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What does affinity mean?
Affinity refers to the B-B-C model that allows product providers to partner with intermediary organizations to reach their customers.
What is the affinity market?
The Affinity Market refers to a business strategy where specialized products or services are offered to a targeted group of consumers who share common interests, characteristics, or other affiliations.
Who makes up the affinity market?
The affinity market is made up of insurance providers, insurance brokers, and the firms that provide services to those firms. It also includes the customer (the C in B-B-C), which includes employers and their employees, professional associations and their members, banks and their customers, and any number of other consumer or business groups with affiliated members.
How does the affinity model work?
Establishing partnerships using an affinity model affords a company the opportunity to develop products, services, and often pricing specific to individual groups of consumers. In turn, the consumer group is more responsive to the products or services, often due to more relevant offerings, to more economical solutions and to learning from a trusted and existing relationship.