How Affinity Partnerships Can Help Your Company Grow
Our client partners choose to work with us because we help them to monetise their customer base, differentiate their offer and increase customer loyalty and retention. We do this by developing bespoke marketing solutions as part of a strategy to add value to their business.
Insurance is not considered to be a very innovative industry and most companies focus on the ‘what’ - the product. Instead, we focus on the ‘how’ – distribution strategies that are connected to their business and proposition, insights on the changes in consumer behaviour, so that we can build relevant offers to their end-customers, and ways to make their proposition in the market stand out from the competition.
What is Willis Affinity?
Willis Affinity is about developing distribution and partnership agreements.In fact, an Affinity program is where insurance products, or services, are sold through an intermediary sponsor – the client partner – to their end-customers: this is a B2B2C or B2B2B sales process.
Consumers and small and medium enterprises (SME’s) like our Affinity programs because it is an easy way to buy insurance when the offer is relevant to their core proposition, made in a convenient moment and they trust the brand.
Telecom operators offer mobile phone insurance because it is connected to their core business. If a mobile phone is stolen the operator will not be able to sell airtime and data for that consumer, therefore, it is critical to the operator’s business to replace the phone as soon as possible. By offering mobile phone insurance, they can solve the problem connected to their core business and at the same time improve their profitability through the commissions they earn.
Utility companies that operate in deregulated markets need ways to differentiate their offer and increase their margins. A utility company can give insurance as a benefit to its end-customers and use it as a differentiator, or can sell insurance connected to its core offer to improve its margins. Giving payment protection insurance as a benefit to their end-customers can help them at the same time to differentiate their offer and improve loyalty. Insurance can also help utility companies to improve their margins when we offer solutions that are paid by the end-customers, such as extended warranty to home appliances.
Associations need to differentiate their offer in order to attract new members and retain the existing ones, and they can achieve this through insurance programs. An association of SME’s that operate in the same industry, such as fast food for example, can develop solutions for this segment focusing on their Property and Liability Insurance programs with bespoke terms, conditions and prices. Associations focusing on independent professionals, such as doctors, can develop Professional Indemnity policies with bespoke terms, conditions and prices.
Financial services are facing a lot of challenges as a result of new and stricter regulations, such as caps on interchange fees to European credit and debit cards. Insurance programs represent an additional product financial services companies can offer their consumer base. With Willis Affinity’s extensive experience of multiple sectors and access to the expertise of Willis’s businesses and capabilities across the globe, we are well positioned to offer a consistently innovative approach and set of solutions to our client partners.
The Willis Affinity Core Service Proposition
Our proposition is based on distribution, technology and processes. We know that insurance is not the core business of our client partners, and through our model and systems we allow them to implement Affinity programs in order to improve their profitability, differentiate their offer and increase consumer loyalty and retention.
Our operating model, The Integrator Model, supported by our technological platform allows us to consistently operate and offer services in multiple countries, working with multiple currencies, multiple languages and is integrated with multiple insurance carriers so that we can always offer the best terms, conditions and prices. Our systems enable our client partners to gain complete transparency and control over their insurance business.
The Willis Affinity Best Practices, Business Sectors and Market Insights Approach
Our industrial approach focuses on specific “retail-oriented” business sectors, in which we already have expertise and experience:
- Car manufacturers and dealers
- Financial services
- Retailers and consumer manufacturers
- Telecom operators
- Worksite marketing: The sale of voluntary insurance products, mainly motor and household insurance, to employees at their worksite
We are also able to replicate our industrial best practices between our business sectors and countries, and between the other Willis’s business units, and by doing so we are always innovating in our approach and the solutions we offer to our client partners.
We thoroughly research and understand the Industries where we operate and their trends and by gathering relevant information available in the marketplace we produce market insights on an annual basis. We combine this approach with the Insights we also have regarding consumer behaviour to develop updated and new solutions to our client partners.
The Willis Affinity Success Factors:
- Is not about the what, is about the how
- Integrator Model
- Technology Driven
- Best Practices
- Market Insights