In the summertime vacation, between the 3rd and 4th year of my marketing degree, I was given the chance to work in the marketing department of a major insurance corporation.
This was a summer internship to provide me with valuable work experience and the chance to put marketing concepts into operation.
On my first day induction I was told that I might be working on the promotion of an insurance policy. I would need to review the complete marketing policy.
I'd be reviewing the pricing strategy, the product itself, the communication methodology and the sales channels the insurance policy was distributed.
On the 1st morning I had a meeting with the marketing director who gave me an overview of the marketing and sales performance of the product, where it was in the marketing and what the aspiration of the product were.
Next I met with the senior marketing manager who briefed me on the smaller details of the policy. I got handed all the marketing paperwork and has 6 weeks to study the policy and come back with a recommended methodology.
I went about spending the following two weeks chatting with the telesales 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 consumer facing staff who sold this insurance cover along with competing insurance policies.
Then I had a week holiday off and basically bought a student travel insurance from the company.
On my return from Spain, I set about pitching my strategy. This took another two weeks. I bounced concepts and ideas off the senior marketing boss and then I was ready to present.
Frightened as hell, I presented during my final internship week. I received great feedback and I was generally of the same train of view as the senior marketing personnel.
There was one serious problem that clients had with the insurance policy that was limiting sales. But the insurance firm skirted round the issue in their legal terms and conditions.
At lunch, I bumped into the Director of the corporation that said he enjoyed my proposal. He said he was pleased I was able to fall upon the issue with the terms and conditions. Then let me know that there was no need to be concerned, as his company would never pay out on the policy.
This surprised me. In reality it left such a bad taste in my mouth I promised never to take up a career in insurance marketing.
I've always been ruthless about the whole industry yet relieved I had this experience so early in my marketing career as it led me on a career journey that allows me sleep during the night.
This was a summer internship to provide me with valuable work experience and the chance to put marketing concepts into operation.
On my first day induction I was told that I might be working on the promotion of an insurance policy. I would need to review the complete marketing policy.
I'd be reviewing the pricing strategy, the product itself, the communication methodology and the sales channels the insurance policy was distributed.
On the 1st morning I had a meeting with the marketing director who gave me an overview of the marketing and sales performance of the product, where it was in the marketing and what the aspiration of the product were.
Next I met with the senior marketing manager who briefed me on the smaller details of the policy. I got handed all the marketing paperwork and has 6 weeks to study the policy and come back with a recommended methodology.
I went about spending the following two weeks chatting with the telesales 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 consumer facing staff who sold this insurance cover along with competing insurance policies.
Then I had a week holiday off and basically bought a student travel insurance from the company.
On my return from Spain, I set about pitching my strategy. This took another two weeks. I bounced concepts and ideas off the senior marketing boss and then I was ready to present.
Frightened as hell, I presented during my final internship week. I received great feedback and I was generally of the same train of view as the senior marketing personnel.
There was one serious problem that clients had with the insurance policy that was limiting sales. But the insurance firm skirted round the issue in their legal terms and conditions.
At lunch, I bumped into the Director of the corporation that said he enjoyed my proposal. He said he was pleased I was able to fall upon the issue with the terms and conditions. Then let me know that there was no need to be concerned, as his company would never pay out on the policy.
This surprised me. In reality it left such a bad taste in my mouth I promised never to take up a career in insurance marketing.
I've always been ruthless about the whole industry yet relieved I had this experience so early in my marketing career as it led me on a career journey that allows me sleep during the night.
About the Author:
Paul Godin writes for Insure Direct who provide specialist travel insurance for students as well as home, motor and commercial insurance.
