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Affinity

At Prospect Insurance Brokers we specialise in placing a variety of different niche insurance programs for our clients in varying business sectors in the UK and Worldwide.

In a highly competitive consumer environment many companies are looking at innovative new ways to increase sales and client retention by offering incentives in the form of bespoke insurance programmes alongside their core products.

A bespoke programme can be created as an “add-on” to an existing product or can be sold alongside an existing offering.  Products can be aimed at many different industries and sectors including:

  • Finance

  • Motor

  • Retail

  • Associations

  • Manufacturing

  • Mobile Phone Companies

  • Insurance Companies

  • Marketing Companies

  • Loyalty Schemes

  • Travel Companies

As well as offering bespoke products we also have an established range of Affinity coverages that we can offer:

Motor (Dealerships, body shops etc) – GAP Cover, Loss/Collision Damage Waiver and XS Buydown.

Enhancement/Finance (Credit cards, bank accounts, associations etc)– Purchase Protection, Payment Card Protection, Extended Warranty, Ticket insurance, Identity Theft, Cash Point Robbery, Liability Waiver, Trip Cancellation, Unemployment, Mortgage Fraud and Travel and Health Benefits.

Affinity (Retailers, Mobile Phone Companies etc) – Mobile Phone, Laptop, Gadget, Extended Breakdown, Point of Sale, Assistance Cover and Just Drive

Insurance Solutions for Prepaid Providers

As an overview, your prepaid card customers can be provided with the following:

  • Purchase Protection – Covers theft or accidental damage on new purchases.

  • Price Protection – Covers the difference in the cost of goods when found cheaper elsewhere.

  • Extended Warranty – Extends warranty on purchases for an extra 12 or 24 months.

  • Mobile Phone Insurance – Covers the cost of loss or damage to cardholders’ mobile phones.  Can include contactless cover and identity theft.

  • Gadget Insurance – Covers cost of loss or damage to cardholder’s gadgets which can include MP3 players/Ipods, cameras etc…

  • ATM theft – Covers theft of cash following a withdrawal from an ATM.

  • Ticket Insurance – Covers the cost of the cardholder’s or companion’s ticket if unable to attend an event due to sickness, accident, bereavement or vehicle breakdown.

  • Baggage Insurance – Covers lost, stolen or damaged baggage whilst in transit.

  • Trip Cancellation – Protects the cardholder from cancellation of  their purchased ticket due to accident, sickness or bereavement.

  • Liability Waiver – Protects the company against the fraudulent misuse of the prepaid card.

  • Prospect can also offer other benefits in respect of Travel and Health Benefits.

  • We are also happy to look to offer bespoke products and discuss these on a case by case basis.

 

Prospect Case Study

We were approached by a new prepaid card provider in early 2010 with the idea of giving their customers insurance benefits. Their aim was to keep existing cardholders and offer incentives to new individuals/companies to buy their product:

  • We initially met and discussed the relevant products that would be appropriate after analysing their customer profile.

  • After selecting the appropriate products we approached our specialist underwriters and negotiated the best coverage and premium cost.

  • We assisted the client with promotion, marketing and compliance.

  • The program went live two months after our first meeting to 5,000 existing cardholders.

  • The offered insurance has helped steadily increase the card’s circulation and usage.

Contact: George Webb (gwebb@prospectbrokers.com)