Aai 83 Cram

Front 1

Planning

Back 1

Identifying and selecting organizational goals and the means to best achieve those goals.

Front 2

Organizing

Back 2

Establishing task and authority relationships that allow people to work together to achieve organizational goals.

Front 3

Leading

Back 3

Motivating, coordinating, and energizing individuals and groups to work together to achieve organizational goals.

Front 4

Controlling

Back 4

Establishing accurate measuring and monitoring systems to evaluate how well the organization is achieving its goals.

Front 5

Four characteristics of an effective and efficient plan:

Back 5

- Unity
- Continuity
- Accuracy
- Flexibility

Front 6

Specific responsibilities (position description)

Back 6

Job responsibilities and the basis on which their success or failure on the job will be measured

Front 7

Nature and scope (position description)

Back 7

Summarizes some of the most important knowledge, experience, skills, and traits needed to perform effectively in the position.

Shows how the position fits within the department associated with it.

Front 8

Steps in evaluating candidates

Back 8

1. Contacting candidates
2. Reviewing the job application
3. Interviewing candidates
4. Testing candidates
5. Checking references
6. Verifying candidates' experience and education
7. Offering employment

Front 9

Steps in the Control process

Back 9

1. Establishing performance standards against which performance is to be evaluated
2. Measuring results
3. Comparing results against chosen performance standards (includes evaluating & revising the performance standards if necessary)
4. Evaluating results and implementing corrective action if the performance standards are not being met

Front 10

Strategies

Back 10

The series of decisions that form the foundation of organizational planning developed during the 'develop strategies' phase of the planning process.

Front 11

Guidelines for making decisions and performing activities.

Back 11

Policies

Front 12

A model personal production plan should have these characteristics:

Back 12

- Should be negotiated w/ the sales manager or principal
- Gives the producer self-directed sales activities that support goals & objectives
- Gives the sales manager a convenient evaluation tool
- Helps the producer generate new business more rapidly
- Corresponds with the agency's plan

Front 13

The 5 essential time management strategies:

Back 13

- Eliminate time-wasters
- Set priorities
- Prepare for meetings
- Plan
- Manage phone calls and emails

Front 14

Weiss Ratings

Back 14

Popular w/ consumer groups because it uses only publicly available data rather than figures provided by insurers.

Front 15

Demotech

Back 15

Uses its own analysis model to provide financial strength ratings for smaller, niche property-casualty insurers.

Front 16

Steps in establishing a sales management organizational structure

Back 16

- Defining & assigning responsibilities
- Group by position
- Determine job interrelationships

Front 17

Policyholder services

Back 17

Procedural matters -- how easy it is to do business with the insurer
Support services -- loss control, premium auditing
Information technology

Front 18

Good joint planning between agencies and insurers can produce:

Back 18

- improved client service
- higher retention rates
- increased productivity

Front 19

Steps for performing a Strategic Market Analysis

Back 19

1. Identify the target markets
2. Fit the target market & advertising campaign to the marketing plan
3. Identify specific marketing goals for the advertising campaign
4. Perform a SWOT analysis
5. Put the analysis results in writing

Front 20

Advertising goals of insurance agencies

Back 20

- Enhance insurance agency name awareness
- Inform consumers of specialty market expertise
- Identify buyers' interest in specific products
- Associate the insurance agency's name with a better-known entity
- Enhance insurance industry image

Front 21

Components of an effective internet marketing strategy

Back 21

- Featuring the website URL in all agency lit & advertising
- Linking the agency's website to affiliate insurers
- Linking the agency's website to national, regional, & local professional associations
- Advertising the agency's website on partner websites (car dealers, financial services firms, mortgage brokers)
- Collaborating w/ affiliated insurers in Internet lead-generation advertising programs
- Establishing (or encouraging) a virtual community of site users where they interact with each other & with agency representatives
- Creating & integrating cell phone applications that link to the website & promote the agency's brand

Front 22

Forms of communication that support the selling process

Back 22

- Collateral sales literature
- Customer billings

Front 23

Before the producer can market the product to the target market, the producer & underwriter must agree on the:

Back 23

- Pricing
- Standard / specialized policies
- Endorsements required

Front 24

In general, the easiest opportunities to target a market come from...

Back 24

Using special approaches to market segments

Front 25

Benefits of an association program for an agent

Back 25

- Marketing costs are reduced through the association's endorsement
- The producer develops expertise in dealing with the association's focus (resulting in new prospects and referrals)

Front 26

Benefits of an association program for the association

Back 26

- Producer can make loss control recommendations
- Premium reduction / group dividends help participants save on current costs
- Loss control can reduce claim costs and provide add'l experience credits in the future

Front 27

Steps for developing an IT plan

Back 27

1. Review current IT needs
2. Identify new and emerging IT requirements
3. Prioritize needs according to budget and strategy
4. Finalize the plan

Front 28

Four steps in an Organizational Structure Analysis

Back 28

1. Identify tasks
2. Group and rank tasks
3. Delegate the necessary authority so that each task can be effectively performed.
4. Coordinate the various job positions that perform customer service tasks and communicate the responsibilities for the tasks.

Front 29

Five questions that a producer should be able to answer 'yes' to in order to determine whether a targeted niche market will be profitable:

Back 29

- "Can I identify individual prospects within the group, including contact information?"
- "Do prospects in this group have a strong need for (or a strong desire to have) my product, service, or opportunity?"
- "Do the prospects in this group have the money to pay for what I'm offering?"
- "Can I easily deliver my sales message to these prospects under favorable circumstances?"
- "Is this group large enough to produce the volume of business I need?"