Research Article
Strategic Optimization of Elevator Insurance in a Risk-Managed Landscape: Insights from China
@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
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.