Blogs

Decoding Affinity: Insights and Action

By Matthew Mitchell, PhD, Managing Partner, Bâton Global; and Eric Madcharo, MBA, Consultant, Bâton Global Developing, expanding, penetrating, or diversifying within the various markets in today’s environment can be challenging. Does an organization look to sell more to the same buyers, find new sources of buyers, develop new products for existing buyers, or try selling new products to new customers? Each approach presents its own set of risks as one develops strategies to market through traditional B2B2C affinity models. The evolving loyalty of buyers, declining membership growth in traditional associations, and the rise of new or alternative purchasing ...
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Marketing in Affinity: Back to Basics

By Holly Bohn Pittman, Chief Marketing Officer, Fortegra Chat GPT, blogs, SEO, TikTok, LinkedIn, Instagram, Facebook, Twitter, virtual events, QR codes — the number of channels, platforms, and resources available to sales and marketing professionals has become mind-numbing. Where do you even begin? These new and growing technologies are newsworthy so ignoring them isn’t an option. In fact, because of the media attention it’s not uncommon for executives with little to no understanding of these platforms, end up mandating their use. Pretty soon your small, but eager team is burned out managing content across ten different platforms. While it’s easy to wow with ...
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AI for Insurance Marketing

By Robert Eaton, FSA, MAA, Principal and Consulting Actuary, Milliman Artificial intelligence (AI) chat bots are now in consumer hands. Companies like OpenAI (chatGPT), Google (Bard), and Meta / Facebook (LLaMa) are pioneering sophisticated, interactive, and intuitive capabilities that tens of millions of people routinely use today. This technology provides a new interface for insurers to reach their customers: machines that communicate easily and clearly with people, at low cost. What changes are on the way in the distribution of insurance products, to individuals, groups, and affinity markets? PIMA members should expect sales and marketing to change dramatically ...
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Navigating the Future: NAIC and State Regulation of Artificial Intelligence in the Insurance Industry

By Sean Cox, President, First Consulting & Administration; and Kathy O’Farrell, Regulatory Affairs Manager, First Consulting & Administration In the ever-evolving landscape of technology, Artificial Intelligence (AI) is reshaping various sectors, including the insurance industry. AI is transforming areas such as underwriting, customer service, claims, marketing and fraud detection. It has the potential to increase customer engagement, create more personalized service, and to match customers with appropriate products. As this powerful transformation gains momentum, regulatory bodies like the National Association of Insurance Commissioners (NAIC) ...
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Digital Insurance: 4 Strategies for Insurance Companies When Adopting AI

Digital Insurance: 4 Strategies for Insurance Companies When Adopting AI By Ann Dieleman (April 18, 2024) In 2023, a study by McKinsey found that many organizations — including the finance, technology, and insurance sectors — anticipate significant or disruptive changes due to generative AI within the next three years. Fast forward to 2024, and the anticipated transformation is already unfolding. For the insurance industry, this marks a pivotal moment: embracing AI is not just a competitive edge but a necessity. Read more >>> #InTheNews #2024
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HR Daily Advisor: How Insurance Affinity Programs Provide Real Value to Consumer Groups

HR Daily Advisor: How Insurance Affinity Programs Provide Real Value to Consumer Groups By Ann Dieleman (April 19, 2024) Most, if not all, people have an affinity for certain brands over others, and this inclination toward a given brand usually involves shared characteristics or values. They identify with it on a deeper level. And that serves as the basis for affinity distribution, where one brand partners with another brand and leverages its “brand affinity, trust and credibility” to deliver products or services to a larger consumer base or a specific consumer group. Read more >>> #InTheNews #2024
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Making Sense of the Ever-Changing Affinity Market

The following is an executive summary of PIMA's 60+ page member research report: Affinity 2030: Sizing the Affinity Market (member login required) , published in Fall 2023. For decades, the affinity market has operated as one would expect: Two parties establish an affiliation, where one party provides a product or service to the other in exchange for access to a new customer group. In the insurance and financial services industries, the second party would be a group consisting of individuals with similar interests, needs, identities, risks, or other characteristics. That much hasn’t changed. Market dynamics have, however, bringing into question the ...
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How to Master the Fundamentals of Leadership With 5 Simple Sports Strategies

