Midule 12 - Marketing

Question 1

Process by which a potential/current plan sponsor or it’s advisor soliciting proposals/bids from insurers for the purpose of implementing a new or modified group benefits plan.

Answer 1

Group insurance marketing

Question 2

A type of marketing where the plan sponsor deals directly with insurers

Answer 2

Direct marketing

Question 3

A type of marketing were the plan sponsor uses an agent, broker, consultant

Answer 3

In direct marketing

Question 4

And individual or organization who deals directly with the insurer on behalf of a plan sponsor.

Answer 4

Intermediaries

Question 5

There is approaches used by insurers to pay advisors

Answer 5

Commission scale’s

Question 6

A marketing process which begins with an advisor/plan sponsor conducting preliminary interviews with insurers to narrow the selection to three insurers

Answer 6

Negotiated placement

Question 7

A marketing process where a public announcement is made to all eligible insurers through a request for proposal (RFP]

Answer 7

Open bidding

Question 8

A marketing process with the plan sponsor prescreens potential participants and selects specific insurers before the actual marketing is done

Answer 8

Closed bidding

Question 9

Cultivating a relationship with a plan sponsor that may need help introducing or improving it’s group insurance plan

Answer 9

Prospecting

Question 10

A key tool in the marketing process used by advisors to communicate benefits needs and necessary information to insurers for purposes of gathering proposals

Answer 10

Request for proposal (RFP)

Question 11

Proposal criteria including competitiveness of premium rates, retention guarantees, non-evidence and overall benefit maximums

Answer 11

Quantitative criteria

Question 12

Proposal criteria including proposal quality, the insurers reputation and it’s ability to underwrite the benefits as requested, and it’s ability to provide requested benefits/services

Answer 12

Qualitative criteria

Question 13

A document prepared by an advisor for the plan sponsor, which includes details such as a summary of the results of the quantitative and qualitative analysis, usually prepared in a matrix format

Answer 13

Marketing report

Question 14

When insurer account executives of each insurer presents proposals to the plan sponsor and advisor for larger groups

Answer 14

Finalist presentation

Question 15

A request for a group insurance coverage by a prospective contract holder that initiates the procedures necessary to put the plan into effect

Answer 15

Master application

Question 16

The process of explaining the benefits plan and helping individuals complete an enrolment form

Answer 16

Enrolment

Question 17

The post-sale phase of marketing that includes enrolling Plan members, preparing an issuing group documents, preparing financial agreements and preparation of the first bill

Answer 17

Installation

Question 18

The inter-jurisdictional association of insurance regulators, mandated to facilitate and promote an efficient and effective insurance regulatory system

Answer 18

CCIR

Canadian Council of insurance regulators

Question 19

The interjurisdictional group of regulating authorities who are dedicated to developing consistent standards and qualifications and practises for insurance intermediaries

Answer 19

CISRO

Canadian insurance services a regulatory organizations

Question 20

The principle that a recommended product or service must be appropriate for the clients needs

Answer 20

Needs based sales practises

Question 21

Voluntary nonprofit association that represents the collective interest of its members life and health insurance

Answer 21

CLHIA

Canadian life and health insurance Association