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LOMA 320- ISTAR > Chapter 3 > Flashcards

Chapter 3 Flashcards

1
Q

What was the purpose of creating customer relationship managment (CRM) programs?

A

to focus on identifying and retaining profitable customers that could add value to the company.

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2
Q

What did insurers create in order to increase the value they receive from customers by increasing the clue they provide to customers?

A

They created the Customer experience management programs (CEM) which focuses on understanding the customers and managing all aspects of company interactions with current and potential customers.

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3
Q

What is click-stream data?

A

the information about a customers movement through the pages of a company’s website.
ie: pages the cx visits, info they look at, and informaiton downloaded.

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4
Q

Define “Logs”

A

data files that track and record a customer’s visits to a compnay’s website and record any data the customer supplies during those visits.

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5
Q

What are some examples of extenal sources of data insurance companies may have access too’?
ie economic conditions and industry activities available online from governmewnt and non-government agencies

A
  1. Bureau of labour statistics on umemployement rates, the CPI, and consumer expenditures
  2. census bureay provides current population data, industry reports and economic data
  3. the department of commerce provides business and economic data for the US
  4. the NAIC provides information about current and proposed insurance regulations.
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6
Q

What is the use of accounting records and financial statements.

A
  1. provide infor about current and projected company revenues and expenses
  2. summarize a company’s performance and overal finanical sit.
  3. report major finanical events and transactions
  4. provide information about company performance and profitability
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7
Q

What is the use of having a customer application ?

A
  1. provide general demographic data about customers

2. provide a record of product and service owned

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8
Q

What are the uses of having research reports

A
  1. identify customer products and service preferences
  2. assess past market conditions and identify future marketing oppertunities
  3. determine effectiveness of promotional efforts
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9
Q

What is the use of Marketing reports?

A
  1. access cx needs for product enhancements/ modifications
  2. provide information about product sales/revenues, promotions and peristency
  3. track sales promotions, sales force trainig and commissions. 4. Identify new markets or marketing oppertunties
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10
Q

What is the use of underwriting and claims records?

A
  1. identify specific conditions that lead to +ve and -ve underwriting decisions
  2. provide information about company-specific mortality rates
  3. show the number of amounts and claims
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11
Q

What is marketing intelligence

A

is the systematic collection and analysis of information about ongoing developments in the marketing environemnt.

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12
Q

Most marketing inteligence information comes from what sources ?

A
  1. company wishes
  2. competitiors advertisements and sales promotions
  3. company’s annual reports to shareholders and filing reuqired by the SEC
  4. satutory reports required by state regulatory agencies
  5. industry and professional association meetings
  6. new media
  7. interviews with companies, customers and industry experts
  8. Trade shows and conferences
  9. government records.
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13
Q

What is competitive intelligence (CI)?

A

Marketing intelligence about competitiors marketing activities including customer service programs, sales promotions, compensation systems, traning programs and product portfolios.

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14
Q

What is Digital intelligence (DI)

A

provides a unified view of the customer experience by integrating data from websites and social networks.

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15
Q

How does the DI tool social medical monitoring work?

A

this allows insurers to see what customers say about companies and products in online blogs, and internet forums, or social media sites such as twitter, LinkedIn and facebook.

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16
Q

What are companies able to do when DI tools capture and analyze customer data in real; time and across all channels?

A
  1. deliver the right products, services, and messages at the right time, regardless of channel
  2. design and execute more effective business strategies and marketing tactics
  3. measure performance in real time.
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17
Q

what is the advantage of marketing research?

A

provides a way for insurers to collect, analyze, interpret, and report new informaiton related to specific marketing problems or opportunities.

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18
Q

Marketing research can take how many forms?

A

2

1) secondary research- research already conducted for another purpose that can be applied to a new question or oppertunity. Fast and inexpensive way to gather background information about trends/environments/oppertunities.
2) primary treaseach- original research designed to answer current issues or questions. These are conducted to determine customer satisfaction with company’s prodcuts/services/or makerting effors and to identify unmet product needs. provides targeted information subject to $$ + time.

