Running Head: Career Research Report Work Term Report II 1

CAREER RESEARCH REPORT

Work Term Report II COMM3801

Name

Banner Number

Email Address

Summer 2020

Bachelor of Commerce, Co-operative Education

Informational Interviewee Contact Information

Full Name: Xuan Wang

Position Title: Vice President of Taikang Life Insurance Hubei Branch

Company Name: Taikang Insurance Group

Mailing Address: 28 Qinhua Road, Wuhan, China

Email Address: 514512357@qq.com

Phone Number: 13576920506

Table of Contents
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Career Research Report Work Term Report II
Table of Contents.....................................................................................................................2

Current Position........................................................................................................................3

Company Background......................................................................................................3

Resume.............................................................................................................................5

Career Plan Research................................................................................................................7

Identification of Desired Career and Industry..................................................................7

Industry Trends Analysis..................................................................................................8

Political Trends Analysis............................................................................................9

Economic Trends Analysis.......................................................................................10

Social Trends Analysis.............................................................................................12

Technological Trends Analysis................................................................................13

Career Path Research......................................................................................................14

Summary of Informational Interview.............................................................................17

Additional Informational Interview Candidates.............................................................20

References..............................................................................................................................23

Appendix B: Informational Interview Transcript...................................................................24

Current Position
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Career Research Report Work Term Report II

Company Background
Founded in 1996, Taikang Insurance Group is a large insurance and financial

service conglomerate headquartered in Beijing. The company operates in three main

areas: insurance, asset management, and health and elderly care (Bloomberg, 2019).

Taikang Insurance Group has a number of subsidiaries including Taikang Life,

Taikang Asset, Taikang Pension, and Taikang Health, with businesses covering fields

such as life insurance, pensions, enterprise annuities, online property, asset

management, health and elderly care and commercial real estate. By the end of 2017,

it operates through a network of 3,900 branches and sub-branches in China, and also

have 800,000 insurance sales. The assets under the management of Taikang exceeded

1.2 trillion yuan ($174.39 billion). The group has served 225 million clients and over

340,000 companies. It has paid a total of 35.1 billion yuan in claims, and 37.5 billion

yuan in taxes, and has been listed in the "Top 500 Chinese Enterprises" for 14

consecutive years (China Daily, 2018). And Taikang Insurance Group became the

“world's top 500 companies” in 2017(Fortune, 2017).

The mission of the Taikang Insurance Group is to make life more secure, easier to

settle claims, and more affordable for insurance premiums. The company’s belief is to

respect life, care for life and satisfy the people’s yearning for the better life, which is

company ideal (Taikang, 2019).

According to the information from (Ping An, 2019). Ping An Life Insurance Group

is main competitor of Taikang Insurance Group. Ping An life Insurance Group was

founded in 1988, headquartered in Shenzhen and it has about 557,000 life insurance
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Career Research Report Work Term Report II
sales and about 203,000 permanent employees. As of December 31, 2013, the group

total assets of 3.36 trillion yuan, which has 24 subsidiaries including Ping An

Insurance, Ping An Bank, Ping An Securities, Ping An Trust etc. It has covering all

areas of finance fields. It has become one of the few financial enterprises in China that

can provide customers with a full range of financial products and services such as

insurance, banking and investment.

The mission of the Ping An Insurance is “one customer, one account, multiple

products and one-step service”; In term of internet financial business, it integrates

financial services into customers’ life scenes of “ medical treatment, food, housing,

transportation and entertainment”, and synergizes with core financial services (Ping

An, 2019). Both companies are operating under the supervision of the China Insurance

Regulatory Commission and have similar business scales, products and services.

There will be some advantages and disadvantages between service policies and

product prices. Each company will launch exclusive products to attract customers, so

customers usually choose companies based on their requirements.

