Blogs

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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Navigating the Future of the Insurance Industry

Navigating the Future: Lessons for an Adaptive Insurance Landscape Collaboration is often thought of in the strictest of terms — almost always involving the culture of a business — and for good reason. At the 2023 Summer Insights Conference, keynote speaker Bryan Falchuk addressed the future of insurance and the many lessons about collaboration that leaders can learn from insurers who are pushing ahead despite industry roadblocks. Falchuk, founder and managing partner of Insurance Evolution Partners, explained how a collaborative setting has a positive impact on everything from productivity and problem-solving to engagement and morale. ...
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What You Need to Know About NAIC's New Privacy Model Law Proposal

NAIC Proposes New Privacy Model Law — Here's What You Need to Know The following is a recap of PIMA's 2023 Spring Legislative & Regulatory Webinar. Also, it is important to note that the NAIC draft documents are always subject to input and change. For the latest updates and materials visit NAIC's website . It’s no secret that insurance companies routinely leverage granular data. When you divide and subdivide a dataset to its lowest and most precise levels, actuarial risk projections, for instance, become much more accurate. The same can be said for the targeting capabilities of financial products, the underwriting of policies, and simply ...
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PIMA launches inaugural PIMA Cares charitable initiative

Chicago, IL (July 19, 2023) : On National Insurance Awareness Day, the PIMA Community packaged over 15,000 meals for those experiencing food insecurity throughout the world. By partnering with Rise Against Hunger, a global nonprofit organization dedicated to alleviating hunger and orchestrating the packaging and delivery of food to developing countries, more than 80 PIMA volunteers worked together to showcase the industry’s commitment to making a worldwide difference. Thank you to all of our volunteers who helped make this possible, as well as our PIMA Cares supporters Haven Life, New York Life, and Securian. “Haven Life was so glad to ...
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PIMA Announces 2023 Insights Awards Competition Results

CHICAGO, IL (July 5, 2023) : PIMA announced the winners of its annual Insights Awards competition during its 2023 Summer Insights Conference. PIMA's competition recognizes outstanding achievement in marketing with gold, silver, and bronze awards presented based on scores earned in results, marketing strategy, and creative execution. “Best of PIMA” was awarded to TMA Insurance Trust for their 2022 Group Health Marketing Expansion campaign, based on their high-level communication efforts and quality copy executed throughout the campaign, the impressive number of touchpoints, and member reach anticipation efforts. “Judges Choice” was awarded to Prudential ...
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Keys to Successful Collaboration

By Bryan Falchuk, Managing Partner at Insurance Evolution Partners The insurance industry has spent billions on innovation, with a clear ramping up of its efforts as it met the imperatives imposed by COVID lockdowns and seized on opportunities created by new solutions brought to market by insurtechs. And yet, while many of these efforts can be deemed successes, the path to bring them to market has not always been smooth. Indeed, for every successful and smooth implementation, there are no doubt countless others that run over budget, deliver a constrained scope, or fail to see the expected impact and returns materialize. Last year, I was lucky enough ...
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Technology provides flexibility and choice for a rapidly diversifying consumer market

Blending the power of technology with innovative and affordable products to address one of the nation’s greatest challenges. By Josh Millman, Head of Partnership Strategy, Haven Life “I don’t want to think about death.” “I have life insurance at work, so I don’t need more.” “I’m not old enough to need life insurance.” “I’ve heard the process is a pain in the neck.” “Isn’t insurance really expensive?” It seems the more life insurance technology advances, the more “dog ate my homework” reasons Americans come up with for remaining uninsured or underinsured. Reading the above, even I can understand the reluctance to engage in this difficult process. ...
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