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... for these companies. One survey discovered that although customers were quite satisfied with our client's services, they had minimal needs; no amount of marketing could generate additional sales from these customers. A second survey revealed a high level of customer satisfaction, together with a rapidly aging customer base, many of whom had been with the insurance agency since it opened its doors. The research dramatized the need to replace this customer segment with new, younger clients. Without this objective data, the agency might not have made a serious commitment to attract new customers. The third survey uncovered low customer satisfaction due to past problems at the business. Although a core of loyal customers remained, many were dissatisfied and wouldn't use the services of this company again. Reversing this attitude would be like climbing a very steep mountain with no mountain gear. It would be far more cost effective to allocate marketing dollars for changing the company's reputation and attracting new customers. Without this research, the client would have continued down a dead-end path. There are many approaches to research that offer insightful and timely input to help management make informed decisions. Qualitative research such as focus groups, telephone interviews, Web, and open-ended surveys help identify the more subtle aspects of the client's product and service, while quantitative research such as closed-end surveys and e-surveys give hard figures and percentages, but can miss the nuances of open-ended questions. In most cases, a combination of qualitative and quantitative research produces the best results. STEPS TO SUCCESS To guide your marketing research process, follow these steps: 1. Define your objectives. A clear ...

... CompleteMarkets Editor , david goodwin This content has not been rated yet. Through the years I have seen Life policy applications and agents' reports with erroneous information. You probably have, too. I don't mean judgment calls with room for honest disagreement; I mean downright wrong information. One of the most common untruths may be the statement that a new policy will not replace an existing policy, when in fact it will. The agent may save the trouble of bothering with replacement forms, but he or she also may be buying a big problem. Here's an example: A businessman bought a Life policy for $250,000 and a second policy less than a year later. The application for the second policy contained some misrepresentations: (1 ) It indicated that the applicant (an avid mountain climber) had not climbed within the last three years. (2 ) It stated that the new insurance was not intended to be a replacement policy. (3 ) It stated that the preexisting policy was for $40,000 in benefits, rather than for $250,000. When the second policy arrived, the insured discontinued paying premiums on the first. Within a year, he died in a mountain- climbing accident. The second insurer denied the Life claim on the grounds of the misrepresentations in the application. The decedent's widow sued the insurer, and a Washington district court ruled in her favor. The insurer appealed. The higher court found that the insurer could raise a misrepresentation defense. The appellate court noted that when the Life insurance policy was issued to the decedent ...

... ? Some people like the adventure of life and don't want to think about retirement. My mantra is Don't think retirement. Think rehirement! ' We live in a world where the average 65-year-old has another 12-20 years to live. Yet many people in this group have only a few thousand dollars in savings. Keeping the mind and body active and the money flowing in are more important than ever. Retirement suits some people, and to them I say bravo. Others prefer to think of this period as achieving financial independence, which has a nicer ring to it because it suggests choice. The word retire' makes me think of a long goodnight. That said, I'd still suggest that you go through the exercise of thinking about and planning your exit strategy. We spend our entire lives climbing a mountain, often forgetting that we'll have to climb back down eventually. What's your exit strategy? How do you want to climb back down the mountain? Work backward from your exit strategy to see if you're on course. Michael Gerber, author of The E-Myth, ' defines the entrepreneur myth' of being your own boss. You have an entrepreneurial seizure and decide that you're going to be your own boss. The problem is that going into business for yourself has a very low long-term success rate. Fewer than 10% of new businesses survive. With so much to do — for which you aren't trained and which you often don't even like doing — you have less time to do what you really want. Planning is a vital element in the success of any business. Some people loathe ...

