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Affinity and program business models, while experiencing strong growth over the past few years, will need to adapt and expand their view of partnerships, blending the idea of networking in the B2B realm with providing additional value to the B2C realm. It must evolve to new digital models and partnerships that offer or embed insurance offerings within another engagement and purchase journey. Insurance distribution can no longer be limited to traditional methods. Trend #2: New, innovative opportunities are popping up everywhere – providing fuel to accelerate growth. These new risks include cyber, on-demand, Gig Economy, marijuana, renewable energy, vaping, transactional insurance, credit, active shooters, wildfires, climate risk and transportation. To address the issue of having sufficient loss data for underwriting, they work with multiple insurers and reinsurers who take slices of the risk, eliminating the potential of any specific insurer having to cover the entire risk. The report notes that because MGAs tend to be leaner and nimbler, they can bring new products that address new or emerging risks to market more quickly. Many programs are often administered and marketed through Managing General Agents (MGAs) who bring their own value to the equation.Ĭonning’s 2019 research, Managing General Agents, The Super Model of the Insurance Industry, noted that MGAs play a valuable role in bringing new products to market faster than traditional insurers.
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1) Program business is poised to continue this pace of growth as administrators indicated plans to introduce more programs while carriers pursue expansion through new programs.įigure 1: Growth in program business premiums In the October 2018 report, TMPAA found that program premiums rose 131 percent between 20, with the size of the market growing double digits annually. The Target Markets Program Administrators Association (TMPAA) has published a report every year since 2010. Trend #1: Program and Affinity business is growing. Why is it a good time for program and affinity products to consider looking in new directions for business growth? Let’s look at five key trends.
CHANEL BUSINESS AFFINITY PROFESSIONAL
We discuss the reasons that affinity and program business have the potential to grow in Majesco’s upcoming thought-leadership report, A Roadmap to the Future of Insurance: Program and Affinity Business, written in conjunction with the Professional Insurance Marketing Association (PIMA). It is a way to “personalize” the products and assess the risk within a common “community” rather than with the broader group. Program and affinity business are very much alike – insurance targeted to a particular “community” niche market or class, generally representing a group of similar needs or risks that require products designed and priced for those risks. What remains is for insurers to uncover sprouting new opportunities from new communities for program and affinity business. These groups provide collaboration, trust and commonalities.
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Affinity and programs aren’t just a “category” of insurance, they represent how people or businesses naturally come together within “communities” where insurance can meet their unique needs. Insurers recognize that family, community and relationships will continue to be beneficial to provide ways to help offer and sell insurance products. The rise of affinity insurance, like everything else, grew out of necessity.Īffinity and Programs are more than a category. It became highly common for immigrant organizations to develop committees who would care for those in difficult circumstances, far from their homeland, but not far from help.Īssociation dues would cover a wide range of protective measures, with additional “premiums” charged in the event that a family or individual needed a home rebuilt or needed medical attention or needed assistance due to the death of a loved one. These little communities would also use their combined resources to protect themselves and their own interests. In the US, in the late 1800’s and early 1900’s, as immigrants began to pour into the country, populating the countryside and the cities, they would congregate and create societies and organizations designed to socialize. The Future of Insurance: Ecosystem Partners.The Future of Insurance: Industry Leaders.Individual, Benefits and Group Solutions.