Literature Review
According to Fang (2014), Insurance is the contract in which the particular individual receives reimbursement or the protection in terms of monetary benefits against the loss for which the contract is being made. Inferences always represented as a policy. In China, there is a lack of awareness of insurance among the people. It is very necessary to implement the different programs by which the awareness among the people of this country about the insurance can be accomplished. It is very necessary to understand the status of service operation management in the Chinese insurance industry. This can be understood well with the help of different operations that are being performed by the different type of Companies that are working in this specific industry. The insurance industry is rising fast. There are different types of policies that are offered by the Insurance sector to the present customer. The insurance is being provided for the different type of things in the present world.
The present scenario states that the Chinese insurance industry is not that much developed. There is a vast opportunity to develop this type of industry on the grounds of China. It is very necessary for this industry to improve the different type of services and operations by which the trust of the customers in this industries in an increase (Meng, et. al., 2015). China is the huge market that can be targeted when with the different type of strategies that are necessary for attracting customers in the insurance industry.
In the previous two years, the situation of the Chinese insurance industry was that the policies are offered to the people of China in the form of the product. All the insurance that is being made our product-oriented insurances. Now the time has passed and this industry is developing into the customer-oriented industry. In this industry now the insurance is being made that are customer oriented. The companies like China Continental property and casualty insurance co. Limited CCIC are focusing on providing the services of insurance that are customer oriented not the product oriented. This is helping the customer to get the type of insurance according to the need of the particular customer (Fu & Deshpande, 2014). It is the important key to doing business that providing services according to a need of the customer. This will definitely attract the customers to this type of industry. There will increase in the sales of insurance for such type of companies also.
In the present time, the customer is demanding more from the insurance companies, therefore, it is very necessary for small companies to fill a certain gap that makes a difference between a small insurance company and a large Insurance Company. A customer is seeking a more intimate type of services from the insurance company. Therefore it is necessary to provide intimate service to the customers of the organisation (Lu, et. al., 2014). The leaders and managers of the different insurance companies like CCIC focusing on making the strategies that are customer oriented.
In the previous time, there was a situation in which the claim by the particular customer if done then the services that are provided to that particular customer was not well. It is very necessary to provide the customer with a good service if he or she seeks a claim in favour of insurance. It will make the particular customer loyal customer for the organisation. Therefore due to the rise in the industrial competition, there is change in the situation (Li & Zhang, 2013). Now the insurance companies are focusing on improving the services while the particular person is making claim. In the recent years, it can be said that the providing of services when the particular person is making a claim has been improved. This can be because the companies are focusing on providing good services to the customers. The reason for this can be the awareness among the people about the legislation regarding the insurance.
The technology is also playing a great role in the improvement of the insurance industry. The operations are making fast with the help of technology. The working and accomplishing of the different task that is associated with making insurance can be accomplished easily with the help of Science and Technology. The technology is providing security to the data is stored with insurance companies like CCIC. There are some of the cases in which standards are followed in a strict manner. It is very necessary for the organisations to provide the claim to the customer so that the particular customer can be satisfied but the companies should also take care of their profit and loss (Bing-qing & Wang, 2013). If the particular claim is justified then the particular claim should be provided within the decided deadline to the particular customer. For example assessment of the car accident and the particular person claims in favour of insurance for this situation is done with the decided time limit. The timetable that is decided for such type of insurances r fixed and the assessment is accomplished within the decided time frame.
For the satisfaction of the particular customer by the insurance companies, the complaint is a standard. There is the time limit decided by the insurance companies for the different type of insurance according to the amount of the particular claim. at the particular claim is made by the particular person is less than 10000 Yuan then the particular time limit is set for such type of sleeves. There is also a particular time limit is set for more than 10000 Yuan claims. Criteria are also set by the companies of Insurance sector of China (Okhrin, et. al., 2013). The criteria of analysis the satisfaction level of the particular customer. The complaint rid of the particular customer is also analysing. The customer visit rate is also analysing in this criteria. These are some of the specific indicators by which it can be analysed that the particular company is going well or not.
There are different types of Institutions present in sign up that analyses the ranking of the different insurance company on the basis of the above-mentioned indicators on which the customer services are provided to the particular customer. These rankings are quite beneficial for the customer to provide good services to the customers. The customer can take the services according to the budget of the particular customer from the particular insurance industry.
Insurance in China is totally based on the social economy of the country. Therefore the companies are working according to the needs and demands of the customers. Insurance companies use to make a good customer relationship. This can be possible with the help of interaction with the customers by the employees of the organisation. There is a different type of modes by which customer communication can we enhance the particular Insurance Company (Cheng, et. al., 2014). Companies like China Continent Property & Casualty Insurance Company are also making the different type of mode by which the communication between the customer and the employees of the organisation should be effective. The communication between the organisations with the customer can be enhanced by the different methods like telecalling, chat process, queries on website and email process. All type of methods is used by China Continent Property & Casualty Insurance Company.
CCIC used to conduct face to face interviews which are also used to conduct by China Continent Property & Casualty Insurance Company. This is the find method that is adopted by the insurance companies to enhance the customer relationship between the company and customers.
Insurance companies used to focus on the return visit of the particular customer. Companies like chic used to conductor 100% return visit of the customer. Service on which the companies are focusing is customer care. The customer care is the service that is provided by the insurance companies in which complaints can be raised by the particular customer on the phone by calling the employee of the insurance company (China Insurance Regulatory Commission, 2014). The rectification of the different problems of the customer is solved effectively with the help employees of the organisation. These are the two focus area that enhances the customer satisfaction. Therefore it is very necessary to implement good methods by which these two areas can be targeted well by the insurance company.
