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LOMA 320 — Insurance Marketing

Course Type: Course Portal, Designation
Topics: Life Insurance, Marketing & Business Acquisition
Designations: ACS, 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

Ordering printed study materials

Most Course Portals include online access to the course’s study materials and do not require purchase of additional printed study materials. However, you can order printed study materials for some designation courses (for an additional cost) via LOMA’s learning system, or by using the textbook order form and information below:

For the United States and Canada, you can order study materials for designation courses through PBD by using the form and information below:

2015
2016

PBD Worldwide
P.O. Box 930108
Atlanta, Georgia 31193-0108
Tel: 1-800-887-3723 or 770-280-4178
Fax: 770-280-4150
Email: LNH@pbd.com
Website: www.lomabookstore.com

Additional textbook order forms

Forms include applicable mailing and contact information

2015
2016

How to Enroll

Enrolling in Courses with Proctored Exams

LOMA requires proctored examinations for many of its professional designation courses. Study materials for these courses are delivered via online Course Portal, and enrollment in the Course Portal also includes enrollment in one of our proctored exam options for the course. Proctored exams are administered in LOMA member organizations and in independent testing locations around the globe. LOMA exams vary in length from two–three hours. Consult the Designation Study Materials Roadmap for specific information about the length of your exam.

Proctored examinations can take one of three forms:

Enrollment Step-by-Step

  1. Log in to your LOMA Learning account using your login ID and password.
  2. Browse the Learning Catalog for the course for which you would like to enroll.
  3. Select ADD TO CART next to the items for which you would like to enroll.
  4. Choose Exam Type — you must choose between Prometric, I*STAR, or Paper Exam enrollment.
    • Select Exam Site — your company’s primary exam site (if applicable) will appear on the screen. To see other available exam sites, click “Search.”
    • Note for Independent Students: Click “Include 3rd party exam sites” to find open exam sites offered by other companies. More information on Independent Student enrollment.
    When you have selected an exam site, click “Save.”
  5. Return to the catalog to continue searching for courses and add additional items to your shopping cart, or click the shopping cart to check out.
    • If you have not already done so, you will be prompted to log in to the LOMA learning system at this time. Once you have successfully logged in, click the shopping cart again to begin the checkout process.
     
  6. Review your shopping cart. Click CHECK OUT to proceed.
  7. If you are purchasing a physical product (example: a textbook), complete the SHIPPING information screen.
  8. Enter payment information
    • If your company has set up direct billing with LOMA, an account code will appear next to the “Bill My Company” field.
    • If you are using direct-to-company billing method, ensure that the radio button next to the “Bill My Company” field is selected and then click “Next” to continue.
    • If you are paying for your enrollment by credit card, enter all of the required fields for a credit card transaction. Once you have provided all of the required information, click “Next” to continue.
  9. Review your order, accept LOMA’s Terms and Conditions, and click BUY NOW. An enrollment confirmation will be emailed to you.

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