The company I choose is MetLife China. MetLife is a life insurance giant operating in over 60 countries and provide services to over 90 million customers in the world. 1. The MetLife insurance agent in China need to get at least 80 hours pre training before they get the qualification to sell insurance product. The trainer will teach all kinds of insurance sells knowledge to the agent. After the agent pass the qualification exam, then the agent could enter the market to sell insurance. 2. The agent will contact a potential customer, if the potential customer interest in insurance, the agent will set up a appointment to meet the customer. 3. When the agent meets the customer, the agent will help customer to do the financial …show more content…
As we know, China economic was in high speed growth in last two decades, the result is the Chinese citizens income was in high speed growth as well. The insurance industry was new industry in China twenty years ago, and the large number of population attracted many foreign insurance companies to start business in China, at the mean time, the domestic capital also interested in the insurance market, there are average three new life insurance companies was set up in last ten years, and there are over 50 life insurance companies in China currently. The market competition becomes cruelty, the traditional agency channel to sell insurance product become more difficult. Many banks enter the insurance industry to set up their own insurance company, since the bank have already had their large number of customer, and the bank know their customer’s financial situation very well, so the bank staff is easier to contact the customer and sell the insurance product. So the traditional agent sales process is getting effectiveness.
As we mentioned above, due to the market competition, some of the insurance companies’ agency sales team recruit lot of agent to sell insurance, the new agent did not get enough professional training, and become annoying to lots of customer. They obtained the potential customer information illegally, which cause the complaints number to the insurance
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
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
business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within
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
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.
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.
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 is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999. Insurance is defined as is a form of risk management primarily used to hedge against unforeseen risks of contingent losses. Another approach to Insurance is as the equitable transfer of risks, or the possibility of occurrence of losses, from one entity to another, by the method of diversification in exchange for a premium. An Insurer is a company designing, promoting and selling insurance products and services amongst the public. An insured or policyholder is the person or entity purchasing these products and services.
2. Then we need to understand the customers with whom we have been successful and why.
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).
2. Categorizing and prioritizing the customer needs attracting a solid target market. And knowledgeable sales person to engage in customer relationships.
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.
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.