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19
Q

What are some questions you would ask to determine if primary research is warrented?

A
  1. is secondary research available from internal and external sources insufficient for the marketing functions’ needs?
  2. does the proposed research address problems or issues that are important to the company’s customers and distribution channels?
  3. Can the marketing problem or oppertunity and product objectives be clearly and accuretly defined?
  4. are the research conditions likely to represent reality
  5. have findings from previous research changed enough to justify a new research study?
  6. are needed resourches available to preform the projects
  7. are the benefits of the research product likely to offset its costs/
  8. will the research still be current or relevant by the time the project is completed?
  9. is the company willing and able to act on research findings?
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20
Q

Define Syndicated Service Marketing reseach suppliers (3)

A
  1. Syndicated services research firms : regularly gather information on consumers, markets or trade areas and specific marketing activities and then sell informaiton to client comapnies.
  2. custom design/ full service marketing research firms: full-servifce suppliers provide a complete range marketing services to client companies on customized basis.
  3. specialty-line/limited service marketing reserarch firms: provide limited number of specialized marketing research services, such as field interviewing, mystery shopping services, data processing and tabilation, or distribution analytics.
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21
Q

When conducting a primary research project, what needs to be considered on the proposal?

** There are 6 steps in this marketing research process name all 6. (do not define)

A

1/. problem or oppertunity the company faces

  1. purpose of the study
  2. projects design elements
  3. method used to construct samples and select sample memebers
  4. way that data will be collected, processed, analzyed and evaluated,
  5. format for reporting results to managers.
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22
Q

Define the problem definition in the marketing research process

A
  • analyze the situation to identify problems and/or oppertunities
    2. define the problem or opportunity
    3. determine how the company will use research results
    4. frame questions based on results of situation analysis
    5. conduct preliminary research as needed.
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23
Q

Define the prupose and objectives in the marketing research process

A
  1. determine the research purpose
  2. state research objectinves
  3. formulate research hypotheses
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24
Q

Define research design in the marketing research process

A
  1. determine the type of research (qualitative/quantitative)
  2. determine the appropriate research sample
  3. determine the data collection method (focus groups/in-depth interviews/ observations/surveys/labraroty or field experiments)
  4. develop and test data collection forms
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25
Q

Define the sample selection

A
  1. determine sample size and composition
  2. Determine sampling method (probability/nonprobability)
  3. select the sample
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26
Q

define the data collection, processing and analysis of marketing reseach process

A
  1. collect data according to research design
  2. examine/edit/cosde data
  3. perform data analysis
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27
Q

define the research results of the marketing research process

A
  1. develop conclusions based on research findings
  2. present findings orally and in writing to marketing and senior-level managements
  3. recommended additional research if necessary
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28
Q

Most primary marketting research projects are designed to serve one of what 3 pruposes?

A
  1. define a problem or oppertunity
  2. describe the nature of a problem or oppertunity
  3. To describe the probably cause(s) of a problem or oppertunity.
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29
Q

What is exploratory research?

A

provides insight into the general nature of a confirmed problem and identifies the variables that researches need to address.
Its useful in investigating situations and to identigy direction for research, without providing conclusions

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30
Q

What is descriptive research?

A

describes the factors that contribute to the situation ad offers support for the proposed action. Can be used to show links between two or more marketing variables. Usually doesnt establish cause-effect relationship between variables.

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31
Q

What is casual research?

A

Involves two types of variables. Indepent variables (variables that influence of behaviour of other variables) and dependent variables (changes in response to changes in other variables).. To insure a true casual relationship exists, research must be able to verify that a change in an independent variable proceded a change in a dependant variable and eliminate or account for other variable that could have accounted for the change.

