PIMA Releases Affinity Market Survey
Groundbreaking Survey Reveals Robust & Growing Affinity Market
Chicago, IL – May 31, 2012 – The Professional Insurance Marketing Association (PIMA) first-ever member survey reveals an association and affinity program market base estimated at more than: $15.5 billion in premium; $1.8 billion in new sales; and 26 million certificates in-force.
“The survey numbers are higher than anticipated,” remarked Edwin J. Miltenberger, CLU, CEBS, PIMA President. “It validates that PIMA members — and new distribution, product, and benefit partners — can continue to grow revenue in a resilient, robust, and broadening affinity market.”
The survey was conducted in conjunction with IBIS Associates, Inc. with 2010 data provided by most insurance brokers and company members. The objective was to quantify market size, product & marketing trends, and new business opportunities.
Key reported Phase 1 research findings include:
The rapid growth, and significant size, of the Auto & Home market at over $9 billion
A Life insurance market of at least $2.4 billion
More than 26.5 million certificates in-force
Stable lapse rates, plus close to $2 billion in new sales, through the recession
Increasing investment in digital and social media direct marketing
Business development opportunities in emerging & niche products, the senior market, loyalty programs, and through ecommerce.
“As the leaders in the affinity benefits space, PIMA members will use this critical knowledge to develop new business growth strategies,” continued Miltenberger. “Phase II of the survey will provide greater detail on P&C, Accident, specialty and other affinity products, as well as direct marketing results and trends.”
Detailed survey results are available only to PIMA members.
About IBIS Associates
IBIS Associates is a Washington, DC-based industry research firm with more than 25 years of experience producing in-depth market analysis studies spanning a broad range of industries and product/service application areas, including numerous insurance-related products. IBIS specializes in developing value-added, strategic market insights for its clients.