Finaccord's report titled Affinity and Partnership Marketing in Commercial P&C Insurance in the USA
is a study about insurance partnerships in place with commercial affinity groups in the US. It is based on a survey of 1,715 actual and potential partners across 17 categories, namely: alumni associations and universities; auto associations; auto manufacturers; banks and specialized lenders; credit unions; insurers (tied / multi-tied intermediaries); insurers (underwriters); internet, media and telecoms entities; labor unions; lifestyle organizations; online aggregators / brokers; professional associations; real estate and property services; retailers; sharing economy entities; sports organizations; and trade associations.
The analysis of partnerships in commercial P&C insurance has been taken to an unprecedented level of depth by splitting out partnerships for six distinct insurance lines: commercial auto; commercial liability; commercial property; commercial specialized (e.g. cyber, D&O, employment practices liability); professional indemnity; and workers compensation.
The PartnerBASE™ database that accompanies the report details more than 700 externally-organised affinity schemes for commercial P&C insurance identified by Finaccord, recording the operating models and partners used in each instance. Together, the report and database provide a definitive guide to current and future opportunities in affinity and partnership marketing of commercial P&C insurance in the US.
Key findings from the executive summary include:
- 21.6% of all partner organizations in this study have arranged at least one form of commercial P&C insurance for their members including 41.8% of sharing economy entities, 32.4% of professional associations and 15.1% of trade associations;
- across all organizations combined, commercial liability is the type of insurance most likely to be offered, with a provision rate of 14.2%, followed by professional liability (12.5%), commercial property (11.1%) and commercial auto (9.4%), commercial specialized (8.5%) and workers compensation (7.8%);
- most commercial affinity schemes are organised through a broker with over 100 mentioned in conjunction with at least one initiative when counted on a consolidated group basis - in contrast, where final underwriters were identifiable, over 50 underwriting groups are involved in at least one program;
- in descending order, Aon, MMC, Association Insurance Programs (a part of AMJ Insurance) and EPIC (including Integro) are the broking groups with the most partnerships in this field while The Hartford is ranked first among underwriters, ahead of CNA, Travelers and Lloyd’s of London.
This report and the PartnerBASE™ that accompanies it can be used in one or more of the following ways:
- to understand which types of commercial P&C insurance are sold through which types of affinity partner;
- to locate opportunities for new partnerships by identifying gaps by product and for specific partners;
- to identify brokers and underwriters involved in schemes for different types of commercial P&C insurance and to monitor the activity of your competitors in this channel;
- to learn for each of 1,715 partner organizations included in the research what relationships they currently have in place for commercial P&C insurance;
- to base planning activity on the most detailed source of published market intelligence about affinity and partnership marketing in commercial P&C insurance that is currently available.
For further information about this research, please access the table of contents and report prospectus by clicking on the corresponding links to the left-hand side of this page, or e-mail [email protected]
. Also, please view our press release
comparing affinity insurance distribution in the UK and US.