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32
Q

Researchers translate the research purpose into a hyopothesis. What is this?

A

an informed guess or assumption about a problem or set of circumstances that can be accepted to rejected based on empirical data.

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33
Q

What is empirical data?

A

information gather through observation or experiment that supports or refutes a hypothesisl.

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34
Q

During the research design, marketing research makes critical decisions related what components?

A
  1. type of research
  2. research sample
  3. data collection methods
  4. data collection forms.
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35
Q

Research can be divided into two basic types:

A
  1. qualitative research

2. Quantitative research.

36
Q

Most exploratory research is qualitative research- why?

A

IT examines what people think and how they feel about the subject being studied and the words they use to express their thoughts and feelings.
- It is difficult to quantify or summarize in numerical form, and it is sometimes called soft research

37
Q

Descriptive and causal research relies on quantitative research- why?

A

It generates concrete information about population characteristics and behavior that can be analyzed, summarized, in the form of numbers, and projected to a population with a known level of error.
- its often called hard research.

38
Q

What is statistical inference?

A

A statistical process that makes it possible for research to draw conclusions and make predictions about a population based on a sample or portion, of the totoal population.

39
Q

What are the most common methods used to collect qualitative research data?

A

focus groups, in-depth interviews, observational research, and ethnographic research.

40
Q

What is a focus group?

A

an informal session during which a small number of people usually no more that eight to ten individuals, participating in a guided discussion that focuses on group members’ opinions or feelings about a given topic, product, or service.

41
Q

Define an in-depth interview

A

one-on-one interview that provides a way for researchers to collect informaiton about participants attitudes, experiences or expertise.
Expensive and time consuming.

42
Q

Define observational research

A

allows researchers to examine the activities and behaviors of research participants, with or without their knowledge and with-out influencing or interfering with their behavior. Sometimes conducted in artificial settings.

43
Q

What is ethnographic research

A

studying participants in their natural environment.

44
Q

What are mystery shoppers?

A

Researchers disguised as customers who 1) investigate what happens during an actual interaction with a company representative and 2) record their observations on a standardized response form that includes a list of responses the sponsoring company wants to investigate.

45
Q

What is a structured question. Often found on questionnaires.

A

Offers fixed alternatives, such as ‘yes’ or ‘ no’ answers or numerical rankings.

46
Q

What is an unstructured question, often found on questionnaires?

A

an open-ended and requires participants to provide answers in their own words.

47
Q

What is sampling bias?

A

a problem that occurs when the method used to collect research data excludes responses, either intentionally or unintentionally, from one or more types of sample members.

48
Q

What is probability sampling?

A

a sampling technique in which each member of a population has a determinable change or probability of being selected.

49
Q

Name the 3 types of probability sampling.

A
  1. simple random sampling - true random
  2. systematic random sampling - samples based on time, order, or space intervals.
  3. stratified random sampling. - sample a proportional rather than equal number of population members by dividing into spcific groups.
50
Q

What is the advantage of nonprobability sampling?

A

limits sample selection to individuals who meet specific criteria, such as age, gender, GEO location or products owned, may be used.

51
Q

Define the stages of Data Processing

A

Involves the 1) examining collected data to ensure that it is complete and accurately recorded, 2) editing the data nto categories and 3) coding.

52
Q

What is Data analysis?

A

Involves sorting and summarizing coded data and subjecting it to statistical techniques and/or decision models.

53
Q

How are research results reported?

A

in both oral and written form to ensure that information is communicated to decision-makers are clearly as possible.
Written reports include and executive summary and appendices that provide an overview.

54
Q

What is structured data?

A

data that exists in a fixed field within a record, data file, or spread sheet and can be organized systemically
ex: customer data and transactional data.

55
Q

What is unstructure data?

A

consists of test and media content such as videos, photos, web pages,,… doesnt have a rigid strucutre and cant be organized systematically wihtout additional processing.

56
Q

What is semistructured data?

