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Essay / Research Paper Abstract
A 5 page paper discussing conditions in the wholesale life insurance (annuity) industry. Brokers and advisors licensed to sell insurance products are required to accumulate a prescribed number of continuing education (CE) credits each year, and many wholesalers provide CE courses that can satisfy those requirements. It appears that wholesalers offering this service to those selling its products gain higher levels of business than those that do not. The purpose here is to assess whether such is the case, and why it might be so. The paper concludes that the practice is an example of effective customer relationship management (CRM). Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmktgInsCRM.rtf
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Unformatted sample text from the term paper:
practice in the insurance industry is that wholesale suppliers of life insurance products sell annuities to brokers and advisors in branch offices. These brokers and advisors who are licensed
to sell insurance products are required to accumulate a prescribed number of continuing education (CE) credits each year to preserve individual license, and many wholesalers provide CE courses that can
satisfy CE requirements. It appears that wholesalers offering this service to those selling its products gain higher levels of business than those that
do not. The purpose here is to assess whether such is the case, and why it might be so. Customer Value and Brokers Value to the Wholesaler
Of course it is brokers and advisors customers who ultimately are the insurance companys customers. Though brokers and advisors gain reward for selling specific
products, they gain essentially the same rewards for selling the products of any wholesaler with which they do business. Wholesalers generally have no direct access to retail customers, so
they depend on their brokers and advisors to recommend the wholesalers products to the retail customer. Through this route, brokers and advisors have great value for the wholesalers and
fill an interim customer role. Customer value is defined as the value that a company can gain from customers over time. The
organization does and should seek to gain repeat sales from customers, regardless of its product or service. Indeed, it was in 1960 that Harvards Theodore Levitt created the question,
"What business are we in?" in "Marketing Myopia" when telling managers that the first purpose of any company is to get - and then keep - a customer, that growth
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