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Who
Adress Street city • province •postcode

tele • email
Profile
 Effective organization and management skill demonstrated through manage
inventory transactions and freight data statement
 Effective interpersonal communication skill in both Chinese and English
 Good leadership through join the organization department of High School to
organize events
Education
Bachelor of Commerce (Commerce Co-op), Candidate 2021
University,
High School Diploma Graduated 2015
Middle School
• Badminton Club
• Propaganda Department
Work experience
Organizational Development Assistant June 8th -August 24th 2020
Taikang Life Insurance Group, Hubei branch, Wuhan, China
• Online AI system training for new employees.
• Supervise product pictures and online promotion.
• Sales process compliance calibration after new product release.
• Conduct international market research.
Marketing Manager Assistant & Sales Representative April 26th -August 15th 2019
ED enterprise trading Canada LTD
• Schedule all staff members more efficiently.
• Manage the company’s freight and moving projects, record inventory
transactions and freight data statement.
• Acquire design advertisement and posters skill.
• Communication skill with the customers.
Organizational Development Assistant September-December 2018
Taikang Life Insurance Group, Hubei branch
• Familiar with Excel and Word by using application.
• Conduct effective human resource management.
• Formulate performance appraisal system.
• Enhance communication skill through company celebration planning
activity.
• Acquainted with the organizational skills base on Optimize and promote the
project and developed improving the organizational atmosphere skill.
Financial Advisor July-August 2017
China Merchants Bank, Wuhan, China
 Comprehended how to activate a card on the machine in the short time.
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Career Research Report Work Term Report II
 To helped 109 new users got CMB card.
 Organized personal information of customers and writing a report.
 Succeed promote the sale of financial product to customers.

Volunteer Experience Train

Station Volunteer Oct. 2012
Hankou Train Station, Wuhan, China
 Organized passenger to find right way with communication skill to maintain
effectively of train station.
 Helped passengers find their seat with customer service to encourage
customers to come back.
 Relieve crowding phenomenon and keep order in carriage.
Care Volunteer July. 2014
QiuXin Community Gerocomium, Wuhan, China
 Helped older people eating and helping them clean the room with positive
attitude.
 Reduced the burden of nurses with teamwork.
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Career Research Report Work Term Report II

Career Plan Research

Desired Career and Industry

My desired career in five and seven years is a qualified insurance agent in one of

the insurance company in China, The position falls under code 52 under finance and

insurance segment, subsection 524 securities, insurance carriers and related activities.

(Statistic Canada, 2017). Based on key information from The Balance Career (2019).

The main job of an insurance agent is to sell insurance product; Assist the insurance

company in the investigation and settlement of losses; to publicize insurance

knowledge to consumers, explain insurance terms to customers, analyze personal

financial needs, design a reasonable insurance plan for consumers; assist customers to

select superior products of insurance companies; assist customers to signing the

application form, delivery of the policy, and collection of premium.

“China’s insurance industry will stable growth in the future.” Xing Wei Said,

based on this key information obtained from China Government Website (2019).

China Insurance Association President Xing Wei said "In 2018, the total assets of

China's insurance industry reached 18.3 trillion yuan, achieving steady growth and

remaining. Becoming the world's second largest insurance market. By the end of the

fourth quarter of 2018, 178 insurance companies had an average comprehensive

solvency ratio of 242% and an average core solvency ratio of 231%. In the first

quarter of this year, the figures were 245.3% and 233.4%, up 3.3 and 2.4 percentage

points, respectively." I think joining the insurance industry will have more

opportunities for my future career planning and personal development.

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Career Research Report Work Term Report II

Insurance Industry Trend Analysis

According to key information obtain from China government website (2019). At

present, the proportion of financial assets allocation of households in China is only

about 2%, compared with the United States and Japan, the percentage are 32.6% and

26.8% respectively. In comparison, China's insurance industry also has big gap with

developed countries. However, the gap also means possibility of improvement. In the

future, China's insurance market will increase to 40% of the global market, and China

has chance to replace the United States as the world's largest insurance market. With

the increasing awareness of insurance, China's insurance industry still has great

potential for growth in the future. However, I am most optimistic about the prospects

of pension insurance market.

Based on this key information obtain from Sohu website (Sohu, 2017). According

to prediction of UN, the average annual rate of elderly population was 2.5% around

world, and the annual rate of elderly population in China was 3.3% during last

decade. In the world, the proportion of aging rose from 6.6% in 1995 to 9.3% in 2020.

However, the proportion of China's aging population increased from 6.1% to 11.5% in

the same period. China has more than 200 million people over the age of 60.

