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. 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. 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.
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