The objective of this unit is to develop an understanding of the role of the marketing function and its application to insurance.
The default Enrolment option for this unit includes:
- Latest version of the core learning content, in digital format only.
- Assessment entry
The overall aim of Marketing Insurance Products and Services (945) is to demonstrate how good marketing practice contributes to success in insurance business and the wider insurance profession. You will learn about marketing’s central role to business and how to develop and implement an effective marketing strategy.
The study text follows the examination syllabus as closely as its structure allows, the text examines the following:
- Marketing definitions and importance of the customer.
- Planning sequence including marketing audit, SWOT, marketing objectives and strategies.
- Competition and how research can help competitiveness.
- Customer buying patterns and customer segments identification.
- Product development and pricing.
- Distribution, inherent risks and delivering service.
- Marketing promotion and communication.
- Branding and building trust.
To achieve success in the 945 assessment, you are encouraged to undertake the further reading and private research recommended within the core context. You should already have knowledge gained from a study of the relevant sections of Insurance, Legal and Regulatory (IF1), or equivalent examinations.
Building a successful career in insurance
An important aim of this unit is to create an awareness that, whatever your future role in insurance, you will have a part to play in marketing and should recognise that there are many influences on performance other than financial.
Summary of learning outcomes
- Analyse the role and operation of marketing in the insurance industry.
- Analyse insurance product and service development and positioning.
- Evaluate the distribution of insurance products and services.
- Analyse the role of communication in the marketing of insurance products and services.
- 3 coursework assignments of up to 3,200 words
- 50% nominal pass mark
- The average pass rate for those completing Advanced Diploma in Insurance coursework units in full is currently 96.8%
Study material – editions available
Enrolment (12 months)