LOMA 291 Module 2 UPDATED ACTUAL Questions And Correct Answers
C
Terms in this set (315)
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.
C
Terms in this set (315)
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.
