Online course: The Life of an Insurance Policy

LOMA 26 July 2019 - 26 June 2019

Trainer: N/A

Details

This short, game-show-themed LOMA course introduces the key stages in the life cycle of an insurance policy—from initial planning and product development, through policy application and underwriting, and finally, through policyowner service and claim administration. After completing this 30-minute course, learners will see how each major operational area helps shape the insurance product and customers’ perception of its value. Key topics include (a) the importance of market segmentation; (b) key activities that occur when a new product is developed; (c) the three primary distribution systems insurers use; (d) how life insurance underwriters classify the risk a proposed insured represents; (e) key customer service actions that help conserve in-force life insurance policies; and (f) how claims on life insurance policies are processed and paid.

This “start-to-finish” presentation is ideal for all new employees because it presents a ‘big picture’ view of the various stages of the activities in a life insurance operation and how various operations align to support insurance policies throughout their lifecycle.

Language: English

The course is online and can be accessed both from computer and mobile devices.

Target group

Employees of companies from the insurance and financial services industry.

Course objectives

Understand why market segmentation and target marketing are important for new product development
Identify the important activities of the product development process
Describe the three main distribution systems for insurers
Explain how underwriters evaluate and classify risks, and how claim staff process and pay life claims
Discuss how customer service staff help keep policies in force

View a demo of this course