Sales Process of Life Insurance Company and Environmental Analisys

the selected market only if those consumers that have some knowledge of the insurance products.

Syed Maruf Reza and Mohammed Masum Iqbal (2007), in their paper “Life Insurance Marketing in Bangladesh”, shows the insurance marketing problems in Bangladesh such as low per capita income, poor knowledge of agents, poor service to policy holders, etc. It aimed at making some important recommendations to the problems of insurance marketing in Bangladesh. Therefore to cater to these problems and improve the performance of insurance marketing, some important steps were taken such as more training to sales force, diversified policies, more marketing research for improved strategies and so

The process that Geico follows for providing affordable car insurance to fulfill a wide range of customer needs is comprised of four core steps. Regardless of which medium of contact a customer uses, Geico will provide answers to an in depth situational analysis questionnaire that gathers data on personal driving and vehicle history. The following step allows customers to specify their individual needs for coverage. These responses are then used to generate a variety of insurance options. Finally, the customer works with an insurance underwriter to revise and then finalize their selection (Lastname, J). The culmination of this process ensures every customer receives their auto insurance at the most reasonable price available, without sacrificing any quality.

Insurance is an arrangement by which a company gives customers financial protection against loss or harm such as theft and illness in return for premium payments. One of the most important ways that external economic factors are affecting insurance industries is by experiencing a slow pattern in the economy. Insurance companies are affected by lower sales and lower rates of returns on their investments. Companies have to sell certain products for which they have the commitment and the

To remain competitive and operational most insurance agencies are relying on mobile devices, social media and rethinking how they conduct business to remain relevant. Depending on whether you are in house agent, or field agent you will have the advantage of using your computer, phone, tablet to process applications. In the past agents would have to carry paper applications with them when visiting a prospective client. Modern technology is changing and applications can be processed electronically at your fingertips. Most insurance companies are shifting from point of sale system to a web based solution. This change will allow independent agents access into the policy pricing system to give the most accurate pricing information. Insurance agencies are also looking to change explanation of benefits to make it more user friendly for customers (Baseline Magazine).

One of my daily responsibilities is to find more business opportunities for the office. I did a lot researches and found tremendous potential in the regions, especially among first-generation immigrants and new arrivals who, while having insurance needs, are not well acquainted with the U.S. insurance system and how insurance claims and policies work. Among these potentials, we found the big opportunities in Asian-Americans who are often ignored or overlooked by traditional marketing channels. Specially, all of us in the office are Chinese and we understand more about Asian culture. Based on the marketing research, we three discussed together to decide the marketing goal: to build the current business into much larger agency, by identifying, targeting, reaching and offering insurance products to a new generation of insurance customers, with a particular focus on Asian-Americans in the Philadelphia, New Jersey and Delaware

Insurance makes up part of the broader financial services industry. Some large companies sell virtually every type of insurance available in the marketplace. Smaller companies may specialize in a specific geographic region or type of insurance.

B) If the customer is unsure about some product or service that you sell and you do not have much knowledge on it then you can say that you have a specialist on this area or product or service and you will get them to contact the customer as soon as possible with more detail.

A private agent from COMPANYXXXX in LOCATIONXXXX will spend numerous hours gathering confirmation and data that will settle a case or for the customer to use in court in COUNTYXXXX.

The insurance industry is so large that most companies specialize in a particular aspect of insurance. There are differences in their manner of approach to claims, customer service relation, etc. but the good thing is that there are plenty of resources on the web to help you find a company that is financially stable and offers the quality of claims and customer service you are seeking.

Insurance comes in many forms such as life, health, homeowners, automobiles, and many more. There are reasons for the variety of branches and types of insurance; in case a catastrophe hits, everyone would be

1. List the questions that he should ask at the meeting to determine the customer’s requirements and any additional needs.

The author insists on the importance of life insurance and discusses on various strategies of life insurance.

2. Categorizing and prioritizing the customer needs attracting a solid target market. And knowledgeable sales person to engage in customer relationships.

Insurance agents sell one or more types of insurance, such as life, property, casualty, health, disability, and long-term care (Edwards, 1999, A12). Agents sell insurance policies to individuals and businesses to provide protection against loss or catastrophe. Insurance agents consider the financial status and life situation of their clients, and assist them in selecting their optimal insurance policy. Some policies can be designed to provide retirement income, funds for the education of children, or other benefits (Edwards, 1999, A12).