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FINDING & FILLING A NICHE

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About 30 years ago, a well-known national property and casualty insurer decided to experiment with a new and more efficient way of marketing automobile insurance. The idea was that the company could attract more premium dollars by marketing to groups of people, rather than only to individuals. Back then, it was called mass merchandising. In the 1990s, general agents themselves began recognizing the benefits they could accrue by setting up program business. They realized that they could put together programs for groups of people with like characteristics and then persuade carriers to take on the risks. It was slow going at first, but today group programs have become a very popular way of attracting new premium dollars. One program administrator that has enjoyed success in the area of program business is NIP Programs. NIP Programs structures and manages specialized business insurance programs, underwritten by top-rated insurers, for specific industries that are generally underserved by the general insurance marketplace.

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									FINDING & FILLING A NICHE
Phil Zinkewicz
Rough Notes; Mar 2009; 152, 3; Docstoc
pg. 30




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