Prediction in 2050, there will be one elderly person for every three people in China,

and China will become the most aging country in the world. The acceleration of aging

age in China brings more development prospects to pension insurance in the future.

Community pension insurance is one of the pension insurances which can provide

better service to customers. It is a new pension insurance product that integrates

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Career Research Report Work Term Report II
medical care, rehabilitation, fitness and entertainment. When customers buy this

insurance, it means they have the right to live in high-quality nursing homes.

The reason of this product became popular is pension products can no longer

meet the current demand for retirement. Customers choose this product because when

they become old, they want more care and meticulous service. Thus, the elderly

community can meet the requirements of customer. It leads rapid development of an

emerging product, also promoted the development of the insurance industry, attracting

more customers to buy products.

Political Trends
Based on the key information from China.org.cn (2019). With the development of

social economy and the continuous extension of life expectancy, aging trend has

become more and more prominent in China for example the population is aging at an

advanced age, and the number of elderly people who has disability and dementia was

increased significantly in the past two years, leading pressure increasing on families

and society. China has entered an aging society, which is a social problem that the

Chinese government must face and solve. However, due to the small scale of nursing

homes, insufficient investment returns, backward old-age medical security facilities

and poor nursing and staff services, many elderly people prefer to live at home rather

than in nursing homes. According South China Morning Post website (2019). China

has a huge aging population who were born after 50s and 60s. The society was

developed too slow in that period so that they were not earned enough money to

support their elderly life. Nowadays, upward price pressures remain around China.
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Thus, China government need develop pension industry to help most of elderly and

provide better live.

In recent years, the Chinese government is vigorously supporting the emerging

medical and pension industries, offering preferential policies to high-end pension

industries (China.org.cn. 2019). First, the government provide land to construction

old-age facilities. The land demand for urban pension facilities should be reasonably

arranged (China Daily 2017). Private and non-profit pension institutions and

government-run pension institutions should enjoy the same land use policy, and

private non-profit pension institutions should be encouraged to rent land for pension

by leasing, to reduce the construction cost of pension service company. Second, the

government can provide employment subsidy for elderly service personnel who want

to work in nursing homes, and volunteers are recruited to fill out resumes and

recommendation letters for them, so as to attract more young people to serve a large

number of elderly people in nursing homes. Third, tax incentives. Enterprises that

establish nursing homes will be exempted from value-added tax, real estate tax, urban

land use tax, and profit-making pension service institutions will be halved in income

tax (South China Morning Post, 2019).

With the development of China in recent years, many Chinese who have lived

overseas, some of them want to go back China to pension, and return to their

motherland to live with their families when they are old age, which undoubtedly

increases the difficulty of providing for the aged in China and greatly promotes the

development and speed of China's pension industry.

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Career Research Report Work Term Report II

Economic Trends
With the gradual acceleration of population aging, it can rapidly promote the

economic development of China's pension sunrise industry. For example, if many

elderly people need to live in nursing homes, they need to purchase many necessities,

such as quilts, towels, toothbrushes and cups. Due to living in nursing homes also met

many new friends of the same age stage, thus they can go to travel together, and to

make different travel plans every year, which stimulates the development of the

national tourism, a lot of elderly will have many travel plan when they are retire and

they also will travel with their friends, family around the world. Because the work in

China is very busy and heavy, they do not have enough time to travel when they were

young. So, they will wait for retirement to enjoy their rest of life. Nursing home

serves as a place for them to spend their retirement time, it requires developers to

build new apartments. So, it needs design company to provide a reasonable design for

the elderly. They need assistive design in the activity space such as: the installation of

handrails in the side toilet, and the installation of emergency alarm. If the elderly in

the bathtub during the accident, the staff can help the elderly in the first time, which

also increases the development of architectural design.

At the same time, a small community hospital should be built in the apartment.

So, the elderly can get medical treatment as soon as possible, and they don't need to

queue up at the hospital. That helps reduce the burden of large hospitals and helps the

development of upstream and promotes downstream industries, such as buying

medical equipment and electronic equipment. A mature pension apartment system can
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Career Research Report Work Term Report II
attract more people to buy pension insurance. This has remarkable economic benefit,

promoted insurance industry development.

