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CPCU 520 > Ch 3 > Flashcards

Ch 3 Flashcards

0
Q

Any of several kinds of insurance personnel who place insurance business with insurers and who represent either insurers or insureds, or both

A

Producer

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1
Q

Individual Insurance Customers

A
  • Purchase ins. to protect real and personal property and liability coverage arising out of personal actions/ownership/use of property.
  • Rely on the expertise of a Producer or call center/direct access websites
  • Required to buy insurance by lenders/mortgagers
  • Have little negotiating power
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2
Q

Small Business Insurance Customers

A
  • Usually no risk manager but up to owner/partner
  • Little negotiating power
  • Limited number of choices when it comes to risk financing alternatives
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3
Q

1-1: List the Five Characteristics that Distinguish Types of Insurance Customers

A
  1. Insurance needs
  2. Knowledge of the insurance market
  3. Access method
  4. Negotiating ability
  5. Choice of risk financing alternatives
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4
Q

P&C Customers

A
  1. Individual Customers
  2. Small Business
  3. Middle Markets
  4. National Accounts
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5
Q

1-2: Describe how the insurance needs of small business can be covered.

A

Covered by a limited number of commercial insurance policies, such as a (1) business-owners policy, a (2) workers compensation policy, and (3)commercial auto policies.

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6
Q

Middle Market Insurance Customers

A
  • Larger orgs with insurance needs that vary considerably according to products/services they provide. Annual Revenue of 10 million to 1 billion.
  • Large enough to have stats for loss histories
  • Have risk manager
  • Use brokers to access markets
  • Some negotiating power
  • Increasing access to risk financing alternatives
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7
Q

National Accounts Insurance Customers

A
  • National accounts segment contains the largest orgs seeking ins.
  • Generate millions in premiums
  • Brokers the most negotiating power
  • Complex insurance programs
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8
Q

P&C Marketing Differentiations

A
  1. Customer Focus
  2. Products & Services
  3. Size
  4. Geographic area
  5. Distribution system
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9
Q

Market intelligence

A

Information gathered and analyzed regarding a company’s markets to improve competitive decision-making

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10
Q

Would it be wise for a small insurer to focus on a few national accounts?

A

No. The risk of losing the account can devastate a small insurer.

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11
Q

If a market is dominated by a large insurer, what type of business could a small insurer choose to market to?

A

A subsection of the market or niche.

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12
Q

What factors into an insurers decision on which geographic area to write in?

A

Size, expertise in writing coverage in broader geographic areas, level of competition in those areas, and its customer focus.

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13
Q

What distribution system would an insurer focusing on young drivers use to attract customers?

A

Chose an Internet-based distribution system because most young operators look for cheap insurance. They will be able to comparison shop.

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14
Q

What is the best distribution system for an insurer to focus on mature customer are with homes autos and valuables?

A

Exclude or independent agents. Can assist them with coverages and deductibles.

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15
Q

Why are insurers operations so dependent on investment earnings?

A

They must keep premiums competitively low to attract customers.

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16
Q

What is the primary demand for technology in marketing applications (agency interface, web quoting on public website)?

A

Ease of use.

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17
Q

A cyclical pattern of insurance pricing in which a soft market (low rates, relaxed underwriting, and underwriting losses) is eventually followed by a hard market (high rates, restrictive underwriting, and underwriting gains) before the pattern again repeats itself

A

Underwriting cycle

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18
Q

Why is competition in marketing Insurance products important?

A

Because it ensures that customers will receive competitive process and services to meet their insurance needs.

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19
Q

1-3: How can market intelligence help an insurer improve to customer focus?

A

Better understanding of customers’ current and future needs, preferences, attitudes and behaviors which leads to a better customer interaction. Insurer can understand where its insurance offer fits and discover untapped and underserved potential markets.

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20
Q

1-4: What factors influence and insurers decision regarding the geographic area it serves?

A
  1. Size
  2. Level of expertise in coverage in broader geo areas
  3. Level of competition in area
  4. Customer focus

An insurer that chooses a regional area for operating can more narrowly focus its marketing intelligence to address customers’ insurance needs in the smaller area.

Writing nationally requires more marketing intelligence.

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21
Q

How does an insurer choose its marketing system?

A

By its customers knowledge of insurance products and the risk financing alternatives available.

