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IF8 > Chapter 4 > Flashcards

Chapter 4 Flashcards

1
Q

What have rapid changed in consumer demands, greater customer awareness, technological improvements resulted in

A) higher costs
B) insurers needed to change their work practices

A

practices

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2
Q

Is the below a direct or indirect channel

Employees of the insurance company sell the products of direct marketing techniques are used to promote sales

A

Direct

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3
Q

Is the below a direct or indirect channel

Intermediaries paid by the insurer promote and sell cover on the insurers behalf

A

Indirect

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4
Q

Traditionally were most commercial insurance arranged through direct or indirect channels

A

Indirect

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5
Q

Are the below indirect or direct channels

Company sales staff
Internet/ social media

A

Direct

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6
Q

Is this direct or indirect channels:

There has been a noticeable growth due to huge technological changes

A

Direct

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7
Q

Is this direct or indirect channels:

The straightforward nature of packaged policies lends itself to this means of transacting insurance because policyholders requirements can be match to standardise products thereby simplifying the underwriting process

A

Direct

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8
Q

Is this direct or indirect channels:

This channel continues to be the natural choice for small business owners. Communication is predominantly by telephone, email or letter

A

Indirect

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9
Q

Is this direct or indirect channels:

For high st intermediaries there’s been a growth in electronic trading using network links to insurers and electronic data interchange

A

Indirect

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10
Q

What has left to larger intermediaries developing call centres of their own

A) cheaper premiums
B) full cycle EDI

A

B) full cycle EDI

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11
Q

Is this direct or indirect channels:

Electronic data interchange in the most simplest form is the exchange of information by email. EDI takes this further by creating an interface between intermediaries and insurers that provides pricing info and may also be used to effect policy renewals and alterations

A

Indirect

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12
Q

What has full cycle EDI enabled

A) intermediaries to provide cheaper premiums
B) intermediaries to provide quotations, prop firms and policies within their own office

A

B) intermediaries to provide quotations, prop firms and policies within their own office

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13
Q

Which does the following refer to:

Info can be used to call the customer back to progress the enquiry or if sufficiently detailed to calculate a quotation. Quote isn’t provided interactively via the website but is sent separately by email over the phone or by mail

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

B) webform sites

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14
Q

Which does the following refer to:

Such sites permit customers to change their details held. Less commonly available for commercial packages insurances

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

D) full service sites

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16
Q

What has caused the way in which information is collected, stored, processed and communicated by both insurers and intermediaries

A) EDI Cycle
B) IT
C) cheaper premiums

A

B) IT

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17
Q

What way are quotations offered over the telephone and cover is arranged immediately

A) call centres
B) internet
C) apps and social media

A

A) call centres

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18
Q

Which is the following referring to

They are staffed by advisers who are trained in telephone, computer and customer care skills

A) call centres
B) internet
C) apps and social media

A

A) call centres

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19
Q

Are the below indirect or direct channels

Independent intermediaries
Other intermediaries

A

Indirect

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19
Q

Which is the following referring to

Computerised quotations systems which link directly to administrative systems are used to provide immediate quotations and cover for customers

A) call centres
B) internet
C) apps and social media

A

A) call centres

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21
Q

What does the below refer to

If a financial promotion makes a claim about the competitiveness of its prices it must be consistent with the result reasonably to be expected by the majority or customers which may respond to it

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

D) regulatory requirements

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22
Q

Which does the following refer to:

A non interactive website- essentially an insurer or intermediaries marketing material. May be detailed in its content and provide key info regarding products and services

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

A) brochure sites

23
Q

Which does the following refer to:

Key element is the potential customers are provided with contact info, usually phone or email and are encourage to contact the company. Alternatively some ask for customer details to return their call

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

A) brochure sites

24
Q

What does the below refer to

The product life cycle is the time from introducing the product to the market until sales start to decline and is superseded by newer alternatives. Many insurers don’t expect their products to remain the same for longer than a year or 18 months

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

C) product differentiation

25
Q

Which does the following refer to:

This type of website is commonly used by intermediaries who run schemes for commercial packages policies

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

A) brochure sites

27
Q

Which does the following refer to:

Allows for a certain type of interaction buildings on the content of brochure sites and can provide the facility for the customer to key in info into an enquiry form

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

B) webform sites

28
Q

Which does the following refer to:

Both insurers and intermediaries use this type of website

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

B) webform sites

29
Q

What is a full cycle EDI

1) includes issue of policy documentation
2) Creates an interface between intermediaries and insurers

