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1 THE MALAYSIAN INSURANCE INSTITUTE 68 Marketing LEARNING OUTCOMES

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1 THE MALAYSIAN INSURANCE INSTITUTE 68 Marketing LEARNING OUTCOMES Powered By Docstoc
					            THE MALAYSIAN INSURANCE INSTITUTE

  35445H    68 Marketing




LEARNING OUTCOMES:

At the end of the course, student should be able to:

1. Understand the role and operation of marketing in the insurance industry
2. Understand marketing theory and concepts and their application to the insurance industry.
3. Understand and analyse relevant information to develop a marketing strategy for insurance products and
   services
4. Implement and deliver a marketing strategy.


Notes:
The syllabus will be based on English law & practice. Reference is made to UK law & practice where
applicable.




                                                   1
SYLLABUS

1.    UNDERSTAND THE ROLE AND OPERATION OF MARKETING IN THE INSURANCE INDUSTRY

      1.1     The role of the customer in marketing
      1.2     The definition of marketing
      1.3     Marketing and other related business functions within the insurance industry
      1.4     Creating a marketing strategy for insurance products and services
      1.5     Impact of external and internal factors on the marketing strategy
      1.5.1   External considerations including:
              Social (cultural)
              Economic
              Competition
              Technological
              Ecological and meteorological
              Type and range of service providers
              Political, regulatory and legal, including ICOBS
              Consumer protection
      1.5.2   Internal considerations including:
              Structure
              Behaviour
              Values

2.    UNDERSTAND MARKETING THEORY AND CONCEPTS AND THEIR APPLICATION TO THE
      INSURANCE INDUSTRY

      2.1     Insurance customers and their buying patterns
      2.2     Supply and demand in the insurance industry (including insurance cycle)
      2.3     The marketing mix
      2.4     Segmentation of existing and prospective customers
      2.5     Competitive positioning
              Differentiation of the product or service
              Financial value chain analysis
      2.6     Portfolio management
      2.7     The life cycle of insurance products and services
      2.8     Analysing existing insurance customers
      2.9     Core competencies
              Internal auditing of marketing practices
              SWOT analysis

3.    ANALYSE RELEVANT INFORMATION TO DEVELOP A MARKETING STRATEGY FOR
      INSURANCE PRODUCTS AND SERVICES

      3.1     Identifying segments in insurance customers
              Customer’s attributes and behaviours
              Using data from customer relationship management systems to feed into strategy
      3.2     Identifying competitors
              Competitor’s portfolio of offerings and position
      3.3     Developing a portfolio of opportunities
              Scenario testing
      3.4     Taking a position in the market
      3.5     Value and supply chain analysis
      3.6     Pricing
      3.7     Regulation
      3.8     Branding insurance products and services
              Establishing a brand
              The importance of branding
              Brand awareness
              Brand extension
              White labelling



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4.          IMPLEMENT AND DELIVER A MARKETING STRATEGY

            4.1          Communicating the marketing message for insurance products and services
                         The marketing communications portfolio
                         The marketing message
                         E-marketing
                         Advertising
                         Sales and account management
                         Public relations
                         Promotion
                         Sponsorship
                         Emergency communications plan
            4.2          Distributing insurance and finance products and services
                         Different channels for distribution (including call centres)
                         Distribution options
                         Financial advisers
                         Intermediaries/brokers
                         Direct selling
                         Financial institutions, including bancassurance
                         Aggregators
                         Other organizations distributing insurance
            4.3          Risk assessment
            4.4          Service delivery
                         Customer experience, including claims
                         Managing the customer relationship



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PRIMARY TEXTS

1.    Course book 945: Marketing. London The CII.
2.    Pre-Contract Examination for Insurance Agents-MII



PERIODICALS

1.   Bank Negara Malaysia – Insurance Annual Report.
2.   Asia Insurance Review.
3.   The Journal, The CII.
4.   Post Magazine.
5.   The Edge Daily.
6.   BNM Annual Report.
7.   BNM Takaful Annual Report.




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posted:7/30/2011
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