CPIC Marketing Mix

Posted in Services, Total Reads: 165
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Marketing Mix of CPIC analyses the brand/company which covers 4Ps (Product, Price, Place, Promotion) and explains the CPIC marketing strategy. The article elaborates the pricing, advertising & distribution strategies used by the company.

Let us start the CPIC Marketing Mix:

Product:

CPIC or China Pacific Insurance Company is a leading insurance company based out of China. CPIC is mainly active in insurance field and offers different insurance covers for car, travel, health, personal accident insurance. These are termed as hot products by them. Apart from these they have insurance for wealth planning, online services, endowment, agriculture, business and loan and pension investment. CPIC products in its marketing mix are offered through its subsidiaries; China Pacific Life Insurance Corp. Ltd. and China Pacific Property Insurance Co. Ltd. One of the car insurance policy 'Le Car Life' is pilot personal accident insurance with underwriting age of 18-70 years with the protection of 1 year. The coverage for accidental injury and disability is 15000yuan and Accidental Medical, 3000 yuan.


Image: company website


Price:

CPIC has a strong financial backbone with 294% solvency margin. It generated the revenue of ¥234.018billion with the operating income of ¥267.014 and net profit of ¥12.057 in 2016 and had the assets of over one trillion Yuan.The premium price for the policies differ and depend on many variables. For Car Term insurances, the price ranges from ¥16 for A paragraph to ¥ 88 for F-models. The A+H shares of the company were listed on the comprehensive insurance group.


Place:

The headquarter of China Pacific Insurance Company (CPIC) is located in Shanghai, China. The company has built strong sales and services network throughout China. CPIC has 5400+ outlets and branches with employing 64000 personnel achieving 220000 sales as of 2008. In November 2000, CPIC launched service called phone 95500 and for which, 66 offices were established nationwide. CPIC has decentralized shareholding structure wherein each ultimate controller of major individual shareholder does not have authority to control functioning of organization.


Promotion:

The products of CPIC can be accessed through various channels like individual groups, Bank Assurance, and other intermediary businesses. The company has a detailed website for all its product in Chinese language. It can be viewed in English ; however the translation is not very clear and does not give proper idea. It has a campaign of 'Digital CPIC' underway for innovation of the digital experience, optimization of the digital supply and sharing of digital niche. In 2015, CIPC has formed joint venture with Allianz group from Germany to target the health insurance market in China which is expected to grow to US $ 1 trillion by 2020. The mega cities like Beijing, Shanghai and Guangdong are the initial target markets for this alliance.


Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of CPIC (China Pacific Insurance Company).


People:

CPIC has valid client base of 100+ million. The CPIC culture is customer centric with the philosophy of 'focusing on customer needs, focusing on the insurance industry and promoting sustainable value growth. The product recommendations are given depending on the person's needs, employment type, paying capacity. For example, for 'Le Car Life' the target set of customers is owners, happy white collar workers, business elite etc. The 95000+ service assistance is provided by the Agent students round the clock at all the geographical locations. In case the agent is incapable of solving the customer problem, call is transferred to the relevant department of the company. If the transfer to specialized department is failed, the query is recorded b y the agent and then passed on to specialized department which then replies within three working days. Message service can be availed if phone line is busy. The CPIC has a separate link to the recruitment portal through which employment options with CPIC can be explored.


Process:

The company has featured in the list of Fortune's World Top 500 companies for consecutive seven years. The focus of company is catering to customer needs with promotion and execution of customer centric alteration. CPIC has adopted 18 transition projects, through which customer oriented values and methods are implemented in the operations to achieve value growth, profitability and exceed the cost of debt. It has created strong and well balanced internal governance system by continuous optimization, internal resource integration and strong communication with capital markets. In 2017, new round of company's three year plan commences. The service like Phone 95500 is important as it supports functions like inquiry handling, customer consultation, reporting of insurance, appointment booking, complaint handling , emergency support etc. Website provides all the details of the insurance products, pricing, details and also the assistance for the insurance related issues.


Physical Evidence:

CPIC has won the 'Outstanding Business Award for continuous seven years by integrating successful CSR activities. For asset management services for the clients, CPIC has a subsidiary called China Pacific Asset Management Co. Ltd. The company is listed on Shanghai Stock Exchange. The IPO was released in December 2007 for 30 Yuan per share. On the first day, it was closed at the cost of 48.17 Yuan giving 61% appreciation. The company has received many awards for the excellent service in its field. It ranked first for seven consecutive years in the survey on 'Service Quality of Insurance Industry' sponsored by China Association for Quality Promotion. It is a proud winner of 'International Gold Star of Quality', 'Platinum Award for Quality' and 'Diamond Award for quality'. These awards are sponsored by Business Innovation Direction (BID). 5% of company's major shareholders are Warburg Investment Co. Ltd, Shenergy (Group) Co. Ltd, Shanghai State Owned Asset Management Co. Ltd. and Shanghai Haiyan Investment Management Co. Ltd. Hence this concludes the marketing mix of CPIC.


About CPIC (China Pacific Insurance Company):

CPIC or China Pacific Insurance Company Ltd. is an Insurance group and financial services company of Chinese origin found from Chinese group called China Pacific Insurance Company. It was founded in 1991 on the base of China Pacific Insurance Corporation.

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The names and other brand information used in the Marketing Mix section are properties of their respective companies. The companies are not associated with MBASkool in any way. The brand names are used purely for educational/academic purpose only.

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