Social Trends
There is great potential for developing the old-age service industry. Based on the

key information obtain on the South China Morning Post website (2019). The social

popularizing rate of the old-age service industry in China is low and the ideology is

lagging, which is influenced by traditional concepts and current economic

development, the elders are usually taken care of by their families. Family pension is

still the most basic and main way of providing for the aged, and their children bear the

main responsibility of supporting the elderly. However, due to the decline of fertility

rate and the extension of life expectancy, the pressure on family endowment has

increased dramatically.

Because of China's one-child policy, many families only have one child, when

they get marry, one family need take care four elders, and the burden on children per

capita has increased exponentially.

The development of pension service industry can help relieve employment

pressure and reduce the burden of financial pension. Elderly care service industry

covers a wide range of industries, most of which are labor-intensive industries,

requiring a variety of labor quality requirements. It is more suitable for labor groups

with uneven cultural quality, which can expand the employment field and relieve the

employment pressure. At the same time, the government will actively encourage the

private establishment of old-age care and after-care and service facilities, which is
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Career Research Report Work Term Report II
conducive to easing the government's financial burden on old-age care (South China

Morning Post, 2019).

Developing the old-age service industry will help ensure and improve people's

livelihood and increase happiness index. Government will accelerate the development

of the old-age care industry and actively create an old-age care model with different

service levels and consumption levels, to provide rich material and spiritual products

and various services suitable for the needs of the elderly.

Technological Trends
Development of pension service industry can improve the training and education

system of pension service personnel and improve the professional level of pension

service practitioners. Government can encourage nursing schools to set up nursing

management and service, geriatric nursing, geriatric sociology and product

development and design for the elderly, so as to cultivate professional talents with

knowledge, technology and management for the development of the pension industry

and pension institutions, and make a good reserve of outstanding talents for the

government to develop the pension service industry. Help the society to train more

senior citizens. The development of the old-age care service industry can improve the

technology of medical electronic equipment, because every old-age care institution

needs to be equipped with the most basic electronic equipment. As the demand for

medical electronic equipment increases, more and more manufactory will have huge

compete, it is undoubtedly contributing to the upgrading of electronic equipment.

Based on key information obtain from South China Morning Post website (2019).
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Career Research Report Work Term Report II
Many medical electronic devices companies will study to upgrade and update their

own electronic devices, making them convenient, fast and cheaper than their company

to occupy the whole medical electronic equipment market.

Career Path Research

After graduating, I will use my undergraduate financial degree to work as an

insurance agent in Beijing. The reason I chose Beijing is that I need work experience

in the big cities and exercise my social skills and professional skills. The first task for

me is to obtain the insurance qualification certificate. Once I pass the exam, I will

have the ability to work with insurance group. As an insurance agent, mainly

responsible are regularly communicate with customers and looking for potential

customers in the society, selling insurance company products to customers,

customizing insurance plans for customers, and handling claims when accidents

occur. This job requires good interpersonal skills, because I must communicate with

different clients every day and expand my connections and customer group. Familiar

with insurance terms and company product advantages, it is necessary to have enough

mathematical ability, sales ability and logical thinking ability to be qualified for this

job. Based on the key information obtain from the topic “Average salary for 2018!

Which majors earn the most?” in Sina website (2019). I hope I can obtain annual

salary is more than 62,000 yuan to support my life in the first year. With the increase

of my work experience, I will have a larger customer group, more skilled sales

capabilities, a comprehensive understanding of the company's products, and a deep

understanding of insurance policies, terms and laws. Better qualified for my job.
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Career Research Report Work Term Report II
In the fourth year of my career, I hope I can become a marketing manager. As a

marketing manager, I will be responsible for setting up my own sales team, organizing

sales training, enhance team members' understanding of the insurance products,

expanding the team's expertise, and setting sales targets for the team. I also

responsible for providing insurance consulting, managing and maintaining customer

relationships, and providing clients with personalized family insurance solutions. This

position requires good communication skills and teamwork skill. Have a relevant

understanding of the financial industry and certain financial basic knowledge. I want

to get 150,000 yuan in my fourth year of my career.

