An Evaluation of CRM Strategy at Ping An Life Insurance, China Dissertation

An Evaluation of CRM Strategy at Ping An Life Insurance, China - Dissertation Example Ping An has been recognized and awarded for its customer relationship management approach but an evaluation of data suggests the adoption and implementation of CRM is not professionally and strategically adequate. Emphasis on salesmen appears to a hindrance to growth and accountability is lacking at Ping An. After evaluation of the available data, recommendations have been made on how CRM can be effectively implemented at Ping An Life Insurance. China Insurance industry Life insurance business in China is huge and intensely competitive, according to Binder, Bowers and Yung (2004) of The McKinsey Quarterly. China is now the world’s fastest growing major life insurance market. The drivers of growth in the sector include 40 percent household savings rate, limited and deteriorating public-pension and health schemes that have heightened the demand for personal retirement savings and protection tools. Consumers sought investment options but the choice was limited. No attractive mutual funds offers are available and consumers cannot invest overseas. Bank yields are very low compared to typical savings policy. This helped to stimulate growth in the insurance sector in 1990 when foreign insurance companies were allowed to enter China either in joint venture with 50:50 partnership or with a maximum of 25 percent ownership. However, within 15 years more than 90 percent of insurance sector is with three domestic insurers – China Life Insurance, Pi ng An Insurance and China Pacific Life Insurance. The insurance industry is among the fastest growing industries in China and is the core business of the Ping An Group (Annual Report, 2012). However, the Chinese insurance business is in transition and hence has to adjust for sustainable and healthy growth (Market Review, 2012). This is critical since China’s economy is growing and personal wealth is expanding and hence sustainable growth becomes essential. Besides, competition is setting in as foreign insurers’ operational areas have expanded, which means they can operate in geographical regions they were earlier barred from. Besides, despite the three domestic insurers having large number of agents, the productivity on an average is less than one-fourth of Hong Kong agents. It has also been found by Binder, Bowers and Yung (2004) that these agents give misleading information and poor customer service. Such issues would allow the foreign insurers to increase their mark et share of the affluent and mass-affluent segment. 1.2 Customer

Modernism and Conceptual Art Thesis Example | Topics and Well Written Essays - 6500 words

Modernism and Conceptual Art - Thesis Example The essay "Modernism and Conceptual Art" discusses relationships between modernism and conceptual art. Conceptual art is widely regarded to have begun in the ‘dada’ movement that occurred in Switzerland, Germany, France, America, and other countries during the early 20th Century. Dada artists like Marcel Duchamp enshrined urinals on pedestals, signing them with an alias in parody of the authoritative time stamp and signature which was already equated with monetary value in the fame or status driven art, gallery, and collectibles trade at the time. Similarly, Rene Magritte famously inscribed â€Å"Ceci n'est pas une pipe† across a painting of a pipe, to inspire many who studied art to question the nature of artistic representation in an era where formal abstract painting was being developed as a valid method of self-expression. In the modern perception of the artist, his or her personal views, theories, conflicts, psychology, and philosophy of life are all assumed to be summarized and expressed through the process of art, completely or in fragments, creating objects of appreciation with symbolic social messages and embodying a personal commitment to an aesthetic, beauty or truth. Yet, the viewer or audience may ultimately interpret a work outside of its original intended context, just as art history elevates some artists and themes to make them canonical, collectible, valuable, and teachable on a social level of shared subjectivities. Conceptual Art is inherently critical.