In the previous article, we discussed the marketing strategy of Acko General Insurance Now we are going to unfold the marketing strategy of PICC- People’s Insurance Company of China that has led to the company’s growth over the years.
Our primary purpose is to help you become aware of PICC’s journey as one of the biggest known insurance companies in China and also among the largest companies in the world.
You will agree that ‘marketing’ is at the heart of the business.
A business may introduce, reinvent and innovate its products but the sales will grow and revenue will be generated only when it is succeeded by thorough market research and planning and followed by promotion among the customers and distribution at the right time and right place.
Hence a company becomes a brand only through the right marketing strategies embraced from time to time.
As users or rather consumers of the products have gone digital, online presence makes the companies go for digitalisation as well.
If you are interested in new-age digital marketing, then you should definitely check out IIDE’s Free Digital Master Class on Digital Marketing 101 by our CEO and Founder, Karan Shah.
Before we go into details and elaborations about the marketing strategy of PICC, let us start by knowing the company’s story, target audience and digital presence.
About PICC- Company Overview
Source – Wikimedia Commons
People’s Insurance Company of China, formerly known as PICC Holding Company was founded in 1949 as a subsidiary of the People’s Bank Of China. PICC, headquartered in Beijing, China provides both Life and Non-Life Insurance Services.
It is a state-owned enterprise which comes under the ownership of the Ministry Of Finance. The subsidiaries of the company are PICC Asset Management, PICC Capital Investment Management, PICC Life, and PICC Property And Casualty.
Apart from the controlling shareholder The Ministry Of Finance of the People’s Republic Of China, it is owned by several other financial service companies such as The Bank of Communications, China Re etc. Other prominent investors also included the multinational insurer- the American International Group.
Quick Stats on PICC
|Area served||Mainland China, Hong Kong, etc.|
|Revenue||RMB 499 billion (2018)|
|Vision||Building an excellent insurance group|
|Tagline||People’s insurance, serving the people|
Marketing Strategy of PICC –
Let us explore the marketing strategies of PICC! And know how it carries out its marketing campaigns etc.
Segmentation, Targeting, and Positioning
Segmentation is an essential part of the marketing strategies of any company as it ensures that customers’ expectations are satisfied effectively. Also, meeting the needs of the entire market is a herculean task.
Based on the segmentation of the target audience on a predetermined basis, the target audience of PICC is the people of mainland China and Hong Kong who aim to get benefitted from its insurance services such as Property, Health and Life Insurance.
Besides, it also offers travel and auto insurance, special risk insurance, liability insurance, personal credit loan guarantee and performance guarantee.
Targeting their potential clients is done through various channels. The company distributes products through bancassurance, individual insurance agent and group sales channel.
It made its positioning as the first nationwide insurance company in China and has gradually transformed into a leading large-scale integrated insurance financial group in the People’s Republic of China, ranking 114th in the Global 500(2017) published by the Fortune magazine and also listed in Global 2000(2022) list.
Car Self Insurance
Through this campaign, PICC aims to be an insurance company that people are satisfied with.
Some of the premier benefits included the following:
- 7*24 hours claims
consultation and survey service
- Wanjia outlets can repair cars with peace of mind and pay nationwide compensation
- One-click payment of thumb claims. Pay first and then repair the car with speedy claims
Passing love and warmth, sowing healthy seeds – People’s Insurance focuses on health and poverty alleviation
- PICC conducts many programs as a part of its corporate social responsibility. These help them to gain customer confidence and empathy. PICC serves the people with practical actions.
- Their objective is to serve the people with practical actions, thus contributing to the decisive battle of poverty alleviation and victory in an all-around well-off.
We can’t disown the relevance of digital marketing and its extensive strategies for promoting various campaigns online as a company gains a competitive edge this way.
Therefore, additionally being a government company catering to the demands of its clients, the life insurance firm should focus on unique marketing efforts that capture the attention of the audience and attempt to make them aware of the necessity for life insurance in an individual’s life.
It may not only aid in raising awareness of the brand’s products but also foster long-lasting relationships with customers.
Social Media Marketing
Since PICC(People’s Insurance Company of China) is a state-owned company, it has an online presence on a more professional social media platform like LinkedIn – 11k followers. It is in not active on any other social media platform.
Source – Ubersuggest
As per SEO Standards, organic keywords less than 500 are bad, more than 1000 are good and more than 10,000 are amazing.
And as seen in the image above PICC has 261 keywords which are not good. And 1,048 monthly visits which are below satisfactory.
This means PICC needs to work on its SEO Strategy.
Being a government company, PICC does not employ influencing marketing strategies but it can make use of these techniques to publicise any sort of information, events of partnerships and its policies thereof. It will help to get a wider reach and credibility.
As discussed earlier, PICC has its website where we get to know all updates about its products and agendas, it also has 10000 + online stores covering urban and rural areas across the country, and 70+ years of brand precipitation fully protect national strength and people’s livelihood along with 10+ years of industrial subsidiaries with a wide range of business.
The concerned authorities share all the relevant information on their website. They have a very well-organised and user-friendly website that provides all the details about their products and services.
They ensure transparency in their work by providing financial reviews and reports thoroughly analysed along with updated news about their upcoming meetings and their respective agendas and schemes for the public welfare.
Other features comprise
- Customer service hotline 95518
- Integrity website certification
Content Marketing Strategies
Besides LinkedIn, PICC has its online presence on forums like the Official WeChat, Official Weibo service and Official Douyin( commonly known as Tik Tok) for further dissemination of information.
Finally, we come to an end with our elaborative discussion on the overall view and marketing strategies of PICC. Let us conclude our blog with the findings below.
Conclusion – What’s unique about the marketing strategy of PICC?
Covering all marketing aspects of the Chinese Insurance Company (PICC), we have analysed that PICC has done its part in providing relevant information about its product line, service line and other helpline facilities through its website and other channels.
But there is a kick at the can ie. areas where the company can work such as online marketing as those performed by its competitors which helped them achieve higher reach online plus higher dividends and revenue generation.
To survive in an evolving and dynamic environment, every company must go along with the flow.
Thus, it presents a favourable opportunity for PICC to build its presence on various online forums like Instagram, Twitter etc as nowadays people are using these social media apps.
Since the scope of digital marketing has become wider with time, learning this amazing and growing skill will help individuals and companies with better visibility and overall growth. You can check out our IIDE’s 4 Month Digital Marketing Course to learn more.
We hope this blog on the marketing strategy of PICC has given you a good insight into the company’s marketing strategies.
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