In the sixth year of my career, I want my company can transfer me back to my

hometown of Wuhan. Because my parents and friends both living in Wuhan, I want to

enjoy more time with them. Thus, I hope I can back to my hometown. If I return to

Wuhan, I will have a wider connection of contacts, and Wuhan's insurance industry

market is smaller than Beijing, that helps me better to use my skills. Also, my

development space will be even larger. As marketing manager, I will be responsible

for market research and demand analysis, annual sales forecasting, sales target

allocation, sales channel and customer management, and sales performance

evaluation. I want to get $140,000 in my sixth career.

Summary of Information Interview

Xuan Wang has been worked in the insurance industry for 18 years. He is

currently the Vice President of the Hubei branch of Taikang Life Insurance Company.

On August 21, 2020, I made a 40-minute phone interview with him. The reason that I
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Career Research Report Work Term Report II
chose him as my interviewer because I am very interested in his experience and he

had a great achievement in the insurance industry.

During the conversation, I talked to him about his working experience and his

personal views on the insurance industry. He has built up a lot of confidence in me,

and I also hope that I can catch up to him within 5-7 years after graduation or even

can do better than him.

During the interview, he told me that his first job was as an assistant researcher at

the Hubei Provincial Institute of International Economics and Trade in Wuhan

Municipal Government. He also tried the logistics industry, and finally he chose the

insurance industry. He said that from his experience in different industries, he

understood the differences between China and foreign economies and the importance

of import and export to China. So, he wants to try the insurance industry. At first, he

knew nothing about the insurance industry, and all knowledge had to be learned from

the beginning. He once went to a bookstore to buy all the books with the words

"insurance” and taught himself insurance related knowledge. His family and friends

were not optimistic about his new career, but he proved his original decision was

correct with his achievement today. He loves this job very much. When he was

engaged in sales, he values every customer he had contact with and build good

relationship with them. I really appreciate his ability and love for the insurance

industry. Every insurance he sells is a guarantee for his customers and their families. I

think that is a very novel idea. In this way, the relationship between the customer and

the sales is closed, and they are no longer purely an interest relationship. Customers
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Career Research Report Work Term Report II
will not resist the products recommended by the sales. If I work on this job in the

future, I can develop my clients into friendships, recommend good products which

really useful, and let them understand the benefits of insurance to them.

He said that after entering the company, young people must learn to ask questions

if they don't understand, which will help you become familiar with the work as soon

as possible and quickly adapt to the working environment. Many of the knowledge in

books cannot be used in real time. A good employee needs to adapt to changes and

dare to try. I feel that as a beginner, I can learn a lot of professional knowledge during

my work, meet different people, face new challenges, and exercise my abilities in

every single chance. He said that the most important thing at work is integrity,

especially when you are treating customers. I have to recommend suitable products

for your customers, not a blind pursuit of performance. Otherwise I will lose my heart

soon. From what he told me, I learned to treat my work sincerely and hard. My efforts

will be directly reflected in my work performance. I need to have a deep

understanding of the insurance industry and have my own unique insights into each of

the company's products. Treat every customer sincerely, use my professional

knowledge to meet the requirements of customers, make customers trust me, and

convince them to buy the products they need. His experience has greatly inspired my

future work.

Because I also plan to work in the insurance industry in the future, so I asked him

about his views on the future development of the insurance industry. He felt that the

insurance industry has great potential in the future. Insurance will become more and
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Career Research Report Work Term Report II
more important in people's lives, and they will pay more attention to the necessity of

buying insurance. His words convinced me that my choice for the future is correct,

because Taikang Life continues to introduce a variety of innovative insurance

products, and the market is in short supply. During the epidemic in Wuhan, they

launched a special insurance against the epidemic. For customers who bought this

insurance, if they unfortunately become ill, they will receive a large amount of

insurance compensation. During my working period, the sales volume of this

insurance is very impressive. In my opinion, there is still a lot of room for innovation

in the insurance industry. So, I believe that the development of the insurance industry

will get better and better.

Through this interview with him, I comprehended a lot of knowledge related to

the insurance industry, and he strengthened my confidence to choose the insurance

industry in the future. Also, he show me the infinite possibilities of the insurance

industry. I will continue to study hard, hoping to become a successful insurance

practitioner like him one day in the future.

