TITLE

A FRAMEWORK FOR DEVELOPING TRUST RELATIONSHIPS

AUTHOR(S)
Hart, Christopher W.; Johnson, Michael D.
PUB. DATE
March 1999
SOURCE
Marketing Management;Spring99, Vol. 8 Issue 1, p20
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article focuses on the elements of a framework for the development of total-trust relationships with customers and sales agents with the use of the Mutual of New York (MONY) as an example. It discusses the framework given by the marketing experts, Shelby Hunt and Robert Morgan. The framework provides a systematic approach for diagnosing where a person currently stands on trust with his customers and thinking through the actions needed to build total-trust relationship. The MONY helps explain the elements in the framework. The company has established and presently is implementing an explicit strategy to build total-trust relationships with both its customers arid its sales agents. MONY is a traditional life-insurance company that faced a huge challenge. Larger and more technologically powerful brokerage firms, mutual funds, and banks that previously had been restrict- ed from selling life insurance began offering life insurance as part of a broad range of financial services. The company's challenge is twofold: to create processes to identify and eliminate internal trust defects; and to help agents build total-trust relationship with their clients.
ACCESSION #
1755092

 

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