A forward-looking mentality and consistent flexibility have been what set PIMA apart from the beginning. From its inception, PIMA's journey to becoming a significant player in the affinity market has been marked by continuous innovation and adaptability.
The 13 signers of PIMA's Articles of Incorporation understood that staying ahead of industry changes was essential for long-term success. Their experiences and insights provide valuable lessons on embracing change and fostering innovation regardless of roadblocks or unforeseen challenges. We had a chance to visit with four of them — James (Jim) C. Boon II, P. Allen Haney, Richard (Dick) F. Jones and J. Thomas (Tom) Koch — to learn more.
1. Perseverance Makes Progress
In PIMA's early days, Tom Koch's approach to innovation was emphasized by incremental progress and perseverance. He shared his approach by stating: "If a young leader comes to me and asks for advice, I usually say, 'Don't try to go from A to Z. Just take an incremental approach. Look at what's the next step. Be persistent. Don't give up. I think that's the key to entrepreneurship and good leadership." Tom believes that tackling problems step-by-step and continually seeking solutions is vital for successfully adapting to change and maintaining a competitive presence in the industry.
Tom also stressed the importance of critical thinking and persistence in driving innovation. "If you're trying to get something done, and you keep coming up with 'no' or 'it doesn't work,' don't give up. Keep thinking about it. Keep working on it. Because usually, there's another way, or there are two steps to get to someplace else," he advised. This mindset helped PIMA members navigate the complexities of the market and emerge stronger by continually finding new ways to solve problems and improve their offerings.
2. Embrace Technological Advancements
In the early 2000s, when the internet began transforming the association marketplace, many predicted the end of traditional associations. Allen Haney recalls, "I remember when the internet came into play back in 2000 and thought, 'We're not going to need associations anymore. They can get everything they need on their computers.' That was the story. And yet, all that did was push the affinity business and successful associations to incorporate it into their marketing campaigns and do an even better job."
Allen went one step further to recognize the transformative impact of technology on the affinity business. Today, AI is seen as another game-changer, and Allen emphasizes the importance of leveraging it effectively. "AI is going to be impactful. But in the affinity business, it's how you use it and how you channel it to make you better," he noted. By embracing technological advancements, PIMA has enhanced its offerings and stayed ahead of the curve even amidst industry changes.
3. Meet Changing Needs Through Consistent Innovation
For Jim Boon, his tenure in the affinity insurance market is marked by a consistent focus on innovation above all else. One notable example of this was his effort to involve more insurance companies in the affinity marketplace, which was initially dominated by just one entity. Jim explained, "We wanted to make sure that the marketplace was more competitive... we wanted to get more insurance companies involved in the affinity marketplace." This drive to diversify and enhance competition within the market was a significant innovation at the time.
Another key aspect of Jim's innovative approach was the adaptation to changing market demands. He highlighted, "We were all kind of running this as a side gig, and at some point, it became obvious that we needed somebody that could work full-time growing PIMA." This need led to the hiring of a dedicated executive director for PIMA, ensuring that PIMA could continue to evolve and effectively meet the needs of its members.
4. Innovation Is Possible Through Adaptability
Dick Jones reflected on how PIMA's commitment to innovation and adaptability has been central to its success, particularly in balancing mass marketing and administrative capabilities. "Mass marketing and administrators were both a part of PIMA," he explained. "Slightly more on the marketing side, but to be successful, you had to have both." This dual focus allowed PIMA members to stay innovative in their communication with prospects while efficiently managing their needs.
Dick also emphasized the impact of technological advancements on PIMA members' marketing strategies. "The change we've seen now is all the technology on the marketing side. We do very little direct mail anymore. It's not cost-effective," he said. Despite the shift from traditional methods, Dick still valued the foundational skills developed in earlier times. "I still think I could write a pretty good letter," he added with a touch of nostalgia.
This transition from direct mail to digital marketing strategies exemplifies PIMA members' ability to adapt and innovate. By embracing new technologies and continuously evolving their marketing strategies, PIMA members have maintained their competitive edge in the affinity market. Dick's insights highlight the importance of innovation and adaptability in ensuring that PIMA remains relevant and effective amidst changing industry dynamics.
This collective wisdom underscores a fundamental truth: in a constantly changing world, the key to enduring success lies in one's ability to innovate, adapt, and persist. As PIMA moves forward, these principles will continue to guide the organization, inspiring future leaders to push boundaries, overcome obstacles, and achieve remarkable growth.
To learn more about PIMA's founding principles and gain invaluable industry insights, read our accompanying articles: Success Through Camaraderie and Competition, Leadership and Initiative, and Building Strong Relationships and Networks.
PIMA® (Professional Insurance Marketing Association®) is a member-driven trade association focused exclusively on the affinity market.
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