Chapter 419: Three Major Challenges

Time flies, and a whole day has passed in the blink of an eye. The interviews Xia Yu was responsible for have all concluded.

After the round of interviews, seven people were ultimately hired, including Jason Greg, who was appointed as the General Manager.

The remaining six were hired for senior positions. As for the recruitment and replacement of mid and lower-level staff, Xia Yu wouldn't need to worry about it; the company's HR department would handle it.

The next day, everyone gathered at Jiuding Securities Company. Led by Xia Yu, they went to Jardine Insurance Consulting Group. To everyone's astonishment, Xia Yu replaced all the senior management.

He then convened all the employees for a briefing and personnel reorganization. After a rigorous and efficient overhaul, Xia Yu's authority was immediately established, and his control over the company significantly increased.

After the reorganization, Xia Yu called Jason Greg into his office.

"Jason, the company has just undergone restructuring, and there are still many areas needing improvement. You need to oversee everything and ensure the company gets back on track."

"Before that, you should first handle the company's rebranding. The name 'Jardine Insurance Consulting Group' will be discarded. The new company name will be Jiuding Insurance Co., Ltd."

"Understood, Boss!"

Jason Greg responded obediently, showing no objection to the rebranding.

The rebranding was a must. Even if Jason Greg had tried to resist due to lack of understanding, Xia Yu would have firmly implemented it.

Although Jardine Insurance Consulting Group was an established insurance company with a good reputation and brand, the insurance industry differs from manufacturing or retail. A name change has an impact but not a massive one.

Moreover, the most crucial reason is that the old name "Jardine Insurance" doesn't have the recognition and credibility that the new name "Jiuding" offers.

Xia Yu is a prominent financial figure. His reputation as a stock market guru has been well established through his achievements. Changing the insurance company's name to Jiuding Insurance would enhance the benefits associated with the "Jiuding" brand.

Originally, Jardine Insurance was known mostly to people with business needs and the ability to buy insurance, and many ordinary people might not be aware of it.

However, changing to Jiuding Insurance changes that.

The Jiuding Daily, which covers mid-to-high-level individuals, generally includes people capable of purchasing insurance, who would trust the Jiuding brand.

Even those temporarily unable to buy insurance would come into contact with Jiuding's newspapers daily. Over time, their trust in the Jiuding brand would grow, making them more likely to choose Jiuding Insurance when they are financially able compared to unfamiliar insurance companies.

Furthermore, when Jiuding Bank is established, combined with the existing Jiuding Securities, it will form the Jiuding Financial Group, which will quickly become one of the top comprehensive financial groups in Hong Kong.

Jiuding Insurance, backed by the capital-rich Jiuding Financial Group, will have strong competitiveness, and clients won't need to worry about claim issues. Jiuding Insurance's competitiveness will surge.

Rebranding benefits both the present and the future. Unless Xia Yu loses his mind, he would definitely push for the name change.

"What are your thoughts on the company's development?" Xia Yu asked Jason Greg with a hint of expectation.

Jason Greg thought for a moment and said calmly, "Boss, my understanding of the company is only superficial. I need to dive deeper into the details."

"However, according to my idea, the company should first focus on life insurance. This is most beneficial for you, Boss. The next priorities should be property insurance, reinsurance, and investment. Stabilize these three major and three minor areas first, then use the capital to quickly expand into other types of insurance."

Xia Yu nodded with a smile, agreeing with Jason Greg's thoughts.

Life insurance is essential to focus on deeply and aggressively to capture as much of the market as possible.

Life insurance is the largest segment of the insurance market, including term life, whole life, survival insurance, pension insurance, and more.

The second-largest segment in the insurance market is property insurance.

Property insurance alone will not make the company a world-class insurance giant, as the market capacity for property insurance limits its ceiling. Additionally, the effectiveness period of property insurance can lead to fluctuations in market share.

Unlike property insurance, life insurance has a large market and high profits. The most important aspect is its long duration, which allows for accumulated funds. Once someone buys a life insurance policy, they generally don't switch, resulting in a steady stream of income and strong customer retention over decades.

If you think insurance companies make big money from premiums alone, you're mistaken!

Don't forget, insurance companies are financial companies!

The most important source of income for insurance companies is investment returns. The funds managed by insurance giants can reach hundreds of billions, even thousands of billions.

With such vast amounts of capital entering the market, they can exert immense influence.

With a funding advantage and a top-notch investment team, it's like a cow standing on its hind legs—truly impressive!

Xia Yu lacked capital but had plenty of capability. The funds accumulated by insurance companies are definitely on par with banks and even offer more freedom compared to the numerous restrictions banks face.

Jiuding Bank attracts deposits, Jiuding Insurance accumulates massive funds, and Jiuding Securities handles public fundraising. With these three sources of income, Jiuding Financial Group will grow rapidly.

This financial core will continuously support the expanding business empire, significantly enhancing its overall risk resistance.

"Jason, get familiar with the company's operations as soon as possible and prepare a detailed plan for me."

"Also, pay attention to auto insurance. With the global economic boom, the auto market will maintain high growth for decades. Its potential is enormous, possibly covering over 60% of property insurance. The insurance industry in Hong Kong currently underestimates auto insurance, which is our opportunity!"

Xia Yu instructed, giving specific advice to Jason Greg.

Jason Greg was taken aback for a moment, a hint of contemplation in his eyes, then he nodded seriously, "Understood, Boss!"

"Alright, you can get to work now!"

After sending Jason Greg off, Xia Yu sighed in relief and smiled.

It's coming soon!

Once Jiuding Bank, Jiuding Insurance, and Jiuding Securities are consolidated into Jiuding Financial Group, Xia Yu will become the top financial tycoon among the Chinese, ranking fourth in Hong Kong!

In the Hong Kong financial market, the only remaining major challenges above Jiuding Financial Group are:

First Mountain: HSBC!

Second Mountain: Hang Seng Bank!

Third Mountain: Standard Chartered Bank!

Hang Seng Bank, being a subsidiary of HSBC, highlights HSBC's dominance in Hong Kong.

Standard Chartered Bank, though third, is still far behind the giant HSBC.

As for the Bank of China Hong Kong branch, one of the giants in the future, it's not very strong at this time. The mainland, having little money, provides even less for the Hong Kong branch.

Moreover, the Hong Kong branch of Bank of China has to also provide funding for state-owned enterprises like China Resources.

The true rise of the Hong Kong branch of Bank of China will come after the mainland's reform and opening-up.

"The coming days will be about climbing mountains, step by step, until we can step on HSBC!"

"Although it's a huge challenge, that's what makes it interesting, isn't it?"

"Hehe!"

Thinking about the tumultuous future, Xia Yu felt a surge of motivation and laughed softly.