The companies also focus on enhancing the customer base so that enhancement in the business can be accomplished and the Business expansion can be possible. For this, the companies used to provide good services to the customer that brings good experiences for the customers (Audibert, et. al., 2013). The employees of insurance companies use to approach the customer for renewal of the policies. This approach is done by the employees when the customer warranty arrives.
The employees are the main entity of the particular organisation. It is very necessary for the particular organisation that there should be good organisational culture and working environment so that the particular organisation can work effectively. In the present time, the insurance companies are providing good working ambience to the employees of companies. It is very necessary for the employees as well as work well in the good working ambience. The coordination between the employees of the organisation will be enhanced with the help of good working ambience in the particular organisation. Therefore the company used to focus on making good working environment photo employees that are working in their organisations (Audibert, et. al., 2013). The employees in the previous times have good social status and treatments because the profits of the insurance company were high. The reason behind this is that there was less competition in the Chinese Insurance sector at that time. In the present time, the Insurance sector is growing in China which leads to an increase in the number of companies in the Insurance sector of China.
Implementation of most of the resources in the market is accomplished by the different insurance company to compete in the competitive environment. This creates the fair competitive environment in the sector of insurance in China. It is seen that there is this satisfaction among the employees at the present time even in the large companies as well as in the small companies. The employees in the Insurance sector are not satisfied with the salaries that they are getting. It is very necessary for companies to provide good salary while considering their profits also. It is also very necessary for the insurance companies to slow down the employee turnover in the companies. This can be accomplished with the help of creating recreational activities in the organisations so that employees in the organisation will feel good in the organisation. This also enhances is the coordination between the employees of the organisation. This also creates a sense of belonging for the organisation.
In the present time, the reputation of the company is not seen by the customer. The customer used to see the price of the insurance policies activates the particular company is offering a particular policy. There can be the situation in which there is a negligible difference or small difference between the prices then the particular customer will focus on services, brand and reputation of the particular company.
Some of the insurance organisation like fancy yarn is having a business philosophy in which total focus is on the good faith of the customer, long-run stability, value super Messy and social responsibility is accomplished. Insurance companies make the customer feel real services that are provided. The promotion of family harmony is also accomplished by the insurance company for the customers. The companies used to focus on providing the customer with a service that can be offered 24/7 (Lu, et. al., 2014). Different type of quality standards is designed by companies on which the companies have to be work on. It is the ultimate goal of the insurance organisation to provide good services at the time of a claim made by the particular customer to the organisation.
Some of the insurance companies used to perform the marketing research. Internet marketing research the Expectations of the customers can be analysed. The current marketing Trends in the organisation can also be analysed well with the help of marketing research. With the help of marketing research the implementation of the policies and offering to the customer can be accomplished on the basis of current trends, therefore, it is very necessary for the insurance companies to do a good market research for that good Customer services can be provided to the customer or insurance company. This also enables improve the customer services by a particular Insurance Company.
The random sampling process is also accomplished by the different organisation that is involved in the Insurance sector in China. The face to face interviews is conducted by the organisation to analyse the demands of the customer (Fu & Deshpande, 2014). On the basis of interviews, random sampling is accomplished. The different demands and expectation of the customers can be analysed help with the help of this process. This also become a milestone in providing good services to the customer.
It can also be found that the needs of the customers in the present scenario of the Insurance sector are increasing. Therefore it is very necessary for the organisation to analyse such type of needs. If such type of needs is analysed well then this can become a target by which the customer can be targeted. This will enhance the sale of insurance companies.
The face to face satisfaction survey is also accomplished by the insurance companies like China Continent Property & Casualty Insurance Company. The satisfaction level of customer care is analysed well with the help of this method. It is analysed by organisations that the reasonable thanks care services are provided to the customers or not. The feedback from the customer is noted at higher authorities of the particular Organisation in the sector of insurance in China.
Renewal of the services is being accomplished in the form of more VIP services to the customer. A proper code of conduct of regular phone calls is being accomplished by the different insurance companies so that enhancement in the customer satisfaction level can be increased.
There are different types of steps that are taken to increase the satisfaction level of the employees. The quarterly and annual award system is been accomplished for the employees so that motivation can be enhanced among the employees of the organisation (Fang, 2014). The welcoming of the different opinions and ideas is done by the senior that are involved in the company. The 3-year loyalty award system is also introduced by the companies for the employees that had completed 3 years in insurance. Companies use to focus on intimate services and meticulous services.
The insurance companies are focusing on streamlining legacy processes. These processes are supported by Technologies (Li & Zhang, 2013). It is also analysed that which are the specific areas in which the particular leader of the particular company can improve so that the overall performance of the company can be improved. It is also accomplished for the employees of the organisation. In this way, the development is accomplished to Chinese insurance sector.
References
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- China Insurance Regulatory Commission. (2014). China insurance statistics report in 2013.
- Fang, H. (2014). Insurance markets in China. The Oxford Companion to the Economics of China, 279-284.
- Fu, W., & Deshpande, S. P. (2014). The impact of caring climate, job satisfaction, and organizational commitment on the job performance of employees in a China’s insurance company. Journal of Business Ethics, 124(2), 339-349.
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