Ahmad Mahfuz Ismail
Affinity Leader, Malaysia
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.
An affinity organization is formed around a shared interest or goal, to which individuals formally or informally belong. Some common examples include alumni associations and business groups.
In addition to these, affinity organizations also include:
To better pursue members' interests, affinity group leaders should look toward an insurance scheme designed around their unique needs and risks.
Affinity insurance provides policies unique to the members of the group. By pooling together risk, participants are able to reduce the costs of coverage.
These insurance schemes are formed when a group of individuals or entities come together to jointly own a captive insurance company. For organizations or individuals who lack the resources to create their own captive, a group scheme offers minimized risk, increased coverage, and lower costs.
By creating a program specific to your own group, your organization is able to build a customizable plan that offers the solutions to risk areas that more generic policies likely will not address.
Affinity insurance offers pricing stability, insurance coverage stability, and improved services.
A cost-effective insurance scheme, designed exclusively around the interest of your customers, members, or franchisees, can help you pursue your own business objectives and enhance the reputation of your company or organization. By providing this added value, you can strengthen relationships, helping you attract and retain loyal members.
A new affinity insurance scheme can also create an additional income stream for your business by introducing a structure that pays commission to you.
When creating a scheme that directly benefits members of your affinity group, it's crucial to consider any membership requirements and any other unique considerations, business protections, and pricing.
After deciding to form an affinity insurance scheme, you’ll need a captive manager to lead the process.
At Marsh, we can help you set up an affinity insurance scheme tailored to the unique risk needs of your potential insureds. By understanding the threats you and your affiliates face within the context of your business, we gain insight that helps us define the risks to be covered and create a solution tailored to your specific risk profile.
Our experienced team will work with you to define, design, and deliver the right products for your affinity group members.
Offering insurance or protection solutions to your customers can serve as a key differentiator for your products and your brand. Your customers benefit from risk protection at optimized cost, while your company gains a new revenue stream and increases customer loyalty.
For certain sectors, the tightening of regulations may also necessitate insurance protection for your end-users, or make it prudent for companies to avail such protection. Offering insurance solutions may help mitigate regulatory risk, protect your business model, and position your company as an exemplary organization towards stakeholders, including regulators and the general public.
Our affinity insurance solutions are distributed via Marsh’s proprietary secured digital platforms.
The Marsh digital platform, which is tailored to client specifications and the program chosen, offers a one-stop overview of how a client’s affinity program is performing. Data management and analytics gives clients access to insights that can be used to optimize program profitability and make data-driven business decisions.
Our digital platform simplifies the insurance experience for both our clients and their end-users. The digital platform integrates with clients’ existing digital ecosystems for a seamless user interface and enhances the customer journey by building upon your brand proposition and offerings.
Yes, we leverage our global expertise, local knowledge, and deep connections with global carriers to design affinity programs that cater for geographies of your choice.
Affinity Leader, Malaysia