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22
Q

Factors that Shape Insurance Marketplace

A
  1. Economic Forces
  2. Regulatory Controls
  3. Demands for Technology
  4. Underwriting Cycles
  5. Unanticipated Catastrophic Losses
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23
Q

1-5: Describe the economic influences on property-casualty insurers’ operations

A
  1. Inflation - increases costs of losses and operations
  2. Availability of Reinsurance - influences price and cost of ops.
  3. Investment Earnings - offset high costs (Leads to lower premium)
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24
Q

Describe the role of regulatory controls in the marketplace

A
  • Stipulate financial requirements

* Marketing conduct of insurers

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25
Q

Unanticipated Catastrophic Losses Lead To…

A

(unanticipated catastrophic losses = unplanned losses)

  1. Insurer insolvencies
  2. Withdrawal of insurers from geographic markets
  3. Reinsurance shortages
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26
Q

List of Marketing Activities

A 
List of Marketing Activities
• Marketing research
• Market development
• Marketing information
• Marketing planning
• Product development
• Advertising Promotion
• Customer and public relations
• Sales fulfillment
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27
Q

Marketing research

A

The systematic gathering and analyzing of data to asist with making decisions. Done on a project basis with stated objectives, research design, data collection, analysis, and formal report and includes conclusions and implications or recommendations.

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28
Q

2-1: Contrast primary data and secondary data used for insurer market research.

A
  • Secondary Data, collected by other parties, is immediately available at little or no cost.
  • Pimary Data - more expensive but address issues specific to the marketing research project.
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29
Q

2-2: Explain how predictive analytics are used in market research.

A

Most models generate a score, with a higher score indicating a higher likelihood that the given behavior or event will occur. Predictive scores are used to meaure the risk or opportunity associated with a specific customer or transaction. It asseses the relationships between many variables to estimate risk or response.

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30
Q

Applications for Predictive Analytics

A
  1. Cross-Selling
  2. Target Marketing
  3. Individualized Customer Support
  4. New Agent Contracting
  5. Designing and Evaluating Marketing Campaigns
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31
Q

2-3: Describe four bases of market segmentation.

A
  1. Behavioristic Segmentation - based on purchasing habits.
  2. Geographic Segmentation - based on location
  3. Demographic Segmentation - based on age, race, etc.
  4. Psychographic Segmentation - based on personality and lifestyles
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32
Q

a small group of customers or potential customers brought together to provide opinions about a specific product, service, need, or other issue

A

Focus Group

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33
Q

Statistical and analytical techniques used to develop models that predict future events or behaviors.

A

Predictive analytics

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34
Q

The process of identifying and dividing the groups within a market that share needs and characteristics and that will respond similarly to a marketing action

A

Market Segmentation

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35
Q

Target marketing

A

focusing marketing efforts on a specific group of consumers

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36
Q

A type of marketing that focuses on specific types of buyers who are a subset of a larger market

A

Niche marketing

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37
Q

Marketing development

A

Activities that provide leadership when an insurer enters a new market. Activities include:
• Training programs
• Problem resolution
• Funding assistance
• Technical Assitance
• PR Campaigns
Led by project managers that develop project scope documents, decision grids, task outlines, progress reports, and project reports.

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38
Q

Marketing information

A

Supports managers in answering questions concerning market’s customers, producers and competitors. Marketing Information Systems are Internal Accounting and Market Monitoring.

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39
Q

2-4: Describe two major types of marketing information systems

A
  • Internal Accounting - Reporting and analysis based on transactions associated with sales. Provides essential info on production, retention, and policies in force.
  • Market Monitoring - Info re: external enviornment and changing conditions of producer, customer opionoins/satisfaction levels.
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40
Q

Market planning

A

Identifies the product or service to be promoted and the customers to be targeted and details resources and strategies that will be sued to create, price, promote qand sell the product or service.

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41
Q

2-5: Before introducing a new insruance product or service, an insurer completes a marketing plan. Describe the function of this plan.

A

Identifies the product or service to be promoted and the customers to be targeted, and details the resources and strategies that will be used to create, price, promote, and sell the product or service.

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42
Q

The necessary people and physical facilities to support the sale of insurance products and services

A

Distribution system

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43
Q

What distinguishes one distribution system from another?

A

Relationship to the insurer and customers.

Ownership of expirations

Compensation methods

Functions performed.

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44
Q

What are the main distribution systems ?

A
  • Independant Agency and brokerage marketing systems
  • Exclusive agency marketing ystem
  • Direct writer marketing system
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45
Q

What are the main distribution channels?

A
  • Internet
  • Call Centers
  • Group marketing
  • Financial institutions
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46
Q

A business operated for the benefit of its owner, that sells insurance, usually as a representative of several unrelated insurers.

A

Independent agency.

