Section 5 - Product Distribution Flashcards
What departments do the “product distribution team” makeup?
Corporate marketing and sales management
What are the separate tactical plans of corporate marketing and sales management?
Corporate marketing
Sales management
(Both are somewhat interdependent of each other)
Who must create the image of the company that reflects their culture, ultimately creating company’s brand?
Corporate marketing
Corporate marketing is responsible for what?
- Influencing customers
- Manages external messaging and outward appearance of the company
How does external communication benefit the company?
Two-way process, should have purpose and reason, important to understand feedback, favorable image of the company, help promote and advertise company
What is brand identity?
Collection of elements that make the company unique, driven by logos, business cards, advertising materials etc.
Incorporates both internal and external interactions
Name some factors of brand identity
Differentiation
Recollection.. visually mentally remember
Scalability.. brand identity must grow and change
Complementary touch points.. each touch point must complement the brand
Applicability.. clear in content creation
What is co-op advertising?
Advertising featuring company and agency, each share a percentage of the cost
What are the factors to consider when advertising?
Expenses
Control, inside or outside marketing companies
Desired market penetration, target audience on what scale
Scalability, needs to be able to increase and decrease production to meet market conditions
Distribution methods to advertise products in marketplace?
Independent agencies, promoting the company by selling to policyholders
Exclusive agents,
Exclusive agents, only represent one company, higher rate changes could have negative impact on cost
Direct marketing, uses insurance company employees to sell its products to consumers, inbound and outbound calls, direct mail, salaries may have an impact on profitability
Online distribution is a form of direct marketing, offering what type of system?
Online quoting platforms, used by customers, independent agencies, exclusive agents.. think geico or single point
What are the expectations of an agency for distributing
Competent leadership and management
Effective use of automation
Track record of business success
Identifiable sales culture
Agency marketing plan
Knowledgeable and professional staff
Commitment to the company
Perpetuation, agency plan? Retirement?
Timely accounting practices?
What are the responsibilities of sales reps (field reps, sales marketing reps)?
Meets production and financial objectives
Territory analysis
Evaluation of agencies
Recommend rehabilitation (production, loss ratio, retention)
Recommend termination
What are some agency services companies can offer to their agents?
Marketing assistance
Account management access
Education and training
Financial support
Mentoring programs
Licensing assistance
What are some methods intended to support policyholder services?
Client online access, mobile apps
Service centers
Disaster recommendations, emails, social media
Safety tips
Resources
Why is technology important to support company sales and marketing?
Impacts perceptions of company
Attracts new customers
Why is marketing strategy and message important?
Leadership can evaluate where production is strongest, can evaluate best new opportunities for growth
What systems can be used for agency management?
Producer management system
Customer relationship management system (CRM)
What technology is used to support business acquisition and retention?
Customer portals
Agency portals
Upload/ download
Electronic mailboxes
