Marketing Death : Culture and the Making of a Life Insurance Market in China

This book is the first book documenting and examining the creation of a life insurance market in an Asian society, drawing on hundreds of interviews. When the topic of death is a taboo subject to a population, how can life insurance companies create a market for their business? In Marketing Death, Cheris Shun-ching Chan examines the development of the life insurance market in China to address how culture impacts economic practice. Based on an extensive ethnographic study of various life insurance companies in China, Chan found a clear disparity in the way transnational and domestic life insurers dealt with local resistance to the idea of insuring against early death. While the transnational insurers attempted to remove this resistance by introducing new concepts about risk management, the locally-founded insurers redefined these concepts as money management to avoid the taboo subject. The domestic players' strategies proved to be more effective, but conflicted with the profit-oriented institutional logic of life insurance in the Chinese context. Having learned a lesson from significant losses, the domestic insurers eventually collaborated with their transnational counterparts to create a risk-management market. Nonetheless, local potential buyers, with their ingrained cultural values, continue to negotiate with insurance providers about their preferred product features. Chan argues that the life insurance business is growing rapidly in China despite these incompatible local cultural values largely because insurance practitioners strategically mobilized the local cultural tool-kit to circumvent the resistance. In Chan's account, the interplay of two forms of culture—a shared meaning system on one hand and a repertoire of strategies on the other—has significantly shaped the trajectory of the emergent Chinese market. Marketing Death is the first book to offer an analysis of the emergence of a life insurance market outside of the Euro-American context. It documents the processes and politics by which local cultures shape the way a market is formed and, hence, sheds light on the dynamics through which modern capitalist enterprises diffuse to regions with different cultural traditions. Based on an extensive ethnography of the emergence of commercial life insurance in China, this book examines how culture impacts economic practice. It details how a Chinese life insurance market is created in the presence of an ingrained Chinese cultural taboo on the topic of death. It documents how transnational insurance firms, led by AIG’s subsidiary AIA, introduced commercial life insurance to Chinese urbanites, and how they were confronted with local resistance to the risk management concept of life insurance. It compares the organizational strategies of the transnational and the newly emerged domestic insurance firms, analyzing why they adopted disparate strategies to deal with the same local cultural resistance. It further compares the management styles of individual firms headed by executives of different origins, explaining why some were more effective in managing and motivating the local sales agents. It describes how sales agents mobilized various cultural tool-kits to prompt sales, and how potential buyers negotiated with life insurers regarding the meaning of life insurance, and the kinds of products they preferred. The book argues that these dynamics and micro-politics produced a Chinese life insurance market with a specific developmental trajectory. The market first emerged with a money management, instead of risk management, character. As the local cultural tool-kit enabled insurance practitioners to circumvent local resistance to achieve sales, local cultural values shaped the characteristics of the emergent market. This analysis sheds light on the dynamics through which modern capitalist enterprises are diffused to regions with different cultural traditions How do companies sell life insurance in a country where death is a taboo subject? In Marketing Death , Cheris S.C. Chan explores both how and why the life insurance industry has managed to emerge in China, a country with an entrenched cultural stigma against the very topic of death. Drawing on extensive ethnographic fieldwork and engaging with current scholarship, Chan explores the processes and micro-politics by which foreign and domestic companies have negotiated local cultural resistance and created a market in spite of it. In doing so, she asks larger questions about how different societies view and value life and death, what is meant by "cultural values," how they interact with a set of fragmented cultural tools to compellingly organize individuals' practical daily lives, and how the market is influenced by them. Chan tells a story not just of the emergence of the Chinese life insurance industry, but of the dynamic relationships between culture and markets, local norms and foreign influences in one of the world's fastest-growing economies. Marketing Death is the first book to offer a sociological analysis of the emergence of a life insurance market outside of a European or American context. Through in-depth study of the expansion of an industry whose unique "product" - gambling on one's own sudden death - has always met with a measure of resistance, but never more so than in China, Chan provides a new lens for understanding how modern capitalist enterprises are diffused to regions with disparate cultural traditions. "Marketing Death is the first book to offer a penetrating sociological analysis of the emergence of a life insurance market outside of the Euro-American context. Drawing on rich ethnographic data, it documents the processes and micro-politics through which local cultures shape the way a market is formed and, hence, sheds light on the dynamics through which modern capitalist enterprises are diffused to regions with different cultural traditions."--Publisher's description.;Is China an inviting place for life insurance? : societal conditions, the market, and remaining puzzles -- Defining life insurance and product development : divergent institutional logics -- Manufacturing sales agents : cultural capital and management strategies -- Making transactions : selling strategies and sales discourses -- Buying life insurance : multiple motives but consistent preferences -- How culture matters : culture, market, and globalization. Marketing Death is the first book to offer an analysis of the emergence of a life insurance market outside of a Western context. Drawing on rich ethnographic data, it documents the processes and politics through which local cultures shape the way a market is formed and thereby sheds light on the dynamics through which modern capitalist enterprises diffuse insurance to regions with different cultural traditions.