Diversifying

The company passed the ISO9001: 2000 certification to become China's first national financial institution to do so and its entire management process meets the requirements of international management standards, said Qiu who is confident that Taikang Life can rank in the world's top 10 most valued companies in the next 15 years.

Taikang Life has also expanded its business by offering to sell other types of insurance products that cover children, women, medical treatment, pension, serious diseases, accident injury, participating insurance, investment-linked insurance and universal insurance that could completely satisfy varying demands for life insurance services.

The company will also deepen the life insurance business line, having established five core business segments – life insurance, health insurance, enterprise annuity, asset management and elderly care.

Taikang Life now has 54 million life insurance customers, but there's much more room for development since China has a population of more than 1.3 billion people. This means the current customer base only accounts for approximately 2.4 percent of the overall national population. Even if Taikang Life doubles the number of its customers, that's still less than 10 percent of the population. Being cognizant of this, the company has begun to utilize a more aggressive marketing strategy by hiring more sales agents, opening up new branch offices and revamping its ad campaign.

With its clear global ambitions and professional approach to sales, Taikang Life has understood that their biggest challenge in a country traditionally used to saving for life's eventualities, will be to educate their potential markets about the benefits of life insurance. With that increase in penetration, together with ongoing GDP growth, it is predictable that Taikang Life will continue to grow.