LOMA 291 Module 2 Questions with 100%
Correct Answers
Omnichannel distribution
A form of distribution that enables personalized sales to customers through multiple,
integrated communication channels.
Common ways to engage with customers
- Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broadcast Media
- Worksite Marketing
- Location Selling
Face to Face
Financial professionals commonly meet face-to-face with potential customers, often referred
to as prospects. Financial professionals follow a fairly typical sales process during a series of
meetings.
During these face-to-face meetings, the financial professional:
Identifies the prospect's financial needs
Develops a proposal that recommends one or more insurance products to meet the identified
needs
Presents the proposal to the prospect in hopes of completing a sale
,If the sale is successful, assists the customer in applying for the product, submits the
application to the insurer, and, in some instances, delivers the policy to the customer
Prospects
A potential customer for an insurer's products or services.
Phone
Insurers and financial professionals can use telephones to share information with customers
and prospects. Sometimes, the customer will initiate the contact...
Direct Mail or Email
An insurer or financial professional using direct mail or email distributes insurance sales
materials through a mail service directly to a list of prospective customers. These mailings
can be physical letters, brochures, or flyers mailed to the prospect or emails sent to a
distribution list. The target market for direct mail might be readers of a particular publication
or holders of a particular credit card.
For paper mail, the sales materials usually consist of an introduction letter, a brochure that
describes a particular product, an insurance or annuity application, or an inquiry form the
customer can use to request further information about the product. For email, the insurer
provides links to similar items on the insurer's website.
Online
Most insurers' websites provide information and self-service options and promote products
that can satisfy needs. Insurers also advertise their products through third-party websites and
social media. Consumers using these websites may contact the company by telephone, email,
or web chat to ask questions or purchase a product. Often, insurers put these consumers in
,contact with a financial professional.
Financial professionals may also use websites and social media to engage with customers
directly.
Print and Broadcast Media
An insurer or financial professional may use printed publications, such as magazines or
newspapers, to describe a particular product and generate interest in that product. Insurers can
try to reach a particular target market by printing advertisements in newspapers in certain
geographical areas or in magazines that appeal to certain demographics. For example, an
advertisement for an annuity product designed for people age 62 or older might appear in a
magazine for retired people.
An insurer can use radio, television, or video streaming sites to disseminate an advertising
message over a wide area to a large, generally undifferentiated audience. However, selecting
certain programs or times of the day in which to advertise does allow an insurer some
selectivity. For example, a life insurance product might be advertised on television between
the hours of 8 and 10 p.m. when newly married couples or young parents are likely watching
television.
Worksite Marketing
Financial professionals sometimes engage in worksite marketing to distribute voluntary
benefits. Usually, the employer collaborates with the financial professional to promote
voluntary benefits to employees.
Examples of voluntary benefits
include:
, Life insurance
Disability insurance
Accident insurance
Critical illness insurance
Long-term care insurance
ID theft protection
Legal services
Financial counseling
Worksite Marketing definition
A method for distributing voluntary benefits to people at their place of work.
Voluntary Benefits
Individual or group insurance or other financial products offered through an employer, but
paid for by the covered employee, usually through payroll deduction.
Location selling
Some insurance companies also sell insurance products through a method known as location-
selling. These locations can be staffed by a financial professional or offer self-service options
for customers.
Location-selling systems may be located in businesses such as department stores, big box
stores, grocery stores, and funeral homes.
Location selling system
A method for distributing insurance products that is designed to generate customer-initiated
sales at an office or information kiosk in a store, shopping mall, or other non-insurance
business establishment.
Correct Answers
Omnichannel distribution
A form of distribution that enables personalized sales to customers through multiple,
integrated communication channels.
Common ways to engage with customers
- Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broadcast Media
- Worksite Marketing
- Location Selling
Face to Face
Financial professionals commonly meet face-to-face with potential customers, often referred
to as prospects. Financial professionals follow a fairly typical sales process during a series of
meetings.
During these face-to-face meetings, the financial professional:
Identifies the prospect's financial needs
Develops a proposal that recommends one or more insurance products to meet the identified
needs
Presents the proposal to the prospect in hopes of completing a sale
,If the sale is successful, assists the customer in applying for the product, submits the
application to the insurer, and, in some instances, delivers the policy to the customer
Prospects
A potential customer for an insurer's products or services.
Phone
Insurers and financial professionals can use telephones to share information with customers
and prospects. Sometimes, the customer will initiate the contact...
Direct Mail or Email
An insurer or financial professional using direct mail or email distributes insurance sales
materials through a mail service directly to a list of prospective customers. These mailings
can be physical letters, brochures, or flyers mailed to the prospect or emails sent to a
distribution list. The target market for direct mail might be readers of a particular publication
or holders of a particular credit card.
For paper mail, the sales materials usually consist of an introduction letter, a brochure that
describes a particular product, an insurance or annuity application, or an inquiry form the
customer can use to request further information about the product. For email, the insurer
provides links to similar items on the insurer's website.
Online
Most insurers' websites provide information and self-service options and promote products
that can satisfy needs. Insurers also advertise their products through third-party websites and
social media. Consumers using these websites may contact the company by telephone, email,
or web chat to ask questions or purchase a product. Often, insurers put these consumers in
,contact with a financial professional.
Financial professionals may also use websites and social media to engage with customers
directly.
Print and Broadcast Media
An insurer or financial professional may use printed publications, such as magazines or
newspapers, to describe a particular product and generate interest in that product. Insurers can
try to reach a particular target market by printing advertisements in newspapers in certain
geographical areas or in magazines that appeal to certain demographics. For example, an
advertisement for an annuity product designed for people age 62 or older might appear in a
magazine for retired people.
An insurer can use radio, television, or video streaming sites to disseminate an advertising
message over a wide area to a large, generally undifferentiated audience. However, selecting
certain programs or times of the day in which to advertise does allow an insurer some
selectivity. For example, a life insurance product might be advertised on television between
the hours of 8 and 10 p.m. when newly married couples or young parents are likely watching
television.
Worksite Marketing
Financial professionals sometimes engage in worksite marketing to distribute voluntary
benefits. Usually, the employer collaborates with the financial professional to promote
voluntary benefits to employees.
Examples of voluntary benefits
include:
, Life insurance
Disability insurance
Accident insurance
Critical illness insurance
Long-term care insurance
ID theft protection
Legal services
Financial counseling
Worksite Marketing definition
A method for distributing voluntary benefits to people at their place of work.
Voluntary Benefits
Individual or group insurance or other financial products offered through an employer, but
paid for by the covered employee, usually through payroll deduction.
Location selling
Some insurance companies also sell insurance products through a method known as location-
selling. These locations can be staffed by a financial professional or offer self-service options
for customers.
Location-selling systems may be located in businesses such as department stores, big box
stores, grocery stores, and funeral homes.
Location selling system
A method for distributing insurance products that is designed to generate customer-initiated
sales at an office or information kiosk in a store, shopping mall, or other non-insurance
business establishment.
