Association News- How to attract and retain new members using insurance...and increase non-dues revenue

Many associations have been disappointed by the lack of “uptake” by members with their offering of insurance as a membership benefit. It is important to understand that “insurance is sold, not bought”.

While many people understand the need for insurance to cover their personal and business risks, they are not comfortable with buying these products off the shelf. They want advice and need to deal with knowledgeable experts; offering your membership access to insurance products is simply not enough.

Your members want to deal with insurance brokers with whom they can build a relationship, and who will take the time to understand their needs and have the skills, expertise and availability to the products that will solve their problems.

There are three distinct insurance offerings that you can make available to your membership.

Group life and health insurance - Group insurance is available to companies that have at least 2 employees. These plans include life insurance, accidental death and dismemberment, dependant life insurance, long term disability insurance and health and dental benefits. An offering of group life and health insurance to your membership can be made to attract and retain corporate members. Insurance brokers that specialise in group life and health insurance will bring the best service and value to your membership; they will be able to evaluate which insurance companies are providing the best products for your members.

Individual life and health insurance - Individual members generally are comfortable with the insurance products that the association is offering to their membership but are fully aware that they are free to shop the market. It is important that your insurance broker understands the needs of the member and is able to provide the service and advice necessary to meet their needs. The products offering to the individual member will include life insurance, long term disability insurance, critical illness insurance and health and dental insurance plans.

Commercial Insurance, Home and Auto - Corporate and individual members will benefit from the help of a broker that specialises in the Property and Casualty Insurance field. The risks in the area include directors and officers liability insurance for non-profit and for profit companies, property and general liability, errors and omissions protection and home and auto. Insurance specialists will help your members sort through these risks and find cost-effective solutions.

Engaging association’s membership in the insurance offering takes planning, cooperation and execution. If adding and retaining members is important to your association work with your broker to create an insurance marketing plan; it is well worth the effort.

Nick Godfrey of ProInsure – Professional Insurance Advisors is a licensed insurance broker who works with Canadian associations to help them attract and retain members using insurance.