Chapter 3 Flashcards
What are two factors to determine the method on how to contact a market to a client?
What does the client want?
How much client contact does the intermediary need to be effective?
Explain the personal information protection electronic documents act (PIPEDA)
Governs the collection, use, retention, and disclosure of personal information
Define cluster
An association of two or more brokerages linked by formal agreement to focus their collective marketing while remaining independent in all other respects
What is general information that you require from most clients?
Details of the physical risk, occupancy, and processes
Values at risk
Minimum of five year loss history
Lists of equipment and vehicles to be insured
Liability rating information
Signed applications and questionnaires where required
What are some resources a broker can use when insuring a new client?
Colleagues
Insurers
The Internet
The clients website regarding account industry trends, and profiles of the prospects industry
Magazine articles
What should your first interaction with the client be like?
Be introduced
Gain their trust
Gather readily available data
Establish a process by which additional required information can be gathered with minimal inconvenience to the client
Explain benefits of accurately identifying and analyzing clients’ exposures to loss and benefits of identifying risks they wish to transfer to insurers
What is the use made of information gathered through research and at the first client interaction?
-Uncover the associated risks and insurance coverage necessary to protect the perspective client once the information from the initial meeting is organized and assessed
-Compare the acquired information with what is required to provide the insurer with sufficient underwriting details
-Note any further information that may be needed
-Plan to return visit to perspective client operations if required
