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Affinity

With over 30 years of experience, Marsh can help you create an affinity insurance scheme that takes your brand further and offers members the unique coverage and support they need.
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For affinity partners, trade associations, and franchises, finding new ways to capture growth and reduce risk for members is a key component of success.

Whether you oversee a global corporation or a smaller enterprise, creating an affinity group insurance scheme can help you offer new value while attracting more business. An affinity group insurance scheme provides greater control over risk management and the ability to capture new cost efficiencies, reduce claims frequency, and improve member safety.

Although the benefits are clear, many organizations lack the time, resources, or internal expertise needed to manage a successful affinity group insurance program. At Marsh, we will help design, implement, and support a full range of insurance and risk management solutions built around the needs of your own members.

Guide

How to build an affinity insurance program

Are you overwhelmed by the complexities of providing insurance to your customers or members? Are you currently offering an affinity or embedded insurance program that is not performing well? Use this guide to help build or enhance your affinity insurance program.

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Please consult with a Marsh advisor on product availability in your region.

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Unlock your revenue potential

Are you ready to explore how affinity insurance can add value to your organization?

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FAQs

An affinity insurance program is a customized insurance offering designed for a specific group or organization, such as a professional association, trade group, or franchise. By leveraging the collective buying power of the group, the sponsor (your organization) can negotiate favorable insurance terms and pricing. Members of the group can access insurance coverage tailored to their specific needs at competitive rates.

Plus, a new affinity insurance program can create an additional income stream for your organization by introducing a structure that benefits you — among other powerful benefits such as increased customer penetration and strengthened brand loyalty.

Here are a few examples where Marsh clients have harnessed the power of insurance for their affinity program. Please note that products may vary by region.

  • Providing professional indemnity insurance for lawyers, accountants, dentists, doctors, allied health professionals through the professional association.
  • Offering business insurance for contractors and tradespeople through the relevant trade association.
  • Creating a customized package including property and business interruption insurance for a franchise and its franchisees.
  • Incorporating accidental damage and theft protection for devices, equipment, and heavy machinery.
  • Providing content insurance as part of the service contract for a student rental association.
  • Offering insurance for peer-to-peer rentals or sharing mobility services.
  • Helping gig workers get ride protection coverage.

In an affinity program, a broker plays a crucial role in helping build the insurance offering. The broker acts as an independent advisor to the sponsor group or organization. By working closely with the sponsor to understand their specific insurance needs, the broker designs and negotiates the terms with the insurance provider. Additionally, the broker assists in managing the program which can include providing the digital platforms, handling policy administration, claims processing, and ongoing support for the members.

Affinity insurance and embedded insurance are both specialized insurance offerings, but they differ in their approach. Affinity insurance programs are designed for specific groups or organizations, leveraging the collective buying power of the group to negotiate favorable terms and pricing. These programs provide tailored insurance coverage to the members of the group.

On the other hand, embedded insurance refers to insurance coverage that is integrated into the sale of a product or service offered by a non-insurance organization. For example, when you purchase a new smartphone, it may come with embedded insurance coverage for accidental damage or theft. Or you purchase a car which comes with extended warranty and motor vehicle insurance. The insurance is seamlessly bundled with the product or service, providing a convenient and comprehensive solution for the customer.

While both affinity and embedded insurance aim to provide specialized coverage, the key difference lies in their distribution and target audience. Affinity insurance targets specific groups or organizations, while embedded insurance is integrated into products or services to offer coverage to a broader customer base.

Talk to us

Contact us to get in touch with an industry or risk subject matter expert, learn more about a specific solution or submit a sales/RFP inquiry.

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