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Largest Property Insurer Reshapes Brand Image
The People's Insurance Company of China (PICC), the country's largest property insurer, introduced a new type of household property insurance product here Friday, the first with a brandname by the company.
Tan Qijian, general manager of PICC's Property Insurance Department, said that household property insurance is to become PICC's new growth area.
For the first time, PICC gave its product a brandname -- "Golden Lock". "This is the beginning for PICC to carry out its brandname strategy and improve its product mix in the face of increasing competition," said Tan.
PICC earned a net premium of 46.8 billion yuan in 2000, but only two percent of the premium was from household insurance. The national market for such insurance is only around 1.2 billion yuan.
In Western countries, however, the share is about 70 percent. In Shanghai, China's biggest insurance market, the stake of household property insurance stands at less than 10 percent, according to Tan.
Lack of product variety, irrational combination of insurance items, as well as complicated procedures have contributed to the slow growth of the domestic market, Tan pointed out.
To meet the increasing demands from customers, PICC has added new insurance items to the traditional coverage, such as cash, jewelry, valuable securities, safe use of household appliances and cracking of conduits and pipelines.
In the case of in-house theft or plunder, the insurer will pay a certain proportion of the loss to the insured party.
Chinese customers can purchase PICC's policies at any of its branches nationwide, or designated banks, postal bureaus or department stores.
PICC has also opened a round-the-clock hotline, at 95518, to provide services for reporting accidents, consultation, information on new policies, complaints, and so on.
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