... With computers you have the capability of writing and tying-in your specialty letters and direct mail letters, as well as following up on your single-line clients. If you're buying a system that doesn't have this word processing capability, it is already obsolete. With our word processor, we do direct mail, mass marketing with personal letters-sending a similar or repetitive letter to the same accounts every so often. You can keep track of business lists, homeowners lists, auto owners, boxholders, and so on with a computer. BE YOURSELF When advertising your agency, one of the most difficult rules to follow is to be yourself. Don't try to be something different. You must determine within your agency who and what you are and what your staff is. For example, we happen to live in a mountain area, so we bill ourselves as mountain people. We think that's important because that's the kind of folks we deal with. If you're very involved in one type of business, then you should look at yourself in that vein and promote yourself in that vein. When you relate to those people, make it clear that you are people who know that particular business. My favorite sales story is about the two shoe companies that decided to expand into Africa. Both sent salespeople. The first salesperson arrived and wired home: Send money for return ticket. No one hear wears shoes. The second salesperson wired home: We hit a bonanza, no one here wears shoes. Both said exactly the same thing, both had exactly the opposite viewpoints. And both probably did what was in the best ...

... delayed any longer. Kindly process it without further delay. The letter didn't work. Each side-carrier vs. employer-became adamant. The carrier demanded payroll records, and the president refused to display them. When the agent spoke to the carrier's claims handler, the conversation went like this: Agent: Strictly speaking, of course, you have the right to go to payroll records, but understand the client's view. Three years ago, you changed your computer software and totally messed up his records, costing the accounting and personnel staffs a lot of time and grief. He wanted to drop you-after all, you provide Life-only and you have lots of competitors-but I advised him to stick it out with you. He was loyal to you. You have ample verification that A.B. was full-time. Why make a mountain out of a molehill? ' Company: Well, as we told him in our letter, we are . . . Agent (interrupting): What letter? I never received a copy of a letter from you. Company: Of course not. We never send copies of correspondence to agents because we deal directly with the insureds. In these matters, it's as if you don't exist. No need to get you involved. [THE FIRST TRAVESTY] Agent (seething): I am to get copies of all correspondence. Now let me speak to your senior claims officer. Agent to claims officer: How dare you adopt a policy of keeping agents in the dark, just when they are needed most, at claim time or even worse, when there's a problem with a ...

... head straight for the door! Get out because this is a self-serving, self-satisfied and ego-driven company that's more interested in looking in the mirror than in helping customers. "When are the slow selling times?" This question will catch the SM off guard and get you a straight answer. "Well, May and June are never very good and we just write off November and December." Now you know a lot more than just the company's "slow times." You've learned that the down periods are a "tradition." Everyone accepts the fact that sales during one-third of the year are lousy. Evidently, the company hasn't thought seriously of implementing a marketing program to overcome the problem. Here's the point: When sales are down in the valley, you'll have to scale the mountain without a rope other than the one wrapped around your neck. "Could I go with you on a sales call?" Asking this question will turn the SM into putty in your hands. Once you're in the customer's office, you're ready to go to work — without saying a word. Your goal is to listen for the "90-10 test:" The customer should be doing 90% of the talking. If the SM's mouth is open most of the time, the company is probably a pure product-pushing sales organization with little regard for the customer's needs. If this happens, don't go any further. Bail out! "What is it that gives you a market advantage?" Now you're probing. Once again, the sales manager will be impressed because the question separates you ...

... 4 feet 8.5 inches has its origins in the specifications for an Imperial Roman war chariot. The chariots were made just wide enough to accommodate the back ends of two war horses. So the next time you see an odd specification and wonder what horse's derriere came up with it, you might be exactly right. Here's the twist to the story: When a space shuttle is on its launch pad, it has two big booster rockets attached to the sides of the main fuel tank. These are solid rocket boosters (SRBs) . Thiokol Propulsion makes the SRBs at its factory in Utah. The engineers who designed them would've made them a bit fatter, but the SRBs travel from the factory to the launch site by train. The railroad line from the factory runs through a tunnel in the mountains. The SRBs had to fit through that tunnel. The tunnel is slightly wider than the railroad track, and the railroad track is just wide enough to accommodate two horses' behinds. So a major design feature of what is arguably the world's most advanced transportation system was determined more than 2,000 years go — by the width of a horse's derriere! Pegi Flahault, CPCU, ARM is the owner of pf enterprises, LLC, which specializes in agency operations. She can be reached at (317) 575-0018 or e-mail [email protected] . Login or Register (for FREE) to gain access to thousands of other great articles. Need more reasons to join? Need insurance for you, your business or your family? Get quality appointments - Save yourself a whole lot of ...

