Insurance Selling Strategies

Chinese insurer Ping An is above par with Germany’s Allianz. The company is known as the world’s most valuable insurance brand. It’s actually the first time for a Chinese company to increase its apex with the global 100 most valuable companies, Britain’s Brand Finance reports. Certainly, it has implemented insurance selling strategies, which contributed towards its success.

Ping An is the second largest insurer in China. The brand has an estimate of US$16-billion in 2017, a 29% increase in 2016, according to Brand Finance. Meanwhile, Allianz has an estimated value of US$15-billion taking its second place.

China’s largest life insurer, China Life Insurance, remained unaltered at third place with an estimated value of US$10.3-billion.

Chief executive of Brand Finance David Haigh says, “Ping An has idealistic ambitions to become the world’s leading provider of personal finance. Based on evidence, it can happen on a long-term view.”

Ping An, settled in Shanghai and Shenzhen, reported a profit of US$19-billion in 2016. Its chairman and founder Peter Ma Mingzhenow claims a sales network force of 1.1-million insurance agents since it was founded in 1988. The sales force knows how to use insurance selling strategies, which gained billions for the company.

Over the past decades, the company boosted its Internet sales by financially selling insurance products, health care, real estate and cars. It also variegated with its Internet lending and wealth management financial platforms, making Ping An a successful insurance business this year.

Meanwhile, Allianz’s estimated value dropped as its revenueswere pulled down by higher incidents of floods and storms in Europe. Furthermore, a decline in sales from its South Korean business also impaired its profits.

However, retirement products for Allianz remain strong with Europe’s aging group having long-term benefits for the prominent brand.

AIA, Hong Kong’s biggest insurer and the largest in Asia, ranked fourth while French insurer AXA ranked fifth on the list.

The largest insurer in the US, Met Life dropped from fifth place last year to the ninth this year with its estimated value of US$6.6-billion. However, Met Life is planning a rebranding application, with a change of logo and eliminating a 30-year association of Snoopy as it wants a more serious concept of the image. It definitely needs to improve its insurance selling strategies to increase its ranking.