47
Q

An independent business owner or firm that sells insurance by representing customers rather than insurers. Usually have no binding authority.

A

Insurance broker.

48
Q

Agency expiration list

A

The record of an insurance agency’s present policyholders and dates their policies expire

49
Q

What is the main distinguishing feature between independent agents and broker and other distribution systems?

A

Independent agents own the expiration list.

50
Q

National and Regional Brokers

A

large brokerage firms may provide extensive risk control, appraisal, actuarial, risk management, claim administration, and other insurance related services; receive negotiated fees for the services they provide.

51
Q

What are the benefits of an independent agent network?

A

Access to not insurers
Meeting counter signature law requirements for businesses in multiple states.
Combining premium volume to meet insurer requirements for profit-sharing.
Generating additional sales income
Receiving preferred fancy contacts.
Facilitating agency succession planning
Providing expertise in risk management services
Enabling resource sharing and expense reduction
Increasing market share

52
Q

Countersignature laws

A

Laws that require all policies covering subjects of insurance within a state to be signed by a resident producer licensed in that state.

53
Q

Managing General Agent (MGA)

A

An authorized agent of the primary insurer that manages all or part of the primary insurer’s insurance activities, usually in a specific geographic area

54
Q

What are the advantages of MGAs?

A

Low fixed cost - insurers don’t need staff and to support a branch office. They pay commissions.

Specialty expertise - can create special programs for an insurer such has horse farm insurance.

Assumption of insurer activities - claims, risk control and management, underwriting, policy issuance, premium collection

55
Q

What does an agent have to do before a policy can be written with a surplus lines broker?

A

Make a reasonable effort to place the policy with a licensed insurer. (Specified number of times, letters sometimes required, some covg eligible without being rejected)

56
Q

What are ideal customers of a surplus line broker?

A 
High limits 
Unusually broad or specialized coverage
Unusual or unique loss exposure 
Loss exposures requiring a tailored program. 
Unfavorable loss exposure (poor history)
57
Q

What do surplus lines brokers work to ensure that?

A

1) coverage is placed only with eligible nomadmitted insurer’s.
2) customers unique requirements can be met by prospective insurer.
3) financial security of surplus lines insurer must be properly evaluated.

58
Q

If an exclusive agent has limited ownership of explorations what happens when the agency is sold?

A

Expirations go to the insurer.

59
Q

What administrative functions does an exclusive agent handle?

A

Policy issuance, premium collection, claim processing.

60
Q

Why are sales agents o a direct writer relieved of many administrative duties?

A

So they can focus on writing new business.

61
Q

Besides producer sales, what else do call centers do?

A

1) respond to general inquiries
2) handle claim reporting
3) answer billing inquiries
4) process policy endorsements

62
Q

What are the benefits to using the Internet as a distribution channel?

A
  • reduced cost of underwriting and claim processing. Automation.
  • streamlined business practices
  • increased brand awareness
  • broadened marketing potential
  • lead generation and cross-selling opportunities for all products, not just p&c
63
Q

What are the challenges to using the Internet as a distribution channel?

A
  • regulation
  • assumed cost advantage (because it’s online)
  • competitors are only a click away
  • quoting abilities. Must be easy to use.
  • availability of information - must have FAQ or live chat.
  • extent of services provided - sales only of sales and service
  • informed consumers - focus toward price
  • security - afraid to share info online
  • website content - must be fresh
64
Q

An insurance distribution channel that markets directly to the customer through such distribution channels as mail, telephone, or the Internet.

A

Direct response distribution channel

65
Q

What is an advantage of direct response?

A

Commissions costs are reduced (if there are commissions at all)

66
Q

What is a disadvantage of direct response?

A

Advertising costs are higher than other distribution channels.

67
Q

A type of group marketing that targets various groups based on profession, association, interests, hobbies and attitudes.

A

Affinity marketing

68
Q

List 4 types of group marketing.

A
  • affinity marketing
  • mass marketing/mass merchandising
  • worksite marketing/payroll deduction
  • sponsorship marketing
69
Q

Type of marketing that targets various groups based in profession, interest, hobbies, or attitudes. Ex. MA Bar Association. Usually involves a discount.

A

Affinity marketing

70
Q

Marketing where insurers offer policies to a large number of targeted individuals or groups.

A

Mass marketing/mass merchandising

71
Q

Type of marketing where an employer contracts with an insurer or producer to offer discounted voluntary insurance as a benefit for their employees. Sometimes deducted from pay.

A

Worksite marketing or payroll deduction.

