Insurance E-Business Trends in China
AbstractBeijing, China June 13, 2006
Celent explores the development of the Chinese e-insurance market.
Internet usage in China has grown rapidly over the past 10 years, increasing from 620,000 users in 1997 to 111 million people in 2005. Insurers have been working to capitalize on this trend. The e-insurance market is moving from an embryonic stage to a developmental stage. A basic infrastructure for e-insurance has developed, and 10% of insurance websites now allow users to purchase insurance online.
Celent's latest report, , provides an analysis of e-commerce websites in the Chinese insurance market and offers strategic and practical suggestions for insurance companies hoping to boost business development through e-commerce.
"An increasing number of high-level management personnel in insurance companies are beginning to realize that e-commerce is a strategic issue, and it is not merely about the construction of a website or promotion of the company but also about providing a novel sales channel and services channel," says senior analyst Wenli Yuan, author of the report. "Under the current situation, the actual amounts of revenue and business volume that the online method of application for insurance policies can bring to the insurance companies, as well as the development trends, are issues that must be considered by insurance companies in implementing their e-commerce strategies."
The report includes several suggestions for insurance companies implementing e-commerce solutions. Celent advises companies to develop insurance products tailored for online sales, specifies what those products are, and recommends that insurance companies use a price differential strategy for traditional insurance products. The report includes several other useful strategies.
The 41-page report contains nine figures and nine tables. A table of contents is available online.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].
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Table of ContentsBeijing, China June 13, 2006
|Internet Usage in China||5|
|Legal Environment for E-Commerce in China||7|
|Insurance Market Trends in China||8|
|Insurance On The Web||13|
|Online Insurance Sales||15|
|Challenges and Opportunities||23|
|Online Insurance Service||26|
|Services Aimed at Ordinary Browsers||26|
|Services Aimed at Insurance Customers||27|
|Services Aimed at Sales Agents||29|
|Third Party Insurance Websites||33|
|Objectivity & Methodology||40|