A

includes a combination of structured elements that can be identified and classified using tags or markers and unstructed elements that can be identified and classified using tags or markers and unstructured elements. Email-message

57
Q

How does Information technology (IT) offer companies a way to effectively manage the data they collect?

A

by providing the tools to present, transmit, receive, record, store, analyze and transform data into information that managers can use to make business decisions.

58
Q

Data is stored in databases, data warehouses or in the cloud. Briefly define each

A
  1. database- collection of related data gathered from multiple resources. Different databases use different formats and management systems.
  2. Datawarehouse- combine data from various organizational databases and administrative systems then organizes the data into clearly identified categories, screens the data to eliminate duplications, edits’ the data into standard format and house the data in a centralized location.
  3. The cloud is a virtual data storage system that maintains digital data on multiple distributed and connected servers.
59
Q

What is enterprise data warehouses?

A

Combines data from individual data warehouses and administrative systems across the entire company.

60
Q

What is the Database management system (DBMS)

A

Organizes stored data and govern how users can access, modify and use the data. The speific type of DBMS a company uses depends on the kind of data it collects.

61
Q

What are different DBMS systems?

A
  1. document management systems ( DMS) manage data included in printed documents.
  2. Content management systems (CMS) Manage video and graphic content as well as text.
  3. knowledgement management systems- manage all of a company’s information resources.
62
Q

All DBMS systems include a set of rules that describes who can access and modify stored data, how long data will be saved and when, if ever, store data will be destroyed. They offer insurers what 3 key benefits?

A
  1. reduced cost-
  2. improved efficiency
  3. improved compliance.
63
Q

What is data analytics, and what is it’s purpose?

A

the process of examining data to draw conclusions about data.

  1. reactive analytics allows a companie to draw conclusions about situations or events that occured in the past.
  2. Proactive analytics: Allows companies to identify conditions that have created problems or oppertunities in the past and then apply models or look for the same conditions in current situations so that they can act quicklly to acoid potential problems or take advantage of potential opportunities.
  3. Predictive analytics- allows companies to make better business decisions by identifying trends and predicting results before they happen.
  4. Prescriptive analytics, make predictions, suggest decision options based on the predictions and show the possible implications of each desicion.
64
Q

What is data mining?

A

allows users to analyze large amounts of internal and external data to discover previously unknown trends, patterns, and relationships.
- the results are used to identify the factors that create patterns.

65
Q

The details available in a comprehensive customer profile aid insurers do what?

A
  1. market current products and services to the right cutomers at the right time thought the right channel. 2. Develop new products and services that better statisfy customers current and future needs.
  2. design markerting communications that deliver the right messages through the right channels.
  3. identify cross-selling and up-selling oppertunities
  4. determine the most effective service channel to use, the appropriate number and types of service personnel to maintian and the kinds of training the information that service personnel should have.
  5. increase customer satisfaction, retention, value
66
Q

Comprehensive profiles of insurance customers typically include what type of information?

A
  1. purchase hx
  2. non-sales interactions
  3. demographics
  4. psychographics
  5. risk tolerances
  6. household relationships
  7. major life events
  8. risk to the company.
  9. purchase behavior
  10. satisfactory levels
  11. profitability.,
67
Q

What is the purpose of text mining?

A

allows users to analyze nonnumerical, unstructured data in written communications by translating the data into numerical values and then applying data mining techiniques.

68
Q

What are speech analytics?

A

identify specific workds or phrases in recorded telephone calls, complaint records, or claim forms and may also provide insight into a customers’ state of time at the time of the call

69
Q

What is social media analytics?

A

tracks the number of followers a company has or the number of mentions/comments it receives on social media sites to provide a measure of customers’ overall impressions of an engagement with a company and its products/services.

70
Q

What are 4 applications of predictive analytics that insueres use ?

