the need to move from a broker brand to a consumer brand. we also developed the entry plan for the direct channel, and the product strategy.pwc18pwc credentialsmajor composi
44、te insurerour client was looking to enter a number of potential greenfield sites in asia, whilst at the same time reviewing its existing representation in a number of markets. working in partnership with the client, our role was to challenge and advise, both as to the approach that the market evalua
45、tion should take and the strategic implications. from an initial high-level scan, we made recommendations on the markets which appeared most attractive and which should be explored further. we produced proformas against which the client carried out a detailed market evaluation per country, looking a
46、t opportunities, growth potential, competitors, and its own position in the market, both from a strategic and an operational standpoint. a european high street drug storewe developed a strategy for a high street retail store to sell health insurance to its customers. the study involved customer rese
47、arch and the development of innovative products and sales techniques.tomorrows leading life insurerwe performed a forward-looking analysis of what a successful life insurance operation might look like in 5-10 years time. this was based on international research, and an extensive series of interviews
48、 with senior life insurance executives in the usa, europe and asia pacific. in particular the study considered the demographic changes impacting the european markets and the implications for providers of retail financial services.pwc19resume of team membersdavid campbellactuary partnerdavid has over
49、 20 years experience as a consultant to the insurance industry. he was a member of the firms global insurance leadership team before moving to china in 2001. he led the development of the thought leadership initiative: tomorrows leading non -life insurer. recent relevant experience includes: product
50、 design and business plan development for two start up insurers in china, one involving a jv with a foreign insurer. member of the team supporting the proposed ipo of a major chinese life and non life insurer leader of a team performing due diligence for a proposed investment in a leading chinese li
51、fe and non life insurer member of the team supporting the proposed ipo of a life insurer in china2. resumes of team members strategy development for three global business ventures for a top 10 global life and non life insurer development of advice led service proposition and direct distribution chan
52、nel for a major canadian insurer insurance market entry project for a uk high street retailer, including strategy development and joint venture negotiations strategy projects for aviva and zfs (both described in our credentials section)pwc202. 小组成员小组成员g grace race jiangjiangasa, managerasa, managers
53、he joined shanghai actuarial team of pricewaterhousecoopers shortly after it was established. before that she has four years experience in biggest insurance company of china, was in operational dept, actuarial dept and marketing dept. she also spent a period of time in hong kong working in the actua
54、rial department of an international life insurance company, involving pricing, valuation, dividend distribution and operation of the mandatory provision fund.recent experiencerecent experience: product pricing, product profitability, risk management, regulatory and accounting requirements for a vari
55、ety of products of a start up life insurance company in china. appraisal value assignments as well as statutory valuation verification and ias calculations. product design and business plan for a local life insurer start up; prepare circ products documents for a jv company; transfer circ reserve to
56、us gaap reserve for one of the biggest insurance company in china.2. resumes of team membersresume of team memberspwc21resume of team membersfreddy zhusenior market analystmr zhu has a master degree of business economy & marketing from shanghai academy of social sciences (sass) and has several years professional work experience in management and business consulting. freddy has participated in and led several large management consulting projects in computer software, electronics, medicine, consumer products, media and industrial machi
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