Renowned performance coach Alan Stein Jr. celebrated for his collaborations with prestigious companies, brought his expertise to the forefront at a recent gathering of the PIMA Community. With a well-rounded career guiding some of the most talented basketball players on the global stage, Stein brought his unique perspective to a wider audience. His talk explored the overarching themes of leadership excellence and personal influence, delving into the universal qualities shared by high achievers across different fields. Stein illuminated how the dedication, discipline, and strategic thinking fostered in competitive sports can be transformative when applied ...
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PropertyCasualty360: Navigating affinity insurance trends in 2024 and beyond

PropertyCasualty360: Navigating affinity insurance trends in 2024 and beyond By Ann Dieleman (March 8, 2024) The insurance industry is operating in a new world, and the affinity insurance market can’t rely on tried-and-true practices. Read more >>> #InTheNews #2024
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The Role of Leadership in Navigating Change

At the 2024 PIMA Winter Insights Conference, Matthew Mitchell, Ph.D. , — pioneering consultant at Bâton Global and well-respected authority in executive leadership development and strategy — delivered a compelling presentation titled "Developing Strategies for Ever-Changing Markets." Or, to put it simply, "Shift Happens." His talk underscored the critical need for leaders to adapt to market changes, harness research insights for strategic foresight, and cultivate a leadership style that harmoniously integrates resilience and self-care. This approach empowers leaders to navigate the complexities of the business landscape while maintaining personal well-being. ...
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Charting the Future of Insurance: From Challenges to Opportunities

The insurance industry, traditionally seen as a hallmark of stability, now stands at the crossroads of unprecedented challenges and unparalleled opportunities. The opening session of the 2024 PIMA Winter Insights Conference laid bare the complexities facing insurers today, from the need for digital experiences to the imperative of forging robust relationships and partnerships. For instance, one presenter shared that the auto insurance sector experienced $32 billion in underwriting losses in the first nine months of 2023 alone, with average rates surging by 20% in the past year. Additionally, the rise in distracted driving incidents and the advent of self-driving ...
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AI is Revolutionizing the Future of Insurance. Are You Keeping Up?

Revolution is in the air. Amidst a backdrop of unprecedented challenges, with some insurers facing their toughest year of losses, the insurance industry stands on the brink of a transformative era. This shift, fueled by rapidly evolving AI technologies, promises a revolution in processes and customer experiences alike. The 2024 PIMA Winter Insights Conference served as a crucial forum to spotlight the transformative power of AI in reshaping underwriting. Discussions delved into the rising expectations of personalized customer experiences and the World Economic Forum's forecast, placing insurance underwriting at the forefront of professions poised for significant ...
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An Overview: Federal Tri-Agency Proposed Fixed Indemnity Regulations

The following is a recap of PIMA's 2023 Fall Legislative & Regulatory Digital Forum. Authored by Sean Cox, President of First Consulting & Administration. Sean is also a PIMA Board Member and the Legislative & Regulatory Interest Chair. It is important to note that regulations are always subject to change. In a significant move toward refining healthcare regulations, the Departments of Health and Human Services, Labor, and Treasury recently proposed new regulations impacting various insurance categories. These proposed regulations, published on July 12, 2023, cover Short-Term, Limited-Duration Insurance; Independent, Noncoordinated Excepted ...
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AI in the Insurance Industry: How Tech Is Transforming Business

Change isn’t a new phenomenon for the insurance industry. The introduction of technology alone has led to significant transformations. But with the integration of AI in the insurance industry, the rate of change has only accelerated. Carriers, both large and small, have witnessed how AI can reshape everything from marketing and underwriting to distribution and claims processing, improving efficiency, productivity, and cost savings — as well as the overall experience a customer has with an insurance company. Automation gets most of the credit, and the reason isn’t unfounded. AI-based customer support is certainly an example of that. A chatbot can field questions, ...
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PIMA Announces 2024 Board of Directors

