AIS320 Practice Questions
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What role does the National Association of Insurance The NAIC, comprised of insurance commissioners from the 50 U.S. states, the
Commissioners (NAIC) play in regulating the insurance District of Columbia, and the 5 U.S. territories and possessions, coordinates
industry? insurance regulation and activities among the various state insurance
departments.
However, it has no direct regulatory authority of its own. The NAIC collects,
analyzes, and shares current industry data with insurance commissioners and
regulators to protect consumers' interests; promote fair practice and competition
among insurers; and maintain solvency in the insurance industry.
The NAIC also has uniform financial statements that all states require insurers to fi
le. Additionally, it assists state insurance departments by sharing financial
information about insurers that are potentially insolvent and by developing model
laws and regulations.
, Colossal Insurance Co. wants to improve its relationships Reviews: Many customers share their experiences and impressions online, through
with customers. How can it measure how well it's meeting reviews and social media. Colossal must quickly resolve any legitimate problems
customer expectations? identified through such outlets before negative word of the company goes viral.
Customer satisfaction data: Colossal can conduct surveys, focus groups, and
interviews to determine how well its products and service are being received.
Retention & lapse ratios: The retention ratio is the percentage of expiring
insurance policies that an insurer renews. The lapse ratio (or cancellation ratio) is
the percentage of policies written during a given period that lapse during that
period.
Relationship assessments: There's a competitive market for producers' services.
Insurers that market products through independent producers usually view these
producers as additional customers. With that in mind, Colossal can survey or meet
with such producers to measure their satisfaction with it.
By using one or more of these data points to regularly assess customer
satisfaction, Colossal can learn where and how it meets, exceeds, or falls short of
customer expectations and whether it needs to alter its approach to achieve
better results.
What preliminary steps must insurers take to ensure a Implementing producer sales training and promotion
successful new product or service rollout?
Implementing customer service training
Measuring and comparing results to plan and forecast
In what ways can insurers demonstrate their commitment Helping insureds identify their needs
to excellent service?
Providing knowledgeable advice on how to meet those needs
Demonstrating a sincere interest in the insured and creating a positive interaction
Fulfilling requests in a timely manner
Responding promptly, professionally, and empathetically when a loss occurs
A local commercial insurer is having difficulty 1) The insurer can create a mission statement that highlights service excellence.
differentiating itself from competitors based on price, so This will help embed it into the insurer's culture. The quality of service then
it wants to be known for providing excellent service. How becomes a basis for performance objectives and is subject to monitoring and
can it achieve this? measurement.
This, in turn, can encourage innovation and continuous improvement.
Save
Students also studied
AIS320 Practice Questions AIS 320 Glaziers review test AIS 320
50 terms 42 terms 124 terms 53 terms
mduffy2018 Preview dfaust22 Preview Steph3797 Preview kell
What role does the National Association of Insurance The NAIC, comprised of insurance commissioners from the 50 U.S. states, the
Commissioners (NAIC) play in regulating the insurance District of Columbia, and the 5 U.S. territories and possessions, coordinates
industry? insurance regulation and activities among the various state insurance
departments.
However, it has no direct regulatory authority of its own. The NAIC collects,
analyzes, and shares current industry data with insurance commissioners and
regulators to protect consumers' interests; promote fair practice and competition
among insurers; and maintain solvency in the insurance industry.
The NAIC also has uniform financial statements that all states require insurers to fi
le. Additionally, it assists state insurance departments by sharing financial
information about insurers that are potentially insolvent and by developing model
laws and regulations.
, Colossal Insurance Co. wants to improve its relationships Reviews: Many customers share their experiences and impressions online, through
with customers. How can it measure how well it's meeting reviews and social media. Colossal must quickly resolve any legitimate problems
customer expectations? identified through such outlets before negative word of the company goes viral.
Customer satisfaction data: Colossal can conduct surveys, focus groups, and
interviews to determine how well its products and service are being received.
Retention & lapse ratios: The retention ratio is the percentage of expiring
insurance policies that an insurer renews. The lapse ratio (or cancellation ratio) is
the percentage of policies written during a given period that lapse during that
period.
Relationship assessments: There's a competitive market for producers' services.
Insurers that market products through independent producers usually view these
producers as additional customers. With that in mind, Colossal can survey or meet
with such producers to measure their satisfaction with it.
By using one or more of these data points to regularly assess customer
satisfaction, Colossal can learn where and how it meets, exceeds, or falls short of
customer expectations and whether it needs to alter its approach to achieve
better results.
What preliminary steps must insurers take to ensure a Implementing producer sales training and promotion
successful new product or service rollout?
Implementing customer service training
Measuring and comparing results to plan and forecast
In what ways can insurers demonstrate their commitment Helping insureds identify their needs
to excellent service?
Providing knowledgeable advice on how to meet those needs
Demonstrating a sincere interest in the insured and creating a positive interaction
Fulfilling requests in a timely manner
Responding promptly, professionally, and empathetically when a loss occurs
A local commercial insurer is having difficulty 1) The insurer can create a mission statement that highlights service excellence.
differentiating itself from competitors based on price, so This will help embed it into the insurer's culture. The quality of service then
it wants to be known for providing excellent service. How becomes a basis for performance objectives and is subject to monitoring and
can it achieve this? measurement.
This, in turn, can encourage innovation and continuous improvement.
