Blogs

Fall 2024 Legislative and Regulatory Update

By William Buebendorf posted 10-25-2024
By Muhammed Gulen, Esq., and Jamie Fender, ASA, MAAA, Lewis & Ellis, LLC. Overview of Recent Dental Regulatory Changes The landscape of dental insurance in the United States is undergoing significant transformation. Recent legislative and regulatory actions in states such as California, Colorado, Massachusetts, Nevada, and New Mexico highlight an industry-wide push towards increased transparency, improved patient protections, and enhanced accountability for insurers. This article provides a summary of these changes, offering insurers a consolidated overview to navigate the evolving regulatory environment effectively. California: Eliminating ...

Closing the Insurance Gap: A New Era of Embedded Insurance Distribution

By William Buebendorf posted 10-25-2024
By Paul Prendergast, CEO, Kayna Introduction Kayna enables embedded insurance distribution through vertical SaaS platforms. It provides the technology & data orchestration layer between Insurance Carriers and Brokers and any vertical SaaS platform enabling the distribution of insurance products that are directly relevant to the platform customers. Vertical SaaS platforms offer ‘software as a service’ cloud solutions which are industry specific. Their features and functions are designed to meet the particular service and solution demands of an industry type. High profile vertical SaaS companies include for example: Toast ...

Don’t Overlook the Impact of Visions Benefits

By William Buebendorf posted 10-23-2024
By Monica Spencer, Senior Business Development Manager, VSP® Individual Vision Plans Amidst ongoing economic challenges and political uncertainty in an election year, individuals continue to explore ways to manage costs and prepare for the future. While reducing unnecessary expenses is prudent, cutting the wrong expenses could yield short-term cost-savings, but lead to unintended long-term financial consequences. A good example of this is vision insurance. At first glance, scaling back on vision care might seem like a cost-effective solution. Many consumers base that choice on simply whether they can see clearly. A common question is “Why do I need ...

Overcoming Today’s Talent Challenges

By William Buebendorf posted 10-23-2024
By Jack Walsh, Managing Director, The Jacobson Group The insurance labor market has been in a constant state of change throughout the past few years. From the uncertainty of the pandemic to the most difficult recruiting environment many of us have ever experienced and almost everything in between, the ability to adapt has been paramount. Now, as the industry ages, average tenures shorten, and employee expectations shift, the industry is facing a variety of both emerging and ongoing talent challenges. Navigating the Current State of the Labor Market The overall U.S. labor market continues to experience low unemployment, remaining below 4% ...

Lessons in Vision, Strategy, and the Evolution of Affinity Insurance Leadership

By PIMA Admin posted 10-17-2024
PIMA's 50th anniversary is an opportune moment to reflect on the contributions of key figures who have shaped the organization and the broader affinity insurance market. Among these leaders is Garry Sullivan, who served as PIMA President in 1993. His career with Aon Corporation spanned over 40 years, making Garry's impact on the industry undeniable. Reflecting on his approach to active leadership, Garry emphasized the importance of building industry connections, stating, "One of the advantages of being affiliated with an organization like PIMA is that no matter the size of your organization, you'll be dealing with the top people in the industry." This ...

Digital Insurance: 5 strategies to leverage tech and engage Gen Z and Millennials

By PIMA Admin posted 10-10-2024
Digital Insurance: 5 strategies to leverage tech and engage Gen Z and Millennials By Ann Dieleman (October 3, 2024) As Gen Z and Millennials increasingly dominate the market for insurance, their digital habits are reshaping the industry. Unlike previous generations, these digital natives expect seamless, personalized experiences that integrate effortlessly into their daily lives. Understanding Gen Z and Millennial consumer behavior and preferences is essential for insurers looking to capture this market. Read more >>> #InTheNews #2024

Lessons in Bravery, Boldness, and the Birth of an Affinity Insurance Pioneer

By PIMA Admin posted 10-02-2024
As PIMA approaches its 50th anniversary, we had the privilege of speaking with Patricia (Pat) Eisenhauer, a pioneering figure in the affinity insurance market and the first female president of PIMA. Throughout her career, Pat contributed significantly to the evolution of the affinity insurance industry, making her a key figure in its history. Reflecting on her experiences, Pat mentioned, "I was the only woman in the room," highlighting the unique challenges she faced as a female leader in a male-dominated industry. This statement captures the essence of her trailblazing journey—a journey that broke barriers and laid the foundation for the future of PIMA ...

Lessons in Leadership and Community

By PIMA Admin posted 09-17-2024
As PIMA approaches its 50th anniversary, we interviewed Frank Cella, a former president of PIMA, to gain insights from his extensive experiences. Frank witnessed and contributed to significant developments in the affinity insurance market, making him a valuable source of historical and strategic knowledge. In his own words, "The affinity marketplace's leadership lessons are no different from any other kind of management experience. You have to learn how to work with people." Frank's journey in the insurance industry began at the American Institute of Professional Association Group Insurance Administrators. Recognizing the need to address legal and regulatory ...

Maximizing Brand Impact in Today's Marketplace

By PIMA Admin posted 09-17-2024
Building momentum. Navigating a saturated marketplace. Capturing consumer attention. These are the critical themes Shama Hyder , CEO of Zen Media, tackled at the PIMA 2024 Summer Insights Conference. An acclaimed marketing strategist, Hyder took a deep dive into the complexities of modern digital marketing strategies and public relations. Hyder emphasized that creating momentum for a brand in today's fast-paced digital age is more challenging than ever. With the constant influx of information and fierce competition for consumer attention, traditional marketing tactics are proving insufficient. She argued that marketers must innovate, leveraging data-driven ...