Additional Information Interview Candidates

Full Name: Yunyan Ye

Position Title: Business director

Company Name: Ping An Insurance Group

Mailing Address: Room 1005, building 8, Changchunqiao Road, Beijing

Email Address: pr@pingan.com.cn

Phone Number: 400-800-0000

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Ms. Yunyan Ye has been served as the business director of Ping An life Insurance

Group in 2009. The reason why Yunyan would be a valuable interviewee for me,

because she is very famous in China's insurance industry. She spent 20 years that

promote from a life insurance agent to business director, I very want to ask her how to

successful career in insurance, and what kind of work strategy she was used to

achieved success, I hope she can give some suggestions of my future career.

Full Name: Yixuan He

Position Title: Manager

Company Name: Taikang Insurance Group

Mailing Address: Fuan Street, 17 Gongan Garden, Wuhan, China

Email Address: 1440545024@qq.com

Phone Number: 18913477920

Mrs.Yixuan has been worked in Taikang Insurance Group for 10 years. Her main

job is to cooperate with Bank of China, sale insurance products at branches. The

reason why Yixuan would be a valuable interviewee for me, Because I want to know

more information about this Company, I hope I can learn from her and work together

in Taikang after graduation. She told me if I want to work in banking insurance

department is very stressful, because the company invests a lot and the performance

requirements are very high every month. If I want to do this job in the future, I need to

work very hard. I am very glad to know more about her and my future career through

this interview.

Full Name: Raymond Chun

Position Title: President and Chief Executive Officer at TD Insurance

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Career Research Report Work Term Report II
Company Name: TD Insurance

Mailing Address: TD Centre, Toronto, ON, M5K 1A2, Canada

Email Address: tdinscc@TD.com

Phone Number: 18777341288

Mr. Chun was the Senior Vice President at TD Canada Trust, where he leads the

Everyday Banking and Customer Strategy & Analytics in 2016. Now he works for TD

Insurance as the President and Chief Executive Officer (Raymond Chun, 2016). I that

I can interview Mr. Chun, because he has worked in the banking and insurance

industries many years in TD, which are also two of my favorite occupations in my

internship. I am very interested in his life experience and believe that our interviews

will support my career planning. I want to ask him about the future development of

Canadian pension insurance. Facing the advent of the global ageing era, whether TD

Insurance has innovated more products to conform to society or not.

References

• Bloomberg. (2019). Company Overview of Taikang Insurance Group Inc.

Retrieved from:

https://www.bloomberg.com/research/stocks/private/snapshot.asp?

privcapId=8248315

• China Daily. (2018). Taikang Insurance Group. Retrieved from:

http://govt.chinadaily.com.cn/a/201811/08/WS5be3fa54498ebfcd07bef54c.html

• Fortune. (2017). Taikang Insurance Group. Retrieved from:

http://fortune.com/global500/taikang-insurance-group/
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Career Research Report Work Term Report II
• Tai Kang. (2019). About. Retrieved from: http://www.taikang.com/about_en.html

• Ping An. (2019). About. Retrieved from:

http://www.pingan.cn/about/overview.shtml

• Statistic Canada. (2017). North American Industry Classification System (NAICS)

Canada 2017 Version 2.0. Retrieved from

http://www23.statcan.gc.ca/imdb/p3VD.pl?Function=getVD&TVD=380372

• Bloomberg. (2019). Company Overview of Taikang Insurance Group Inc.

Retrieved from:

https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId

=8248315

• China Daily. (2018). Taikang Insurance Group. Retrieved from:

http://govt.chinadaily.com.cn/a/201811/08/WS5be3fa54498ebfcd07bef54c.html

• Tai Kang. (2019). About. Retrieved from: http://www.taikang.com/about_en.html

• Xin Hua Net. (2019). China's life insurance sector expected to see faster growth.

Retrieved from: http://www.xinhuanet.com/english/2019-

01/13/c_137740213.htm

• China Development Brief. (2018). New document released to improve China’s

endowment insurance system. Retrieved from:

http://www.chinadevelopmentbrief.cn/news/new-document-released-to-improve-

chinas-endowment-insurance-system/
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• China Daily. (2017). China begins to invest $25.5b of endowment

insurance.Retrieved

from:http://www.chinadaily.com.cn/china/201707/28/content30284754.htm

• China.org.cn. (2019). Social endowment insurance covers over 523M people.

