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LOMA 320 — Insurance Marketing

Course Type: Course Portal
Topics: Life Insurance, Marketing & Business Acquisition
Designations: ACS, AIAA, AIRC, ALMI, DLHI, FLMI, LCIC, PFLP, PFSL
Language: Arabic, Chinese (simplified), Chinese (traditional), English, French, Korean, Portuguese, Spanish


Overview

LOMA 320 covers marketing principles and the functions of marketing as an integral aspect of the life and health insurance industry.

Topics

  • An Introduction to Marketing
  • How Companies Manage Marketing
  • Market Segmentation and Target Marketing
  • Marketing Information and Research
  • Customer Behavior and Customer Relationship Marketing
  • Basic Product Concepts
  • Pricing Insurance Products: A Marketing Perspective
  • Distribution Systems and Strategies
  • Marketing Communications: Engaging the Customer
  • Promotion Tools
  • Regulation of Life and Health Insurance Marketing

Chapter 1: An Introduction to Marketing

What is Marketing?

Marketing as a Process

Creating Utility

The Marketing Environment

Internal Environment

External Environment

Marketing Challenges

Chapter 2: How Companies Manage Marketing

Marketing Planning

Planning Tools

Situation Analysis

Business Portfolio Analysis

Strategic Marketing Planning

Set Marketing Goals

Develop Marketing Strategies

Select Target Markets

Determine Resource Needs

Tactical Marketing Planning

Creating Tactical/Action Programs

Managing the Marketing Mix

The Marketing Plan

Organizing Marketing Operations

Organizing by Function

Organizing by Product Lines

Organizing by Geographic Area

Organizing by Customer Type

Combination Structures

Putting Marketing Strategies in Action

Controlling Marketing Activities

Evaluating Performance

Reporting Systems

Chapter 3: Market Segmentation and Target Marketing

Market Segmentation

Segmenting Markets Effectively

Segmenting Consumer Markets

Segmenting Organizational Markets

Target Marketing

Evaluating Potential Target Markets

Target Marketing Strategies

Target Markets for Insurance Products

Chapter 4: Marketing Information and Research

Marketing Information Systems

Sources of Marketing Information

Using Technology to Find Information in Databases

Marketing Intelligence

Reporting Marketing Information

Marketing Research Projects

Secondary Research

Primary Research

Marketing Research Process

Using External Vendors for Research

Limitations of Marketing Research

Chapter 5: Customer Behavior and Customer Relationship Marketing

Types of Purchase Decisions

Problem-Solving Strategies

Routine Response Strategy

Limited Problem-Solving Strategy

Extensive Problem-Solving Strategy

Factors that Influence Customer Behavior

External Factors

Internal Factors

Purchase Decision Process

Stage 1: Problem Recognition

Stage 2: Information Search

Stage 3: Evaluation of Alternatives

Stage 4: Purchase Decision

Stage 5: Postpurchase Evaluation

Customer Relationship Marketing

Targeting the Right Customers

Developing Customer Relationship Marketing Strategies

Benefits of Customer Relationship Marketing

Customer Loyalty

Chapter 6: Basic Product Concepts

Classification of Products

Goods, Services and Ideas

Consumer Products Classification System

Product Mix

Product Life Cycle

Packaging

Branding

Advantages of Branding

Types of Brands

Product Differentiation

Positioning

Product Development

Product Development Strategy

Product Development Process

Chapter 7: Pricing Insurance Products: A Marketing Perspective

Pricing Objectives

Profit-Oriented Pricing Objectives

Sales-Oriented Pricing Objectives

Competition-Oriented Pricing Objectives

Primary Factors Affecting Pricing Decisions

Cost

Customers

Demand

Competition

Regulatory Requirements

Other Marketing Mix Variables

Pricing Strategies

Cost-Driven Pricing Strategies

Customer-Driven Pricing Strategies

Rate Structures

Price Review

Product Line and Portfolio Pricing Considerations

Pricing a Product Line

Pricing a Product Portfolio

Chapter 8: Distribution Systems and Strategies

Personal Selling Distribution Systems

Sales Agents

Financial Planners

Licensing of Insurance Agents

Compensation

Third-Party Distribution Systems

Broker-Dealers

Banks and Other Depository Institutions

Other Insurance Companies

Direct Response Distribution Systems

Direct Mail

Telemarketing

Internet

Distribution System Strategies

