CAIB 4 - Book Practice Questions And Answers

CAIB 4 - Book Practice Questions And
Answers

Aetechnologyeplanewilleaffectealleaspectseofetheebrokerageeandeitserelationshipsewitheitseclien
ts,eprospectseandetheeinsuranceecompanies.

Describeeareasetheebrokerageewillehaveetoeaddresseineitsetechnologyeplanningeprocesse-
eCORRECTeeANSWER-UnderstandingeNeeds

Analyzeetheecurrentebusinessesituation
Projectetheefuture
e

CriteriaetoeEvaluateeTechnology
ReportingeCapabilities
Capacity
Supporte&eTraining
Cost
e

Implementation
ContingencyePlan
Maximization

Coachingeiseaeplannedeprocessethatebringseaboutelastingeperformanceeimprovement.eExpl
ainewhyeyouebelieveethisetoebeetrueeorenote-eCORRECTeeANSWER-oneetoeoneeexchangee-
erelationshipebuilding




motivationaleprocessethateidentifieseemployeeeindividualeneeds

provideseinformation,eunderstandingeanderesourceetoehelpemeeteemployee'seneeds

focuseseoneimprovingeperformance,eincreasedecommitmenteandepositiveeworkingeconditio
ns

shouldeoccurealletheetimee(on-going)

Defineepositioningeandedifferentialeadvantagee-eCORRECTeeANSWER-Positioninge-
erefersetoehowetheebrokerageeiseperceivedebyeclientseinerelationetoecompetingebrokerages.eT

hiseperceptioneiseoftenereferredetoeasetheeimageeofetheebrokerage.

, Differentialeadvantagee-
ethiserefersetoeanyefeature,eservice,eoreproducteofferedebyetheebrokerageewhichedifferentiate

seitefromeotherseandeprovideseaneadvantageebecauseeclientsedeemeiteasebeingeimportantetoe
them.eTherefore,eanyebrokerageethateofferse24-
houreaccesseviaetechnology,eaevarietyeofeserviceseandeproductseoresuperioreclienteservice,e
mayedevelopeaneadvantageeoveretheecompetitionebecauseeclientsewantetheeaddedevalueeth
atetheseedifferenceseprovide.

Describeethreeemajorewayseinewhichetechnologyehasesignificantlyechangedetheeeffectivene
sseofebrokerse-eCORRECTeeANSWER-Enhanceeprofitability

Buildeclienterelationships

Improveeeffectiveness

Differentetypeseoferelationshipseexisteatedifferentelevelseandeaseaeresultethereeareeaevarietyeo
ferelationshipetypes.eIndicateewhicheoneebestedescribeseyourerelationshipewithetheemajoritye
ofeyoureclientseandewhy.e-eCORRECTeeANSWER-Face-to-face;

Thisetypeeoferelationshipeisecharacterizedebyeclienteinteractionewithetheecompanyeoneaeregul
arebasiseaneineaepersonaleenvironment.

Theeclienteactuallyemeetseemployeeseofetheecompany,etheyeseeetalkewitheeacheother.e

Theyemayeoremayenotedevelopeveryecloseefriendly,epersonalerelationshipselargelyebecausee
ofetheenatureeofetheeinteraction.

Discussetwoewayseaebrokerageecaneidentifyeaerelationshipseriskeandetwoewaysetheyecanema
nageethaterisk.e-eCORRECTeeANSWER-Identify;
Trackelapsedepolicies
Reducedecoverage
Neweacquisitionewitheanotherecompany

Manage;
Findesourceeofedissatisfaction
Makeeaecountereoffer
Useeofeabeyance/correspondenceetoetrackeorefollow-up

Explainetheeadvantageseandedisadvantageseofetop-downeandebottom-
upeapproachesetoeplanning.e-eCORRECTeeANSWER-Top-DowneApproach
oeManagementeisefirmlyeinecontrol
oeMayefailebecauseeemployeesedon'tebuyeintoeit

Bottom-UpeApproach
oeEmployeesesetetheeplane-ebuy-in
oeManagementefeelethatetheyeareenoteinecontrol