Omnichannel distribution - Correct Answer A form of distribution that enables personalized sales to customers through multiple, integrated communication channels.
Common ways to engage with customers - Correct Answer - Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broa...
LOMA 291 Module 2 Questions With
Solutions
Omnichannel distribution - Correct Answer A form of distribution that enables personalized sales to
customers through multiple, integrated communication channels.
Common ways to engage with customers - Correct Answer - Face to Face
- Phone
- Direct Mail or Email
- Online
- Print and Broadcast Media
- Worksite Marketing
- Location Selling
Face to Face - Correct Answer 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 - Correct Answer A potential customer for an insurer's products or services.
Phone - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer 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 - Correct Answer A method for distributing voluntary benefits to people
at their place of work.
Voluntary Benefits - Correct Answer 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 - Correct Answer 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 - Correct Answer 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.
Which of the following enables personalized sales to customers through multiple, integrated
communication channels?
a. Omnichannel distribution
b. Worksite marketing
, c. Location-selling - Correct Answer A. - Omnichannel distribution is the term generally used for
distribution that enables personalized sales to customers through multiple, integrated communication
channels.
Which of the following are examples of products that can be offered as voluntary benefits? Choose all
that apply.
Life insurance
Disability income insurance
Accident insurance
Critical illness insurance
Long-term care insurance - Correct Answer All of them- All of the above benefits are examples of
voluntary benefits. Some financial professionals engage in worksite marketing to distribute these
benefits.
Submit
The first step in a series of face-to-face meetings with a prospect is for the financial professional to
present the proposal in hopes of completing the sale.
a. True
b. False - Correct Answer B. - One of the first steps in engaging face-to-face with a prospect is for the
financial professional to identify the prospect's financial needs. A competent and ethical financial
professional normally would not present a proposal without first understanding the prospect's needs.
distribution systems - Correct Answer The method an insurance company uses to connect its products
or services with the potential customers who might want or need them.
Direct distribution system - Correct Answer A distribution system in which the insurance company owns
the distribution system and communicates directly with the customer.
Intermediary distribution system - Correct Answer A system in which the insurance company relies on
external individuals and organizations to connect with the customer.
direct sales force - Correct Answer Financial professionals directed by an insurer who distribute the
insurer's products.
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