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Life Pricing

Aspects of Product Strategy Alignment 1. Mission 2. Vision 3. Strategy 4. Culture 5. Core competencies 6. Target markets 7. Products
Target Market Characteristics 1. Precise Definition 2. Clear method of reaching the market 3. Common characteristics 4. The market must be big enough to be worthwhile
Core Competencies of an Insurer 1. Low cost of capital 2. Financial strength (high ratings) 3. UW expertise 4. High persistency (low lapses) 5. Investment management expertise 6. Flexibility, Speed, Adaptability (FSA) 7. Distribution characteristics (Agents, mailing, etc.)
4 Buyer-oriented pricing strategies 1. Penetration pricing Lower price to increase sales 2. Neutral pricing Peg to industry averages 3. Segmented pricing Vary price with buyer 4. Skim pricing (rarest) Set high price to maximize profit margin
Created by: jleecook
Popular Insurance sets




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