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Moreover, while Finaccord’s research shows 47% of professional and trade associations in the UK to have an affinity scheme for commercial P&C insurance, the equivalent percentage in the US is around a half of that at 24%.
In the UK, the concept of ‘brandassurance’, as evidenced by the involvement of commercial entities such as auto manufacturers, media entities and retailers, is much further advanced. The interest of affinity partners in distributing insurance is another factor that contributes to the difference between the UK and the US. This is itself driven in part by the greater propensity of insurance buyers in the UK to make use of comparison sites.” In relation to this last point, consumers in the UK are around twice as likely to acquire auto insurance online than their counterparts in the US and around three times as likely to do so for home insurance. Likewise, for life insurance, the importance of affinity and partnership marketing for new business in the UK runs at around twice the rate that it does in the US, at around 20% and 10%, respectively.Ĭommented Alan Leach, Managing Director of Finaccord: “Reasons for the lesser development of affinity business in the US include the strength of the traditional insurance agency channel there, the fact that insurance is regulated on a state-by-state basis there which acts as an impediment to the launch of nationwide schemes, and the lower propensity of customers to buy insurance online. For instance, for auto and home insurance, around 30% of new policy sales are achieved through affinity programs in the UK but that falls to around 15% in the US. In general, the evidence points to a greater development of sales of insurance through affinity and corporate partners in the UK than in the US.
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The research is wide-ranging as it covers not only personal auto (motor) and home insurance but also life insurance and retirement products plus commercial P&C (non-life) insurance.
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London, 18 November 2019 – A series of research studies released by Finaccord over the course of 2019 allows for comparisons of the environment for affinity and partnership marketing of insurance products in the UK and the US.
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in CA, Aon Affinity Insurance Services, Inc., (CA 0G94493), Aon Direct Insurance Administrators and Berkely Insurance Administrators and Berkely Insurance Agency and in NY, AIS Affinity Insurance Agency.PRESS RELEASE Affinity insurance markets: the UK and US comparedĭownload the PDF version of this press release here. (CA 0795465) in OK, AIS Affinity Insurance Services Inc.
#100106022) in CA & MN, AIS Affinity Insurance Agency, Inc. Plans may vary or may not be available in all states.ġ100 Virginia Drive, Suite 250, Fort Washington, PA 19034Īon Affinity is the brand name for the brokerage and program administration operations of Affinity Insurance Services, Inc. Please refer to the individual products for more details including eligibility, renewability, costs, exclusions, limitations, terms of coverage, and carrier information. Be sure to review the coverage fully during your purchase decision process. For your convenience, we have provided links to their web sites.
We have independent third party providers, some of whom are also licensed agents and brokers, who administer the Healthcare Insurance and Long Term Care products available to AAD members. We believe you’ll find coverage that is complete and competitively priced. Coverage is underwritten by leading insurance companies. The AAD Member Insurance Program is administered by Affinity Insurance Services, a subsidiary of Aon Corporation, the world’s second largest insurance services provider.
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