How to Meet Modern Insurance Needs with Innovative Solutions

By PIMA Admin posted 09-17-2024
Spurred on by rapid technological advancements, the insurance industry is facing a pivotal moment where traditional products can no longer meet consumers' rapidly evolving needs. During a PIMA 2024 Summer Insights Conference session titled "Balancing Risk and Opportunity in Launching New Products," moderated by Christin Kuretich , VP of Supplemental Products at Voya Financial, speakers Glenn Tobleman of Lewis & Ellis, and Stacy Koron of First Consulting & Administration emphasized the crucial role of innovation for insurance providers. They highlighted that to stay competitive, insurers must develop products that go beyond the conventional, addressing ...

The Changing Face of Affinity Distribution: Strategies, Challenges, and the Future

By PIMA Admin posted 09-04-2024
Affinity distribution is reshaping the insurance industry, driven by evolving customer needs, technological advancements, and changing workforce dynamics. This strategy, where insurance products are offered through partnerships with organizations that have large, loyal customer or member bases, not only broadens market reach but also leverages the trust and relationships these organizations have built. Yet, even beyond affinity distribution, insurers are continuously refining their strategies to stay competitive and meet the demands of modern consumers. This was the central theme of the opening session titled "The Changing Face of Affinity Distribution" ...

PIMA's Founding Principles: Building Strong Relationships and Networks

By PIMA Admin posted 08-09-2024
From its inception, PIMA has emphasized the importance of fostering genuine, lasting connections within the insurance industry. The 13 signers of PIMA's Articles of Incorporation understood the strength of their organization depended on their ability to bring people together, share ideas, and work collaboratively. We had a chance to talk with four of them — James (Jim), C. Boon II, P. Allen Haney, Richard (Dick) F. Jones, and J. Thomas (Tom) Koch — and their lessons and insights below further expand on just how essential relationships and networking are to sustainable success. Even though they were competitors, the founding members of PIMA were also friends. ...

PIMA's Founding Principles: Innovation and Adapting to Change

By PIMA Admin posted 08-09-2024
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. ...

PIMA's Founding Principles: Leadership and Initiative

By PIMA Admin posted 08-07-2024
PIMA wasn't born out of a desire to follow the status quo. Instead, it emerged from a collective spirit of initiative in the 1970s. The 13 individuals who signed PIMA's Articles of Incorporation saw an opportunity to emerge as leaders in the insurance industry with new offerings, new outlooks, and new ways of doing business. We had an opportunity to visit with four of them — James (Jim) C. Boon II, P. Allen Haney, Richard (Dick) F. Jones and J. Thomas (Tom) Koch — and hear how their experiences continue to shape PIMA today. Jim Boon reflected on PIMA's early days, emphasizing the leadership and initiative that were crucial to its formation. "Competition ...

PIMA’s Founding Principles: Success Through Camaraderie and Competition

By PIMA Admin posted 08-07-2024
In the early days of PIMA, camaraderie and competitive friendliness were the driving forces behind the community’s success. These values fostered a supportive environment where members pushed each other to achieve their best, both personally and professionally. The stories and lessons from PIMA’s founding leaders reveal how this unique blend of camaraderie and competition shaped the organization’s foundation. The 13 signers of PIMA’s Articles of Incorporation played a crucial role in establishing these values and were pivotal figures who guided PIMA through its formative years. We had a chance to visit with four of them: James (Jim) C. Boon II, P. Allen ...

Second Annual PIMA Cares Charitable Initiative Benefits Local Children in Foster Care

By PIMA Admin posted 06-27-2024
Chicago, IL (June 27, 2024) : For our second annual PIMA Cares initiative—held the same week as National Insurance Awareness Day (June 28)—we partnered with Wednesday’s Child, a dedicated non-profit organization that supports the child welfare system in Kentucky. The inspiration for this year’s initiative stemmed from a desire to contribute directly to the host city for PIMA’s 2024 Summer Insights Conference: Louisville, Ky. The inspiration for working with Wednesday’s Child grew out of the personal experience of our 2024 PIMA Cares Taskforce Chair, Alisha Pequeno, who entered the foster care system in Pennsylvania at 3 years old. Pequeno, who now serves ...

Navigating the Complex Landscape of Insurance Regulation and AI Implementation

By PIMA Admin posted 06-04-2024
The following is a recap of PIMA's 2024 Spring Legislative & Regulatory Digital Forum. 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 . For nearly 50 years, PIMA has played a part in the evolution of the insurance industry. However, keeping up with all the changes happening today can be challenging. That's why PIMA regularly taps into the knowledge of seasoned industry professionals like Miguel Romero and Scott Sobel from the National Association of Insurance Commissioners (NAIC). In a discussion moderated by PIMA Board Member Sean Cox, ...

Insurance Thought Leadership: Tailoring Solutions for Affinity Groups

By PIMA Admin posted 05-29-2024
Insurance Thought Leadership: Tailoring Solutions for Affinity Groups By Pamela Moy (May 22, 2024) The "personalization economy" has had a transformative effect on every industry, including insurance. As more consumers demand customization from all their transactional experiences with favorite brands, insurance carriers are being pressed to offer unique programs and plans. Fortunately, focusing on serving affinity groups helps carriers meet and exceed member expectations and has a broad and positive ripple effect on bigger communities. Read more >>> #2024 #InTheNews

Decoding Affinity: Insights and Action

By PIMA Admin posted 05-07-2024
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 ...

Marketing in Affinity: Back to Basics

By PIMA Admin posted 05-07-2024
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 ...