Distribution Channel Characteristics

Other Channel Selection Factors

Distribution Intensity

Managing Distribution Channels

Channel Conflict

Managing Channel Conflict

Chapter 9: Marketing Communications: Engaging the Customer

Coordinating Promotion Efforts

Promotion Tools

Personal Selling

Sales Promotion

Advertising

Publicity

Developing a Promotion Strategy

Defining a Strategic Objective

Selecting a Strategic Approach

Creating an Effective Promotion Mix

Company Goals and Strategies

Corporate Culture

Distribution Channel Characteristics

Target Market Characteristics

Product Characteristics

External Environment

Creating the Promotion Budget

Percentage of Sales Method

Competitive Parity Method

All-You-Can-Afford Method

Objective and Task Method

Chapter 10: Promotion Tools

Personal Selling

Why Companies use Personal Selling

the Personal Selling Process

Sales Promotion

Trade Sales Promotion

Consumer Sales Promotion

Advertising

Advertising Purpose

Advertising Scope

Advertising Audience

Developing an Advertising Campaign

Evaluating Advertising Effectiveness

Publicity

Publicity Objectives

Getting Publicity Information to the Public

Evaluating the Effectiveness of Publicity

Chapter 11: Regulation of Life and Health Insurance Marketing

Regulation of Insurance Marketing in the United States

Regulation of Products

Regulation of Promotion

Regulation of Distribution

Market Conduct Examinations

United States Regulation of Other Insurance-Related Activities

Privacy Requirements

Regulation of Bank Insurance

Insurer Self-Regulation

Glossary

Index

Course Format

Course Portals include the following elements:

  • PDFs of the assigned course materials that can be printed or read online
  • The same interactive Practice Questions and Sample Exams currently found in LOMA Test Preparation Guides (TPGs)
  • Recommended study plans to help learners set goals and manage their study schedule
  • A variety of additional media-oriented features designed to enhance the study and review process

Exam Format

The LOMA 320 exam has 60 questions and a time limit of 2 hours. It is available in I*STAR, Prometric and Paper exam formats.

Study Materials

Insurance Marketing (LOMA, 2010)
ISBN 978-1-57974-321-5

Test Preparation Guide for LOMA 320 (LOMA, 2010)
ISBN 978-1-57974-322-2

Optional printed textbook (not included in bundled fee)

Insurance Marketing (LOMA, 2010)
ISBN 978-1-57974-321-5
PBD Order # 320-10-10

About Bundled Study Materials

Some courses ("bundled courses") include study materials with your enrollment. A growing list of English-language courses include access to bundled study materials.

For some of these courses, once you enroll, you gain access to the study materials through your My Learning page in LOMANET. These include the Course Portal courses and the Need 2 Know courses.

How to Enroll

Enrolling for Exams and Bundled Courses

LOMA requires proctored examinations for many of its professional designation courses. Exams are administered in LOMA member organizations and in independent testing locations. This section provides information about exam formats, enrollment procedures for both exams and bundled courses, and exam fees.

LOMA exams vary in length from two–three hours. Consult your Test Preparation Guide (TPG) or see the Designation Study Materials Roadmap for specific information about the length of your exam. As new or revised LOMA courses are released, the number of examination questions for some course examinations may change. If you enroll for a bundled course delivered through a LOMA Course Portal, the assigned study materials are included in your enrollment and are accessible via the Course Portal. Your enrollment process will depend on the type of examination you choose to take:

LOMA offers two options for exam enrollment:

  • Online enrollment via LOMANET, our Internet-based education administration system
  • Enrollment forms for paper exams, for use by independent students only, can be found here.

I*STAR and Paper Exam Center Directories for testing at third-party locations

Retakes

Students who fail exams must pay full dates to retake the exams, in most cases. However, bundled courses (those courses that include exam fees and study materials) have a reduced rate to retake the exam. See LOMA’s Education & Training Catalog for fees.


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