AFFINITY INSURANCE

Affinity insurance or brand assurance is the practice of providing insurance or assurance to large, accessible groups of individuals with a common interest or attribute, as a value add to the core business offering.
Distribution to affinity groups is effective and efficient since distributors use an existing infrastructure, and enjoy an established relationship and brand recognition amongst their customer or membership base. Consumers profit from a better value proposition due to lower cost of product delivery.
Customer protection insurance is a subset of affinity group business. Companies with large client bases and retailers with significant debtors’ books can offer insurance benefits to their client base as a revenue generating value-added service.

OUR CLIENTS

Our clients include a major telecommunication network, international computer hardware distributor, motor dealerships, distribution networks, trade unions, retailers, professional associations, clubs, associations and employee groups.

OUR CAPABILITIES

Centriq has extensive experience and expertise in affinity group insurance and consumer protection insurance. We employ a multi-disciplinary approach which capitalises on in-house expertise to develop innovative, customised products thereby producing optimal solutions for clients. To enhance our offering we leverage select strategic partnerships with highly specialised vendors in volume processing and administration sectors.
We embrace a client-centric orientation by maintaining a superior service ethic, and by structuring solutions around client needs. Our sophisticated regulatory skills facilitate delivery to market within a complex regulatory and legislative environment.

OUR APPROACH

Centriq subscribes to a partnership approach with clients, and aims to create long-term sustainable relationships. The emphasis is on tailor made solutions rather than a traditional underwriting response. This is achieved via a consultative, problem-solving approach. Direct dialogue with clients enables Centriq to customise insurance programmes in response to clients' unique concerns and objectives.

BENEFITS OF AFFINITY GROUP INSURANCE / BRAND ASSURANCE

• The opportunity to cross-sell, facilitating income stream enhancement.

• Improved value-added offering, providing simultaneous customer protection.

• Customisation and personalisation of product.

• Enhanced brand awareness, recognition and loyalty created through branded and co-branded products.

• The opportunity to grow existing client base.

• Complementary fit with direct distribution channel due to relative simplicity of the product set.

• Legal access to underwriting profits.

• Improved security for clients through Centriq’s quality reinsurance capacity and the strength and reputation of Centriq’s shareholders.

EXAMPLES:

In a typical customer protection insurance arrangement, a retailer offers its customers insurance products at point of sale. The cover can be all risks cover for the goods they purchase and can include extended warranty benefits. It can also pay off the outstanding monies due on the purchase contract if the insured is retrenched, becomes disabled, or dies. A professional association may wish to develop and offer a tailored all-risks or professional liability insurance policy to its membership. A union may wish to offer its members basic insurance products e.g. motor insurance, householders contents insurance, life insurance, funeral insurance or savings and retirement products.

Underwriting profits can be utilised to further the aims of the association or to benefit members through lower future premium rates.