... public works bid document required an opinion from the contractor's insurance agent (or legal counsel) that he has read the applicable insurance requirements and the coverage provided complies there with. Could this create a separate obligation? Since we're not attorneys, we can't say for sure, but it certainly doesn't keep you from being sued on such basis. In Bradley Real Estate Trust, et al. v. Plummer & Rowe Insurance Agency, Inc., 609 A2d 1233 (Sup. Ct. NH, 1992), the court said, In effect, the certificate is a worthless document; it does no more than to certify that insurance existed on the day the certificate was issued. We leave it to the legislature or to the future bargaining of the parties to rectify inequities in the notification process. In Mountain Fuel Supply v. Reliance Insurance Co., 9333 F2d 882 (10th Cir. 1991), the court ruled that, The language in the notice of cancellation clause appears to be phrased so as to avoid creating any firm obligation to give notice. It states that the insuring company ‘will endeavor' to mail notice to the certificate holder, ‘but failure to mail such notice will impose no obligation or liability of any kind upon the company.' According to Bud Lyons of Alpine Risk Management, the agent was subject to an E&O claim for not requesting the carrier to send notice. The recommendation was that the agent remind the carrier that they should notify, thus endeavoring' to notify. So, when it comes to certificates of insurance, what ...

... company operates. Because this is a question that catches the person you're talking to off-guard, you'll get a straight answer. Assume the answer is May and June are never very good, and we just write off November and December. This seemingly innocent piece of corporate intelligence reveals far more than the downtimes. You have also learned that down periods are an entrenched tradition around the place. Everyone has come to accept that sales during one-third of the year are going to be lousy. You might guess that the employees have come to look forward to these peaceful, quiet days of spring and fall. But you also know that nobody has ever thought of developing a marketing program to change this pattern. Remember, when sales go down in the valley, someone is eventually going to have to scale the mountain - without a rope (other than the one around your neck) . May I go with you on a sales call? With this question, you start to make your move. This is the one that separates you from the rest of the pack. It shows that you're willing to take time and go along on a sales call to get a better feel for the operation. There is more to your plan, however. Once you're in the customer's office, you're ready to go to work without saying a word. You should be listening for the 90-10 test. This term means that the customer should do 90% of the talking and the salesperson 10% . If the sales rep's mouth is open most of the time, this is probably a product-pushing sales organization, not ...

... , figurines, and so on? 2. Do you own any jewelry? 3. Furs? 4. Valuable camera equipment? 5. Do you frequently carry, or keep in your home, more than $200 cash? 6. Do you have a coin or stamp collection? 7. Do you own any guns? 8. Would you prefer to cover your personal belongings for their full replacement value (i.e., no deduction for depreciation?) 9. Would you be interested in adding Earthquake or Flood insurance to your Homeowners protection? 10.Do you presently have either a burglar, fire or smoke alarm in your home? 11.Would you like an estimate of your home's replacement cost at today's prices? 12.Do you own a second home or any other real property, such as a mountain cabin or farm property? 13.Are you presently engaged in any form of farming or ranching? 14.Do you conduct any business or give private lessons in your home? 15.Do you own any boats, motorbikes, or other recreational vehicles, such as snowmobiles or golf carts? 16.Would you be interested in any Umbrella or Excess Liability policy that extends your Auto and Homeowners liability coverage to $1 million or more? NOTE: COVERAGE FOR QUESTIONS 1-7 MAY BE LIMITED OR EXCLUDED UNDER YOUR PRESENT POLICY. Yes No 1. Do you have Disability income insurance in case you become sick or disabled? 2. Are you concerned about estate taxes? 3. Do you have a Mortgage Redemption insurance policy (which pays off your house in the event of your death)? 4. Are all members of ...