Studies show that on average only about 20% of members ever engage with an association after joining. Some members may attend an association conference or take advantage of a professional development meeting, but the vast majority of members never get involved or become engaged with the association. This poses real risks to the association. According to ASAE research in why members drop out of associations, 56% of those surveyed said it was because they did not receive the expected value to justify the cost of dues.
Insurance agents across the nation have been waiting, and waiting and waiting for Millennials to start buying life insurance and other life stage related insurance products. However since Millennials are marrying, starting families and buying homes later than previous generations, many insurance companies are unsure when to begin targeting Millennials in earnest.
Insurance marketers are living in the best of times and yet in the worst of times. The need for protection has never been more evident. Americans are being bombarded by more risks from more sources than ever before. The Great Recession, globalization, climate change, terrorism, sudden outbreaks of diseases and other forces beyond their control.
According to the just released 2016 Insurance Barometer Study, 51 percent of Millennials and 30 percent of people overall are very or extremely likely to consider wearing an activity tracker and share those results with a life insurance company in return for financial rewards for healthy behaviors.
LIMRA has just published a fascinating article about why consumers are not buying life insurance. As previously reported in this blog, study after study has shown the decline in individual life insurance. Industry statistics report that ownership is at a 50 year low and this decline can be seen across incomes and life stages. What is driving the downward spiral?
The current economic environment is impacting associations on multiple fronts. Competing financial priorities are causing many current members to re-evaluate the return on their dues dollars. The impact is also being felt in lower conversion rates among prospective members. According to the 2014 Membership Marketing Report, half of associations have a market penetration of 40% or less of their available market.
Mission, vision statements and core values vary from one association to another. Yet despite their differences, associations are poised to play a vital role in our society. They give voice to an industry or any group that shares a common concern. They provide a host of member benefits including networking, professional development, information, research, statistics and a forum to discuss common problems and solutions. Yet despite all these resources and services, surprisingly few members take advantage of these programs.