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API 28 - Chapter 2
Personal Insurance: Underwriting and Marketing Practices
12
Other
Professional
07/17/2010

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Term
Marketing Segmentation
Definition
Grouping of customers with similar characteristics who can be expected to buy a product or service that satisfies their similar needs
Term
Homogeneity
Definition
Similarity among individuals in a market segment as well as the similarity amoung insureds in the same rating class
Term
Risk Analysis
Definition
Process of identifying loss exposures and estimating the potential financial consequences of those losses
Term
Product Specialization
Definition
Tailoring of an otherwise standard policy to meet the needs of a market segment
Term
Market Specialization
Definition
Targets a specific market segment. Multiple lines of insurance are then targeted to that customer group.
Term
Distribution System
Definition
Communicates product information between the seller and the buyer and distributes the product
Term
Producers
Definition
Sales force in Property and Liability insurance
Term
"Renewal" or "Expiration"
Definition
Continuation of the policy at the anniversary
Term
Pilot Test
Definition
trial of advertisement or a product to a limited group or area to determine whether the desired results can be achieved
Term
Focus Group
Definition
Potential customers who meet with a marketer. The marketer solicits their responses to ads or products
Term
Secondary Data
Definition
Information gathered for a nonspecific purpose from sources within or outside the company
Term
Primary Data
Definition
Original information collected for the specific purpose of the market research project
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