How to build a successful insurance scheme for your association
a case study
Over many years, but especially since the Covid-19 pandemic and the impact it had on association’s traditional income streams, revenue diversification has been a huge topic for association leaders and one we get lots of questions on here at TAF.
Many associations have tried to launch new member services with the aim of providing greater value to members and also finding new ways to generate income, though with varying success.
Insurance has been one of the main services associations turn to – building a sector-specific offer for a product that is universally needed, but many have struggled to drive uptake or make their scheme a success.
To help members, we have developed this case study in alongside Partners& and TAF member NAPIT, about an insurance scheme they have built that has achieved impressive take up and delivered results for the association and its members.
The case study
Background – Challenge
NAPIT is a membership organisation for the building service and fabric sectors – primarily electrical contractors, heating engineers and renewable energy installers. Like many trade organisations, NAPIT offers value added and inclusive support services to their members including training, technical support, legal & HR support – and insurance.
Retaining and growing the membership is a challenge in today’s competitive environment. The pandemic has impacted every business sector in different ways. For many, the world they inhabit has changed irrevocably.
As part of the process to design an insurance offering, Partners& and NAPIT focused on understanding the risks and issues facing members and the priorities for NAPIT. As a result, maximising value for existing members and, as a result, enhancing member retention was fundamental.
What we do - Support
The NAPIT Insurance offering was designed to provide another valuable service that the membership needs. Aligning with a trusted partner was important in order to really understand the membership demographic and their specific needs.
The majority of NAPIT members are small businesses – either sole traders or involving one or two employees of a limited company. Insurance isn’t something they have the time to spend researching – they simply need to find the right covers for the specific type of work they carry out, for the right price.
Working with both NAPIT and their insurer partners, Partners& carefully developed a tailored package based on the insurance needs of members.
Technology underpins the offering, and the branded NAPIT Insurance website includes an efficient quote and buy online service supporting members’ preferred approach to buying insurance.
It’s then about getting the offer out their and building awareness. Using Partners& marketing expertise and working in partnership with the NAPIT team, they then introduced the NAPIT Insurance brand to NAPIT members. By engaging with the NAPIT marketing team and Partners&’s in-house Insurance advisers, they were able to develop communications and initiatives that are relevant and worthwhile for members – helping them to understand more about the insurance they have and why they need it.
As well as the digital side of things, Partners& supported NAPIT and its members with attendance at industry EXPOs, and by producing newsletter articles which demonstrate thought leadership and highlighted the solutions offered to support them. This helps to truly connect the offer with the membership and understand the challenges both they and NAPIT face.
The results – Perform
Partners& aims to deliver the best traditions of broking – those based on relationship and sound technical advice. By combining this approach with modern thinking and intelligent use of technology, we’ve delivered a quote and buy system that NAPIT members can use at a time that suits them. It’s available 24/7, 365 days a year – not just during office hours.
But it’s not just about click and buy. NAPIT members are advised and supported by a personable team of qualified, professional advisers based in our specialist centre near Reading. As a result, NAPIT Insurance is on hand to answer questions and provide advice, resulting in better outcomes for the members. The offering is underwritten by Hiscox who provide a superior claims service – support when it is needed most.
Since October 2020, NAPIT Insurance has:
- Transacted over 5,000 policies, representing almost a third of membership
- Achieved a total premium spend of approximately £1.7m GWP
- Generated more than £250k revenue for NAPIT since launch
- Anticipated annual revenue after three years expected of £175k p.a.
- Embedded the insurance offering as a fundamental benefit of joining NAPIT
- Achieved gold standard Investor in Customers Award, demonstrating our commitment to deliver a positive experience for members
In summary, we have established a proposition that provides NAPIT members with the insurance cover they need – enhancing confidence in their member organisation and delivering outstanding results.