Retrieved from:

http://www.china.org.cn/china/201903/04/content_74527474.htm

• South China Morning Post. (2019). China’s huge market for senior care blessed

with opportunities and challenges. Retrieved from:

https://amp.scmp.com/business/companies/article/2126023/chinas-huge-

market- senior-care-blessed-opportunities-and

• The Balance Career. (2019). What Does an Insurance Agent do? Retrieved from:

https://www.thebalancecareers.com/insurance-agent-524871

• Xinhuanet. (2019, January 6). Has the rapid development of insurance industry

come to an end? Expert: China will remain the world's fastest growing market

in the next decade. Retrieved from:

http://www.xinhuanet.com/fortune/201901/06/c_1210031352.htm

• China Government Website. (2019, June 21). The insurance industry is expected

to grow steadily. Retrieved from:

http://www.gov.cn/shuju/201906/21/content_5402009.htm

• Sohu. (2017, November 10). How serious is aging in China? Retrieved from:

http://www.sohu.com/a/203695884_100014674
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• Sina. (2019, May 15). Average salary for 2018! Which majors earn the most?

Retrieved from:

https://k.sina.com.cn/article_1642629063_61e887c701900nt43.html

• Raymond Chun. (2016, April). Raymond Chun. Retrieved from：

https://www.td.com/document/PDF/mediaroom/Raymond%20Chun

%20bio_APRIL%202016_ENG.pdf

Appendix B: Format for Interview Transcript

Interviewer: What are your duties as a marketing director in insurance segment?
Interviewee: As a sales director, I need to supervise training team members by
weekly, recruit new employees every month, expand the number of my team member
and develop new sale channels. Each season, I need go to the head office in Beijing to
report seasonal target achievement and design new product promotion plans.
Interviewer: Why you choose this job?
Interviewee: During my college life, I majored in finance. I really like financial
professional knowledges, also I feel I have talent in sales. Thus, the reason I choose to
work as marketing director, because high salary and meet more big clients to learn
more knowledges from different industries.
Interviewer: How much effort has been made to achieve today’s achievements?
Interviewee: When I joined insurance industry in 2004, I started with an insurance
agent. The society is not like today, people can obtain insurance knowledge through
the Internet and they feel insurance is not necessary for their life. Thus, I was selling
insurance on street every day, I spend much more times than others. At the same time,
I think I do have talent to sale insurance. When I communicate with my clients, I
always try to understand their requirements. I think this is the reason why I achieved
my position.
Interviewer: Do you satisfied with your present position?
Interviewee: I am very satisfied with my current position. As a marketing director, I
feel I am very lucky to help my clients to buy lifetime insurance. Through this job, I
also made many new friends who came from different industries and give me a new
definition of life.
Interviewer: Can you make a balance between work and life?
Interviewee: I think I cannot make a balance between work and life very well.
Because I am very meticulous in work and I always spend a lot of time to work. Thus,
I ignore my family and less time to enjoy my life. In my mind, I think I missed out
some of my daughter's formative moments.
Interviewer: Hello, I am Li Wanyi, an intern in the organization development
department. I have an appointment with you for a telephone interview at 4
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Career Research Report Work Term Report II
o'clock this afternoon. Is it convenient for you now?
Interviewee: No problem, feel free to ask me any question. I will tell you everything
that I know.
Interviewer: Thank you. Would you mind if I record the entire interview process
to complete my internship report?
Interviewee: It's okay, you can start your interview now.
Interviewer: Ok. My first question. Is insurance your first job?
Interviewee: No, I have tried other industries before.
Interviewer: What work have you tried?
Interviewee: I graduated from the Department of Economics of Wuhan University in
1994 and later obtained a PhD in Economics. After graduation, I work as an assistant
researcher at the Hubei Provincial Institute of International Economics and Trade in
Wuhan Municipal Government. I also tried the logistics industry, but I found that
these are not the jobs I most want to do.
Interviewer: So, you chose the insurance industry, right?
Interviewee: Yes, after that I begin to work at Taikang Life Insurance.
Interviewer: What is the reason that you finally decide to enter the insurance
industry?
Interviewee: In my work experience in different industries, I learned about the
economic and cultural differences between China and foreign countries. I realize the
importance of import and export to national development. This makes me want to
understand the development of the socio-economic system practically. So, I took a
fancy to the new industry of insurance. In the early 1990s, Chinese people had a very
shallow sense of insurance, and they didn't understand the importance of insurance.