72
Q

Type of marketing where a trade group sponsors an insurer in approaching a customer group. Ex. In control - in control also benefits by safety sponsoring and paying most of fee and driving customers there.

A

Sponsorship marketing

73
Q

A small insurance agency placing an agent at a desk at a local bank or a large insurer forming a strategic alliance with a regional or national financial holding company to solicit customers are examples of this type of marketing.

A

Financial Institutions

74
Q

insurers view financial institutions as beneficial strategic partners because of these qualities.

A
  • Strong customer base —predisposition to product cross-selling
  • strength at processing transactions -efficient use of technology for database mining geared to specific products and services
75
Q

This term refers to an insurer’s use of more than one distribution system or channel to attract a wider range of customers.

A

Mixed marketing system

76
Q

Provide two examples of a mixed marketing system.

A
  • an insurer which traditionally sold insurance through an independent agent but is now also using direct response
  • a direct writer, seeking to expand their business, which has entered into agency agreements with independent agents
77
Q

What are three issues to consider when combining insurance distribution systems and channels?

A
  • Maintaining consistent customer communications
  • Providing a consistent customer experience
  • Matching the type of insurance with an appropriate distribution system and channel. (Some marketing systems are more suitable than others based on the product being sold)
78
Q

What are functions typically performed by insurance producers?

A 
Prospecting
risk management review 
sales 
policy issuance
premium collection
customer service
claim handling 
consulting
79
Q

What does prospecting involved?

A

Locating persons, businesses, and other entities that may be interested in purchasing the insurance products and services offered by the producer’s principals.

80
Q

List some of the methods used to prospect

A
  • Referrals from other clients
  • Referrals from strategic partners, such as financial institutions and real estate brokers
  • advertising in multimedia and direct mail
  • Interactive websites
  • Telephone solicitations
  • Cold canvass
81
Q

Contacting a prospect without an appointment.

A

Cold canvass

82
Q

What does a risk management review entail for an individual our family?

A

An interview or completion of a questionnaire that assists in identifying the prospect’s loss exposures, which are often associated with property ownership and activities

83
Q

What is the best tool when performing at business risk management review?

A

Reviewing loss runs

84
Q

A report detailing in an insured’s history of claims that have occurred over a specific period, valued as of specific date.

A

Loss run

85
Q

A payment procedure in which a producer sends premium bills to the insured, collects the premium, and sends the premium to the insurer, less any applicable commission.

A

Agency bill

86
Q

What are the three widely used methods of transmitting premiums to the insurer?

A
  • Item basis
  • Statement basis
  • Account current basis
87
Q

The method of agency billing where the premium is forwarded to the insurer when the producer collects it or when it becomes due.

A

Item basis

88
Q

The method of agency billing where the insurer sends a statement to the producer showing the premiums that are due. The producer is obligated to pay the premiums indicated as due or to show that the statement is in error.

A

Statements basis

89
Q

The method of agency billing where the producer periodically prepares a statement showing the premiums due to the insurer, after deducting appropriate commissions, and transmits that amount to the insurer. The producer must pay the insurer when the premium is due, even if the policyholders have not paid the producer.

A

Account current basis

90
Q

What is a bonus way of making money a producer can take advantage of when agency billing?

A

Premiums usually are not due to the insure until 30 or 45 days after the policy’s effective date. This delay Permits the producer to invest the Premiums collected until they are due to the insured.

91
Q

A payment procedure in which the insurer assumes all responsibility for sending premium bills to be insured, collecting the premium, and sending any commission payable on the premium collected to the producer.

A

Direct bill

92
Q

What are some of the customer service activities of producers?

A
  • Responding to billing inquiries
  • Performing customer account reviews
  • Engaging in field underwriting, such as obtaining loss reports, insurance credit scores, and motor vehicle reports
  • Answering questions regarding existing coverage and additional coverage requirements.
  • Corresponding with premium auditors and risk control representatives
93
Q

What are two major advantages of claim handling by qualified producers?

A
  • Quicker service to policyholders

- Lower loss adjustment expenses to the insurer

94
Q

What is the downside to claim handling by a qualified producers?

A

If the producers are not properly trained in how to handle claims, overpayment of claims can offset any savings.

95
Q

Why can changing distribution systems for existing business be difficult and possibly expensive?

A

Due to existing agency contracts and possible ownership of expirations.

96
Q

What are the key factors in selecting distribution systems and channels based on?

A

Customers’ needs and characteristics and the insurer’s profile

97
Q

These consist of necessary people and physical facilities to support the sale of the insurance product and services.

