Why China Life Insurance's Business Model is so successful?
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China Life Insurance’s Company Overview
China Life Insurance Company Limited is a Beijing-based China-incorporated company that provides life insurance and annuity products. China Life is ranked no. 94 on Fortune 2015 global 500 Company list. China Life, which is 70% State-owned, is the biggest life insurer in China. Its business covers life insurance, property & casualty insurance, pension plans (corporate annuity), asset management, industrial investment and overseas operations.www.chinalife.com.cn
China Life Insurance’s Customer Needs
Life changing: heirloom
Emotional: provides access, reduces anxiety, wellness
Functional: reduces risks, quality, reduces cost, variety, saves time, avoids hassles, simplifies, reduces effort, makes money
China Life Insurance’s Related Competitors
China Life Insurance’s Business Operations
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Cross-selling is a business strategy in which additional services or goods are offered to the primary offering to attract new consumers and retain existing ones. Numerous businesses are increasingly diversifying their product lines with items that have little resemblance to their primary offerings. Walmart is one such example; they used to offer everything but food. They want their stores to function as one-stop shops. Thus, companies mitigate their reliance on particular items and increase overall sustainability by providing other goods and services.
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