A
  1. using data about medical costs and mortality to predict future life insurance claims
  2. offering premium discounts or other benefits to individuals in exachange for information about exercise patterns tracked by wearable devices.
  3. looking for factors that are likely to have a positive or negative effect on future customer loyalty, retention and profitability.
  4. identifying customers who are likely to need certain insurance products in the future.
71
Q

Insures use information technology to deliver information to customers. Name some examples

A
  1. benefits of owning insurance insurance products/services
  2. upcoming deadlines for payments
  3. changes in investment options
  4. new products, benefits, or services that can better meet their needs.
  5. general financial or other information of interrest
72
Q

What else can insurers do, by coordinating all the information obtained from incoming and outgoing communications with customers?

A
  1. create a single view of the customer in real time or near real time
  2. share data across lines of business, products and functions
  3. deliver a consistent brand message and reliable level of service across all channels.
73
Q

Insurers must provide what information to clients, in relation to their data collections/privacy ?

A
  1. communicate their privacy policies and procedures to all customers when they purchase a contract and at least annually there after
  2. post detailed privacy statements on comapny websites
  3. allow customers to opt out of certain disclosure processes or to restrict access to non-public personal information to specific users or for specific purposes.
74
Q

Define the network securities specific to public information

A

Store in a company’s databased, data warehouse or on the cloud is accessible via the internet to anyone using any device that supports internet access, including computers, tablets and mobile phones.

75
Q

Define the network securities for semiprivate information.

A

its generally maintianed in-house and is accessible to emploues, sales intermediates and business partners through a company’s extranet

76
Q

Define the network securities for private information

A

Store in-house and is accessible only to company employees through a company intranet.

77
Q

What are the most common form of privacy threats a company will face?

A
  1. Malware- programs that perform unwanted tasks, or gathers information about internet users.
  2. viruses-
  3. phishing- programs that give unauth users access to personal, account or financial information.
  4. spam- unsolicitated ‘Junk’ email messages.
78
Q

How can companies prevent/manage the privacy threats?

A

by installing intrusion detection software and antivirus software on network systems and requiring employees to install similar programs on personal computers.

79
Q

What is the act of encrypting?

A

Transforming text into a coded data, called ‘cyhertext’ that can only be read by users with the proper decoding ‘key’.

80
Q

What are some authentication methods a company may use to authenticate identity?

A
  1. knowledge factots- things users know. passworks, security questions, PINs. Security tokens (one time use code)
  2. ownership factors: things users have (ID)
  3. Personal factors: Things unique to a particular person ( fingerprints, signatures)
  • Most insueres require users to provide 2 auth factors.
81
Q

What steps were recommended to researches in the FTC report published in 01/2016 regarding Data Biases?

A
  1. Ensure that data sets contain accurate and unbiase information about all members of the population
  2. comply with existing laws designed to protect customers agasint the unfair use of customer information
  3. avoid policies, practives, or decisions that may have an adverse impact on members of protected classes unless they are justified by a legitimate business need that cannot be achieved by other means
  4. develop strategies for avoiding and overcoming biases in data collection and analysis.
  5. maintain resonable security over customer data.
82
Q

Define the action of machine learning.

A

automates analytical model building by using iterative process and algorithms that allow computers to find hidden patters in data without being explicitly programmed where to look

83
Q

Name two companies who already use machine learning to provide only product recommendations to customers

A

Netflix and amazon `

84
Q

What other benefits/uses are there for machine learning

A
  1. generate web search results
  2. produce real-time ads on websites and mobile devices
  3. provide up-to date credit scores
  4. filter e-mail spam messages
  5. identify people and places using pattern and image recongnition
85
Q

Define Artificial intelligence (AI)

A

which is an are of computer science that emphasizes the creation of intelligent machines that work and react like humans.

86
Q

How has AI been implemented in the financial services world?

A

robo-advisors, which are automated online investment services that manage personal investments.

LOMA 320- ISTAR (10 decks)

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