Embedded Insurance in Affinity Solutions

Programme Highlights

In today’s business environment, growing insurance revenue is challenging. Unlike conventional insurance lines of business which are well understood by all stakeholders in the industry, Affinity insurance solutions are less appreciated by both insurers and insurance intermediaries.

This course is targeted at insurance practitioners who has responsibilities in marketing and business development as well as insurance intermediaries (agents and brokers), including insurance buyers (executives with responsibilities in corporate insurance).

By attending this course, one can gain useful insights into the unique characteristics and opportunities Affinity insurance solutions bring, such as embedded insurance products and its growth potential. Participants will also appreciate the various considerations in designing and structuring an Affinity program, as well as critical success factors to facilitate expansion of capabilities and growth.

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7 CPD Hours
Mode: Face-to-face training
Date: 21 April 2025
Time: 9.00 a.m. to 5.00 p.m.

For Whom

Insurance Marketing and Business Development personnel.
Underwriters.
Insurance intermediaries (agents and brokers).

Key Learning Objectives

At the end of the programme, participants should be able to:

Understand embedded insurance and Affinity solutions.
Gain insights into designing and structuring Affinity solutions.
Appreciate the unique claims management approach.
Overview of the challenges of Affinity programs.

Programme Outline

Introduction

Welcome / Ice Breaker.
Course overview.
Objectives and expected outcomes.

Part 1: Attributes and Characteristics of Affinity Insurance Solutions

Classes of Affinity Insurance.
Embedded Insurance.
Optional and Mandatory programs.
Stakeholders.
Insurers / Reinsurers.
Underwriting.
Distribution.
Legal and Compliance.
Portfolio size and scalability.
Placement.
Program Renewal.
Premium Accounting.
Revenue Sharing.
Credit Control.

Part 2: Setting up an Affinity Program

Structure and money flow.
Creating Barriers of Entry.
Mapping roles and responsibilities of stakeholders.
Transaction tracking and audit trail.
Premium Reporting for Brokers.
Compliance and Legal considerations.
Evaluating additional risks involved.
Digital capability.

Part 3: Claims Management

Claims processes and procedures.
Turnaround time.
Claims approval and settlement.
Legal aspects of claims management.

Part 4: Challenges

Relevance of program – changes in law, business environment.
Tweaking and Program Adjustments.
Premium size and financial feasibility – cost and efforts versus returns.
Claims Performance.
Competition and Defensive RFP.

Conclusion and Q&A

Summary of key points.
Open floor for questions and answers.
Closing remarks.

Programme Leader

Leslie Wong is a Senior Client Manager and Affinity Practice Leader at an international insurance firm, specializing in motor insurance and claims, with over 12 years of experience in insurance services and corporate fleet management.

Programme Fee

Full Course Fee: S$414.20 (incl. of 9% GST)

Last Updated Date:

31/12/24