So I want to be an insurance promoter and enter the insurance industry myself.
Interviewer: Have you ever do any research about this industry before?
Interviewee: It is hard to believe, but I have to say no. At first, I didn't know anything
about the insurance industry, so I could only go to the bookstore and buy all the books
with "insurance" in the title to learn insurance-related knowledge by myself. At this
point, I have a concept in my mind, I must create a career in the insurance industry
Interviewer: You must be faced a lot of troubles at the beginning of your career.
Interviewee: That's right, because the insurance was a new industry in the early
1990s, and my friends and family were not optimistic about my decision to change
jobs. So they all think I am a lunatic, why should I give up my stable job to make a
risky decision. In that era, most people could not accept the novel insurance product.
They think insurance is a scam or useless. But now I have been working in this
business for 18 years, and my success has proved to them the unlimited potential of
the insurance industry.
Interviewer: In my impression, the success of a career cannot be separated from
the passion and love for work. I believe you should like your job very much, am I
correct?
Interviewee: Yes, I have to say that is true. Because I love this job, so I recklessly
gave up my stable job to join the insurance industry. I do not regret the decision I
made, and I still enjoy my work time.
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Career Research Report Work Term Report II
Interviewer: What is your favorite part of your job?
Interviewee: In the early days when I entered the insurance industry, every single
insurance product which I sold was to provide protection to my customers and their
families. I don’t think I’m communicating with them as a sale. I prefer to think of
myself as one of their friends and recommend a product which they really need. After
that, I entered the management team. This job gave me more opportunities to contact
more people and expanded my circle of friends. I enjoyed the process of
communicating with different people during the work.
Interviewer: It seems to me that every decision you make is correct. Which is the
biggest decision you make in your life?
Interviewee: I made a lot of bad decision before. Some likes, I should choose this
industry as soon as I graduate, so that I have more time to learn related knowledge.
After I resigned, I went to get to know several famous insurance companies in China.
At the end, I chose Taikang Life Insurance Company. I was attracted by Taikang Life's
fortune, company culture and independent innovation spirit. This company has such
great competitiveness in the industry. I think this is the most correct decision I made.
Interviewer: I would like to work in the insurance industry after I graduate. Do
you have any suggestions for me?
Interviewee: When you are entering the company, you must learn to ask questions if
don’t understand. This will help you become familiar with the work as soon as
possible and quickly adapt to the working environment. Most of knowledge in books
does not apply to real life. You need to adapt to changes and Dare to try. The second
most important thing is integrity, especially when you are treating customers. I have
to recommend suitable products for your customers, not a blind pursuit of
performance. Then you will lose your heart soon.
Interviewer: What is your opinion on the future of the insurance industry?
Interviewee: Because I have a background in economics, what does insurance do? It
uses a system to arrange a happy and beautiful life for everyone in the future. With
your old-age care and medical care, you can worry-free. We promoted it to the status
of a way of life and put the point of innovation on middle-class families. Taikang
launched the "Love Family Covenant" insurance category, which uses the family as
the insured unit, breaking through the traditional life insurance restriction that the
individual is the insured object, and realizing a policy to protect the whole family. So,
I think insurance will become more and more important in people's lives, and people
will pay more attention to the insurance industry.
Interviewer: Do you think this epidemic has an impact on the insurance
industry?
Interviewee: In my opinion, there is no bad impact at the moment. People are paying
more attention to the protection of insurance for their future because of the epidemic.
For example, our company launched a new epidemic insurance, if the customer
unfortunately falls ill, the company will give him a rich insurance benefit. So I think
the epidemic has accelerated the development of the insurance industry
Interviewer: This is all the questions I want to ask. Thank you for taking the
time to accept my interview. Because of this epidemic, I can only talk to you over
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Career Research Report Work Term Report II
the phone. I hope that I can have the opportunity to chat with you face to face in
the future.
Interviewee: You are welcome, hope you can join our company after graduate.
Interviewer: If there is an opportunity, I will think about it. Thank you have a
nice day
Interviewee: You too, bye-bye.