Well constructed insurance programs enable associations to deliver a valuable benefit to members while generating a strong revenue stream for their association. Here are a few steps associations can take to maximise the success of their insurance program:
Understand the insurance needs of your membership.
Understand the needs and demographics of your membership to ensure that the insurance program is tailored to their specific needs. For example, an association for small business owners will need to offer different types of insurance coverage than an association for healthcare professionals.
Negotiate favourable a great deal for your members – and your association.
Work with insurance providers to negotiate favourable coverage and pricing for your members. Ensure you build in a revenue stream for the association on new and renewing policies, as well as appropriate marketing support.
Communicate the benefits to members.
The benefit of these programs isn’t just great pricing. Clearly communicate the benefits of the insurance program to members to ensure that they understand the value of the coverage and how it can protect them and their businesses. Use case studies and examples to illustrate the value of the coverage you are offering.
Monitor usage and satisfaction.
Regularly monitor usage and satisfaction with the insurance program to ensure that it is meeting the needs of the association and its members. This could include gathering feedback through surveys or focus groups.
Review and update coverage.
Regularly review and update coverage to ensure that it remains relevant and meets the evolving needs of the association and its members. This could include adding new coverage options or adjusting existing ones. It should also address emerging areas of interest, for example the emerging need for associations to have comprehensive cyber insurance.
Educate members on the importance of insurance and how to make the most of their coverage. This could include offering resources or training on topics such as filing claims or choosing the right coverage.
Speaking of great association insurance programs, Answers for Associations has partnered with KBI Insurance to create an awesome insurance package tailored specifically for Australian associations. They offer excellent coverage at competitive rates on solutions including Directors & Officers, Employment Practices, Crime, Statutory Liability, and more.
If you are interested in an insurance offering for your members – or reviewing the insurance coverage for your association – check out their website for more information.