A

1) includes issue of policy documentation

29
Q

Which is the following referring to

Business transaction can be carried out swiftly and efficiently with instant payment for products by debit card fraud

A) call centres
B) internet
C) apps and social media

A

A) call centres

29
Q

Which does the following refer to:

Variation on the interactive are extranet sites called e-booking. Allowing only designated intermediaries to go online to obtain quotes. This allows intermediaries to white label (own brand) the quote enhancing their marketing activities

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

D) full service sites

30
Q

What does the below refer to:

By giving added value each services provides an extra incentive. Satisfied customers are an effective form of free advertising

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

B) customer service

31
Q

What does the below refer to

Authorised firms must show that they have taken reasonable steps to ensure that all financial promotions the clear, fair and not misleading

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

D) regulatory requirements

34
Q

Which does the following refer to:

Insurers and intermediaries often have dedicated sales staff who follow up new business leads

A( advertising
B) publicity
C) company sales staff

A

C) company sales staff

35
Q

What are useful for the promotion of products and new leads

A) social media
B) business leads

A

B) business leads

36
Q

Who have entered the marketplace due to institutions diversifying their activities

A) insurers
B) intermediaries
C) banks and building society’s

A

C) banks and buildings society’s

37
Q

What does the below refer to:

As part of their marketing strategy every company needs to consider how to developers the customer service skills of its employees and build employee competence

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

B) customer service

38
Q

What does the below refer to:

When arranging a private motor policy and advisor may notice that the insureds occupation is noted as self employed builder. Further enquiries would work out the client needs a quote

A) cross selling by other staff
B)enquiry forms completed by potential customers over the internet
C) responses to direct mail campaigns

A

A) cross selling by other staff

39
Q

What does the below refer to:

It allows customer to conduct their business with the company online, sets up a telephone network that allows customers to obtain info, provides a fast turnaround in new business applications, establishing effective complaint handling and provides speedy and fair claims

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

B) customer service

41
Q

What three types of business leads are there starting with

Cross selling by other staff

A

Enquiry forms completed by potential customers over the internet

Responses to direct mail campaigns

42
Q

What are the four influential factors on the marketing of packages commercial insurances starting with

1) the development of focused products

A

2) the importance of customer service
3) how providers differentiate their products from others in the market
4) regulatory requirements

43
Q

What does the below refer to

The promotion must also state prominently the basis for the claimed benefits and any significant limitations

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

D) regulatory requirements

44
Q

What does the below refer to:

Insurers have recognised the ability to attract policyholders by trade as well as other marketing techniques. A significant number of risks of a particular business type and proceeded to develop a segmented product aimed specifically at the insurance and risk management requirements

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

A) focused products

45
Q

What does the below refer to:

Development of this segmented approached has seen the development of schemes offering preferential insurance cover and terms to members of particular trade associations. Schemes are only available through 1 particular broker

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

A) focused products

45
Q

What does the below refer to:

Many customers take account of service standards as well as price

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

B) customer service

46
Q

What does the below refer to

Service level agreements are becoming increasingly important as part of the client/ intermediary relationship. Apart from the need to set down the nature of the relationship in the TOBA. SLA’s are designed to support the relationship by documenting important areas of performance

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

B) customer service

47
Q

What does the below refer to

Policies are frequently redesigned and re launched by insurers in the ongoing struggle to increase or even retain market share

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

C) product differentiation

48
Q

Which does the following refer to:

This could take the form of articles in the business pages of newspapers and in trade journals

A( advertising
B) publicity
C) company sales staff

A

B) publicity

49
Q

What does the below refer to

As well as being accurate and honesty firms must not make misleading comparisons with competitors including using a competitors logo or trademark or producing one very similar or comparing a product with a competitors product that’s not the same

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

D) regulatory requirements

50
Q

Which does the following refer to:

Builds further on webform sites. However the difference lies int the fact that the info input by the customer is used to Calculate and provide a quote directly to the customer online. This is mainly used by insurers

A) brochure sites
B) webform sites
C) interactive sites
D) full service sites

A

C) interactive sites

50
Q

Which does the following refer to:

Any form of paid-for promotion of products and services. It’s purpose to increase prospective customers awareness of the company’s products

A( advertising
B) publicity
C) company sales staff

A

A( advertising

50
Q

What does the below refer to

Firms must comply with relevant legislative requirements including the BUSINESS PROTECTION FROM MISLEADING MARKETING REGULATIONS 2008

A) focused products
B) customer service
C) product differentiation
D) regulatory requirements

A

D) regulatory requirements

IF8 (9 decks)

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