A

Distribution systems

98
Q

Distribution channels

A

These are communication conduits for promoting and servicing products as well as communicating with existing and prospective insureds.

99
Q

What are three considerations when determining which distribution system to use?

A
  • What types of products and services prospective customers are looking for.
  • To what degree is the price of products and services a factor for consumers?
  • How quickly can inquiries and transactions be processed?
100
Q

What will in insurer who uses independent agents sometimes do when beginning to write business in a new territory?

A

Use a different distribution channel or system for the new territory

101
Q

How is geographic location of existing policyholders or target markets a key concern in selecting a distribution system or channel?

A

Independent agents work well in sparsely populated areas because the cost of appointing independent agents is cheaper than the Cost of appointing an exclusive or direct writing agent. The latter are better for densely populated areas.

102
Q

Under which distribution system does an insurer have the most control?

A

The direct response system. This is followed by the Direct writer system. The insurer can specify the number and type of new applications the producer must submit each month as well as the marketing approaches the producer can use.

103
Q

Under both the agency and brokerage system and the exclusive agency system, the producers are independent contractors; therefore, insurer can only control ____________ not the __________.

A

The results they produce, not the methods by which they produce them.

104
Q

List the five characteristics which distinguish types of insurance customers.

A

Insurance needs
Knowledge of the insurance markets methods of accessing the insurance market
Negotiating ability
Access to alternative risk financing measures.

105
Q

Describe the actions of the insurer customer relations function.

A

Manages communication with individual customers from the home office.

All communication should be understandable and consistent in quality and tone.

Provides a forum for communications to the insurer initiated by the customer, including complaints, suggestions, and questions, and may respond to state insurance departments in relation to consumer complaints about the insurer. The customer relations function also provides management with low-cost, high-value information about the evolving wants and needs of policyholders.

106
Q

At a minimum, what should loss runs list?

A

A list of losses and their total cost. More comprehensive loss runs can provide details that can lead to additional questions and suggest areas of risk management improvement.

107
Q

What factors must an insurer evaluate relating to its profile when selecting distribution systems and channels?

A
  • its strategies and goals
  • its strengths
  • it’s existing and target markets
  • its geographic location
  • its desired or required degree of control over producers.
108
Q

How can assessment of its internal strengths and weaknesses help an insurer in selection of distribution systems and channels ?

A

Determining where strengths lie, an insurer selects distribution systems and channels that maximize its opportunities to capture market hare and minimize its weaknesses.

109
Q

What considerations relating to existing markets might an insurer evaluate during the process of selecting distribution systems and channels?

A

The insurer should consider the characteristics of its existing book of business. If agents or brokers own the expirations for current accounts, the insurer must either give up that business and start over or purchase the expirations from the producers. Either option might be expensive, depending on the quality of the existing business. The insurer should also consider the possibility that a change in distribution systems and channels could disrupt communication channels, causing changes in communication patterns that can result in policyholder dissatisfaction and lost accounts.

110
Q

Which one of the following is generally paid a negotiated fee, rather than a fixed commission rate?

A. National broker
B. Exclusive agent
C. Direct writer sales representative
D. Independent agent

A

A. National broker

111
Q

Martin Insurance Company targets manufacturers of specialty products. Its insureds place a high value on producer expertise, responsiveness, and confidentiality. Martin wants to expand into similar markets. Which one of the following insurance marketing distribution systems is most appropriate for Martin Insurance Company?

A. Independent agent network
B. Direct writer
C. Financial institution
D. Surplus lines broker

A

B. Direct writer

112
Q

An important question for an insurer to ask when examining customers’ needs and characteristics to select a distribution channel is

A. Who is the target market?
B. Is the expertise of the current staff adequate?
C. Does cost outweigh the benefit?
D. How quickly can inquiries and transactions be processed?

A

D. How quickly can inquiries and transactions be processed?

113
Q

An insurer’s marketing department is trying to forecast which group of property-casualty insurance customers is most likely to purchase all lines of insurance from the same insurer. Which one of the following methods of market research would be most effective?

A. Market segmentation
B. Situational analysis
C. Predictive analytics
D. Market monitor system

A

C. Predictive analytics

114
Q

When a firm is selecting a distribution channel, which one of the following is an important consideration with regard to its operations?

A. How quickly can inquiries and transactions be processed in the channel?
B. Are customers willing to pay a premium for personalized products and services through the channel?
C. What are customers’ expectations regarding accessibility to the channel?
D. Does the selected channel capitalize on its core capabilities?

A

D. Does the selected channel capitalize on its core capabilities?

CPCU 520 (10 decks)

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