Midule 12 - Marketing Flashcards
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.
Group insurance marketing
A type of marketing where the plan sponsor deals directly with insurers
Direct marketing
A type of marketing were the plan sponsor uses an agent, broker, consultant
In direct marketing
And individual or organization who deals directly with the insurer on behalf of a plan sponsor.
Intermediaries
There is approaches used by insurers to pay advisors
Commission scale’s
A marketing process which begins with an advisor/plan sponsor conducting preliminary interviews with insurers to narrow the selection to three insurers
Negotiated placement
A marketing process where a public announcement is made to all eligible insurers through a request for proposal (RFP]
Open bidding
A marketing process with the plan sponsor prescreens potential participants and selects specific insurers before the actual marketing is done
Closed bidding
Cultivating a relationship with a plan sponsor that may need help introducing or improving it’s group insurance plan
Prospecting
A key tool in the marketing process used by advisors to communicate benefits needs and necessary information to insurers for purposes of gathering proposals
Request for proposal (RFP)
Proposal criteria including competitiveness of premium rates, retention guarantees, non-evidence and overall benefit maximums
Quantitative criteria
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
Qualitative criteria
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
Marketing report
When insurer account executives of each insurer presents proposals to the plan sponsor and advisor for larger groups
Finalist presentation
A request for a group insurance coverage by a prospective contract holder that initiates the procedures necessary to put the plan into effect
Master application
The process of explaining the benefits plan and helping individuals complete an enrolment form
Enrolment
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
Installation
The inter-jurisdictional association of insurance regulators, mandated to facilitate and promote an efficient and effective insurance regulatory system
CCIR
Canadian Council of insurance regulators
The interjurisdictional group of regulating authorities who are dedicated to developing consistent standards and qualifications and practises for insurance intermediaries
CISRO
Canadian insurance services a regulatory organizations
The principle that a recommended product or service must be appropriate for the clients needs
Needs based sales practises
Voluntary nonprofit association that represents the collective interest of its members life and health insurance
CLHIA
Canadian life and health insurance Association
