Chapter 3: Insurance Marketing and Distribution Flashcards
1
Q
Customer Groups
A
- Individuals
- Small businesses
- Middle markets
- National accounts
2
Q
Distinguishable Traits of Insurance Customers
A
- Insurance needs
- Knowledge of the insurance markets
- Methods of accessing the insurance markets
- Negotiating ability
- Access to alternative risk financing measures
3
Q
Marketing Differentiations
A
- Customer focus
- Products and Services
- Size
- Geographical Area
- Distribution System
4
Q
Unique Factors in the Insurance Market
A
- Economic forces
- Regulatory controls
- Demands for technology
5
Q
Marketing Activities
A
- Marketing research
- Market development
- Marketing information
- Marketing planning
- Product development
- Advertising and promotion
- Customer and public relations
- Sales fulfillment
6
Q
Market Research
A
Primary vs Secondary Data
- Primary is more expensive, but addresses specific issues
- Secondary is available immediately at little or no cost
7
Q
Predictive Analytics in Marketing
A
- Cross-selling
- Target marketing
- Individualized customer support
- New agent contracting
- Designing and evaluating marketing campaigns
8
Q
Market Segmentation
A
- Behavioristic segmentation
- Geographical segmentation
- Demographic segmentation
- Psychographic segmentation
9
Q
Market Development
A
When an insurer enters a new market (new territory, new customer type, or a new product)
10
Q
Market Development Requirements
A
- Training program
- Problem resolution
- Process documentation
- Funding assistance
- Technical assistance
- Public relations campaign
11
Q
Marketing Information
A
- Internal accounting
- Market monitoring (external)
12
Q
Marketing Planning
A
- Product proposal and sales goals
- Situational analysis- a SWOT (strengths, weaknesses, opportunities, threats)
- Marketing goals
- Marketing strategies
- Projected outcomes
13
Q
Main Insurance Distribution Systems
A
- Independent agency and brokerage marketing systems
- Exclusive agency marketing system
- Direct writer marketing system
14
Q
Independent Agency and Brokerage Marketing Systems
A
- Independent agents and brokers
- National and regional brokers
- Independent agents networks
- Managing general agents
- Surplus lines brokers
15
Q
Surplus Line Brokers
A
Place business with unlicensed insurers. Might be required to certify that a specified number of licensed insurers have refused to provide the coverage needed.
