Article Abstract:
Insurance agents can play a vital role in planning the estate of the owner of a closely held business. Closely-held businesses are in need of succession plans if the business is to avoid disruption after the death of the owner and the owner's wishes are to be carried out properly. Of small- to mid-sized family-owned firms, only 29% have a formal succession plan. Succession planning will entail the participation of group insurance agents and life underwriters. Insurance agents must determine the wishes of the owner and ensure that those expectations are met in the succession plan. Determining the tax ramifications posed by certain insurance products is an important function of the agent.
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Article Abstract:
A major task facing insurance companies is building and maintaining an effective corporate service culture. Insurers can create a plan for implementing quality customer service by researching their customers, reconciling service to customer expectations, and communicating the company's strategies to all employees. When performing market research on its customer base, insurers should look to the customers' financial characteristics and categorize customers by the worth they put on service.
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Article Abstract:
Insurance companies are becoming more market-driven than product- or sales-driven. This approach, where managers develop products according to the needs of a particular market segment, is in response to declining profits, lower premiums, and a smaller client base. Because of its large role in this strategy, marketing is now often a separate company function from sales.
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