PIMA Releases Affinity 2020 Report
January 20, 2015 – The Professional Insurance Marketing Association (PIMA) has released a new report, “Affinity 2020.” The report was prepared by a Task Force of leaders from among brokers, insurance companies, and other industry partners serving the affinity benefits niche of the insurance industry. Over the past year, the group worked to identify key issues—and implications—affecting the industry over the next five years. The report will be the focus of PIMA’s 40thAnnual Meeting this week.
“PIMA’s Affinity 2020 report helps identify trends and offers insights to respond to the rapid change that is now the norm in our industry,” says Dan O’Brien, PIMA President. “We need to have the foresight to fully embrace industry challenges in order to thrive.”
The report focuses on three key areas:
1. Changing Consumer Demographics;
2. Game-Changing Technology;
3. A more complex Regulatory & Legislative environment.
Changing Consumer Demographics – Boomers, Hispanics, Women and Millenials will continue to represent significant and growing purchasing power. Marketers must maintain a laser focus on the needs of these dominant consumers.
New Technology – Big data and new technologies are revolutionizing how business is done, including disintermediation and the entrance of non-insurance entities into the insurance market.
Regulatory and Legislative Environment – Not only are there more regulations impacting the insurance landscape, but they are coming from multiple and sometimes conflicting regulatory bodies. Increasing scrutiny from both state and federal entities will require continuous monitoring.
“It is our responsibility to understand the landscape now --and how it is changing. As we learn, we can better serve consumers through relevant products, responsive education, and depth of experiences. PIMA is committed to helping our members meet these marketplace changes ahead,” continued O’Brien.
About PIMA – Where Affinity Business Grows
The Professional Insurance Marketing Association (PIMA) connects & empowers leaders in the affinity benefits industry to thrive in a dynamic marketplace. For more information, visit the PIMA web site at http://www.pima-assn.org.