Insurance products are the combination of tangible products and intangible services provided by insurance companies for the market. In a narrow sense, insurance products refer to financial instruments created by insurance companies for customers to choose to trade in the insurance market; Broadly speaking, it refers to all products and services provided by insurance companies to the market that can be obtained, utilized or consumed by customers, and belongs to the category of insurance products and services. Furthermore, insurance products are provided by insurers to the insurance market, which can attract people's attention and purchase, so as to meet people's commitment to reduce risks and transfer risks, and obtain certain economic compensation when necessary. From the marketing point of view, insurance products include the whole process of insurance contracts and related services.
This definition of insurance products has four meanings: it can attract people's attention and purchase; Can transfer risks; Can provide some economic compensation; This is a promised service portfolio. Therefore, the real significance of insurance products is to meet the protection and compensation needs of consumers. Insurance products ensure that the insured can still have basic living conditions when encountering unfortunate accidents, so that people can get the maximum economic compensation at the lowest cost.
If a product can circulate smoothly in the market, it must have both the characteristics of general products and its particularity. An ideal insurance product should meet the needs of both insurance service providers and insurance service demanders. Therefore, an excellent insurance product should also meet the following conditions: it is really needed by the insured; Can ensure that the interests of the insured are not infringed; This price is reasonable, fair and acceptable to both parties.