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Insurance Opportunities in China

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China’s consumers demand innovative products, automated service, personalized advice, and easy access to information from their insurance carriers. While incumbents with already existing large sales forces have the edge in this market, global carriers can be successful in China if they make changes to their internal business models and corporate culture. These changes should include transforming their sales force from a selling to advisory role and providing more sophisticated products and services than they may have previously thought, says Lee-Han Tjioe, Insurance Industry Global Managing Partner, IBM. Insurers are often surprised by the disconnect between what China’s consumers want and what they believe consumers want and insurers can close this gap by analyzing customer data collected from all delivery channels and customer touch points.

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