I want to know, what are the differences between fund companies and insurance companies in research?

Fund companies raise funds for investment or stock manipulation. Investors enter in cash and return with cash income. On the other hand, insurance companies raise funds to invest in exchange for risk compensation or meeting certain conditions. In terms of investment after raising funds, fund companies can do bill business such as stocks, investment loans, bank bills, securities and venture capital on behalf of customers. Insurance companies can do much less business than fund companies. According to the Insurance Law, insurance companies can only make bank deposits, buy and sell bonds, stocks, securities investment fund shares and other securities, and invest in real estate.