The meaning of Affinity
We are often asked: What does Affinity really mean?
There are many definitions of the word "Affinity". It's mostly used in the chemistry world, described as: "the force by which atoms are held together in chemical compounds" - which roughly could be translated into business and insurance terms as:
- Natural linking of persons, things and ideas
- Relationship which ties persons to programs - e.g. closer correlation and connection between a membership organization and their members through the (extra) services the organization is delivering to the members through an Affinity program.
- A closer bond and loyalty between a company and its customers, when the customers buy the company's products and/or services.
Examples from the above mentioned bullits could be:
- 3 years extra warranty on products from a specific brand ("Extended warranty")
- A cheaper insurance offered to a specific (large) customer segment
- Insurance covering losses on subscriptions, loans, credit cards, rental payments etc.
- and other creative insurance solutions adding value to the products and services.
Affinity insurance programs are all based on high volume, where we can offer a low cost insurance for large segments of customers, members etc. due to the high number of insurance policy holders with a low risk or probability of claims under the insurance.
Please feel free to contact us for a dialogue about the possibilities within your industry.
