Think the “fraternal difference” doesn’t matter? Think again…
It’s hard being a fraternal.
You have to operate a well-run financial services company that offers consumers the life insurance and retirement income products they need and want. You have to provide those products at the price consumers are willing to pay in a fiercely competitive marketplace. You have to offer members an array of additional benefits such as scholarships, affinity program discounts, and cultural events. And, on top of all that, you have to fund programs and facilitate volunteer activities that reflect the shared values of your members.
But check out this web site and then answer this question:
“When did State Farm become a fraternal?”
The answer, of course, is when market researchers told company executives that the next generation of consumers wants more than a policy. They want to feel good about the organizations – including financial services companies – that they deal with. And fostering a sense of community by providing opportunities for policyholders to volunteer on projects that appeal to their values is an important and effective way to instill that “feel good” sensation – and sell auto, home, and life insurance policies.
State Farm – a company with some pretty smart folks at the helm – is willing to spend millions to convince current and prospective policyholders that they embrace the same characteristics upon which fraternals were built. What are you doing to communicate this important message about your own society to your members and all those folks that should be members? Do you have your own version of the “Neighborhood of Good” out there? Is it working for you? Can we learn something from State Farm? From each other?
Tell me – and your fraternal colleagues – about it by posting a comment or sharing a link to your site HERE.
August 14, 2017
American Fraternal Alliance Applauds NAIC Approval of Amended Principle-Based Reserving Small Company Exemption.
August 14, 2017