CHICAGO (January 25, 2024) —The PIMA membership elected its 2024-2025 Board of Directors on January 24, 2024, at the Annual Meeting. The 2024 Board of Directors are: Executive Committee President – Pamela Moy, AMA Insurance President-Elect – Kelly Abeles, Prudential Financial Treasurer – Avery Smith, Kelsey National Corporation Secretary – Kara Shipulski, Liberty Mutual Insurance At-Large Director – Sean Cox, First Consulting & Administration Immediate Past President (ex-officio) – Scott Berlin, New York Life Insurance Company PIMA Executive Director (ex-officio) – Ann Dieleman, PIMA Directors Sharon Alford, ...
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Recommendations for Group Health Insurance Marketing From Insights Award-Winning TMAIT Team

Each year, PIMA recognizes companies that have demonstrated outstanding achievements in marketing strategies for insurance products. The Gold Insights Award for lead generation went to Texas Medical Association Insurance Trust (TMAIT) in 2023 for its open-enrollment marketing expansion campaign. TMAIT was also awarded “Best of PIMA” for this same campaign. Beginning of the Group Health Insurance Marketing Strategy If you’re not yet familiar with TMAIT, it’s a full-service insurance agency created by the Texas Medical Association to service the insurance needs of its members — something the organization still does to this day. However, the pandemic ...
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Takeaways From Prudential's Insights Award-Winning Life Insurance Marketing Campaign

Each year, PIMA recognizes companies that have demonstrated outstanding achievements in marketing strategies for insurance products. The Prudential Company of America took the Gold Award in the Acquisition category for its life insurance marketing campaign involving the State Bar of Texas. Life Insurance Marketing Campaign Development For over 40 years, The Prudential Company of America has been offering life insurance as a benefit to members of the State Bar of Texas. That much hasn’t changed. In 2022, however, the opportunity came about to expand its offerings with the inclusion of term life insurance for the first time. The product would be offered ...
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Generate Insurance Leads Using SEM: Tips From Insights Award-Winner Pearl Companies

Each year, PIMA recognizes companies that have demonstrated outstanding achievements in marketing strategies for insurance products. In our 2023 insurance lead generation category, the Silver Award was awarded to Pearl Insurance. Inception of the Insurance Lead Generation Strategy Pearl has been in the affinity space for quite some time, providing term life, supplemental health, long-term care, and disability coverage to over 50 affinity programs. The company also has its hand in business insurance, where lawyers, accountants, realtors, and other business professionals can secure professional liability insurance. With search engine marketing ...
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5 Steps Affinity Insurance Executives Can Take Toward Becoming Resilient Leaders

How Affinity Insurance Executives Can Become Resilient Leaders Anton Gunn — a former senior advisor to President Barack Obama, CEO of 937 Strategy Group, bestselling author, international speaker, and consultant — offered thought-provoking insights on the topic of business resilience at PIMA’s 2023 Winter Insights Conference. If you missed the event, here are a few of the tips Gunn shared on how affinity insurance leaders could leverage the power of radical recovery. What Is Radical Recovery and How Can Insurance Professionals Master It? As Gunn pointed out, radical recovery is a business management and leadership practice that makes it ...
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Adapting Brand Longevity to Align With Gen Z Consumer Behavior

Navigating Brand Longevity in the Age of Gen Z Broke. Unemployed. Trophies of the participation variety. These are just a few of the terms people use to describe Gen Z. At the 2023 Summer Insights Conference, keynote speaker Jeff Fromm addressed how the Gen Z mindset is impacting marketing and how to effectively distinguish what Gen Z consumers say versus where they put their money. Fromm, an accomplished author and consultant on consumer trends, marketing and innovation, explained how entering into a conversation with what you think you know about generational trends will do nothing to establish a relationship with Gen Z and insurance brands. In fact, ...
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