Proceedings of the 4th International Conference on Economic Management and Big Data Applications, ICEMBDA 2023, October 27–29, 2023, Tianjin, China

Research Article

Strategic Optimization of Elevator Insurance in a Risk-Managed Landscape: Insights from China

Download37 downloads
  • @INPROCEEDINGS{10.4108/eai.27-10-2023.2341943,
        author={Haozhong  Wu and Wen  Deng and Tiantian  Zhang and Hao  Zou and Chao  Yu and Tingjie  Zhang},
        title={Strategic Optimization of Elevator Insurance in a Risk-Managed Landscape: Insights from China},
        proceedings={Proceedings of the 4th International Conference on Economic Management and Big Data Applications, ICEMBDA 2023, October 27--29, 2023, Tianjin, China},
        publisher={EAI},
        proceedings_a={ICEMBDA},
        year={2024},
        month={1},
        keywords={elevator insurance; elevator risk management; elevator safety; marketing strategy},
        doi={10.4108/eai.27-10-2023.2341943}
    }
    
  • Haozhong Wu
    Wen Deng
    Tiantian Zhang
    Hao Zou
    Chao Yu
    Tingjie Zhang
    Year: 2024
    Strategic Optimization of Elevator Insurance in a Risk-Managed Landscape: Insights from China
    ICEMBDA
    EAI
    DOI: 10.4108/eai.27-10-2023.2341943
Haozhong Wu1, Wen Deng1, Tiantian Zhang1, Hao Zou1, Chao Yu2, Tingjie Zhang1,*
  • 1: Sichuan Special Equipment Inspection and Research Institute
  • 2: Sichuan university
*Contact email: zhangtingjie@scsei.org.cn

Abstract

The escalation in the number of elevators in China is a prominent trend, with projections indicating that over 1.5 million elevators will have been in operation for 15 years or more. This paper explores the expanding ownership of elevators in China and confronts the challenges inherent in traditional control mechanisms. Within this context, this study assesses the feasibility and necessity of elevator insurance in the market application. This evaluation is carried out by conducting a thorough analysis of elevator safety risk factors, the characteristics of risk-related losses, and the advantages that elevator insurance offers in risk management. Additionally, the PEST analysis model is utilized to examine the marketing environment of elevator insurance. Consequently, targeted and differentiated marketing strategies for elevator insurance products are proposed. These strategies encompass market positioning, product development, pricing, and promotional initiatives. The overarching objective is to enhance the adoption and coverage of elevator insurance within the Chinese market.