In the summertime holiday, between the 3rd and 4th year of my marketing degree, I was given the opportunity to work in the marketing department of a major insurance corporation.
This was a summer internship to provide me with useful work experience and the chance to put marketing theory into action.
On my first day induction I was told that I might be working on the promotion of a policy. I would break down the complete marketing proposition.
I would be reviewing the pricing method, the product itself, the communication methodology and the sales channels the insurance policy was distributed.
On the first morning I met up with the marketing director who gave me a high level view of the marketing and sales performance of the product, where it was in the promoting and what the aspiration of the product were.
Next I had a meeting with the senior marketing boss who briefed me on the finer details of the policy. I was handed all the marketing paperwork and has 6 weeks to study the policy and come back with a popular methodology.
I went about spending the following 2 weeks talking with the tele-marketing team who promoted the policy. I listened in on sales call they received. I visited their retail branches. I reviewed in the in-store communication and had a meeting with customer facing staff who sold this policy and other competing plans.
Then I had a week holiday off and basically purchased a student travel insurance from them.
Upon my return from Ibiza, I set about creating my new proposition. This work took another two weeks. I rebounded concepts off the senior marketing executive and then I was prepared to present.
Twitchy as hell, I presented during my final internship week. I received great judgment and I was generally of the same train of persuasion as the senior marketing staff.
There was one serious issue that clients had with the insurance policy that was limiting sales. But the insurance firm skirted around the issue in their legal terms and conditions.
During lunch, I walked past the CEO of the firm who claimed he enjoyed my insight. He said that he was glad I was able to pick up on the issue with the terms and conditions. Then let me know that there was no need to be concerned, as his brand would never pay out on the policy.
This shocked me. In reality it left such a horrid taste in my mouth I promised never to pursue a career in insurance marketing.
I've always been untrusting about the entire industry yet glad I had this insight so early in my early career as it led me on a career path that allows me sleep after dark.
This was a summer internship to provide me with useful work experience and the chance to put marketing theory into action.
On my first day induction I was told that I might be working on the promotion of a policy. I would break down the complete marketing proposition.
I would be reviewing the pricing method, the product itself, the communication methodology and the sales channels the insurance policy was distributed.
On the first morning I met up with the marketing director who gave me a high level view of the marketing and sales performance of the product, where it was in the promoting and what the aspiration of the product were.
Next I had a meeting with the senior marketing boss who briefed me on the finer details of the policy. I was handed all the marketing paperwork and has 6 weeks to study the policy and come back with a popular methodology.
I went about spending the following 2 weeks talking with the tele-marketing team who promoted the policy. I listened in on sales call they received. I visited their retail branches. I reviewed in the in-store communication and had a meeting with customer facing staff who sold this policy and other competing plans.
Then I had a week holiday off and basically purchased a student travel insurance from them.
Upon my return from Ibiza, I set about creating my new proposition. This work took another two weeks. I rebounded concepts off the senior marketing executive and then I was prepared to present.
Twitchy as hell, I presented during my final internship week. I received great judgment and I was generally of the same train of persuasion as the senior marketing staff.
There was one serious issue that clients had with the insurance policy that was limiting sales. But the insurance firm skirted around the issue in their legal terms and conditions.
During lunch, I walked past the CEO of the firm who claimed he enjoyed my insight. He said that he was glad I was able to pick up on the issue with the terms and conditions. Then let me know that there was no need to be concerned, as his brand would never pay out on the policy.
This shocked me. In reality it left such a horrid taste in my mouth I promised never to pursue a career in insurance marketing.
I've always been untrusting about the entire industry yet glad I had this insight so early in my early career as it led me on a career path that allows me sleep after dark.
About the Author:
Paul Godin writes for Insure Direct who provide specialist travel insurance for students as well as home, motor and commercial insurance.
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