Building value by diversifying your income stream

Challenge

The pandemic has impacted business sectors very differently, and for many, the world they inhabit has changed irrevocably. Membership organisations are no different. In the post-pandemic economy, resilience is the key!

Diversifying income streams provides the platform for businesses to build resilience and to enable growth in challenging times.

Retaining your existing membership is critical

Attracting new members (with highly valued services) is essential

Enhancing financial performance by delivering valuable member services supports your membership

Remember the old adage: If you always do what you have always done, you will always get what you have always got!

Partners& has worked with NAPIT (National Association of Professional Inspectors and Testers) since October 2020 to create a bespoke insurance scheme designed around the needs of their members.

What is NAPIT? The National Association of Professional Inspectors and Testers (NAPIT) is a government approved and UKAS accredited membership scheme operator in the building services and fabric sector. Their membership includes more than 16,000 registered installers in the electrical, heating, plumbing, ventilation, microgeneration and building fabric trades across the UK domestic, commercial and industrial markets.

Support

What value has Partners& added to NAPIT?

Partners& worked closely with NAPIT to get an understanding of the needs and typical risks faced by its membership base. Armed with this knowledge, the team engaged the insurance markets to build a solution, finally appointing Hiscox, a provider with a leading claims service, to develop a scheme that addressed NAPIT’s members’ needs.

To meet the needs of members, Partners& recruited a dedicated team of personable, professional, and technically qualified individuals who are available to answer any member questions and work through the options with them.

Understanding that many members manage their business administration outside typical office hours, the team introduced an online quote and buy service that could be accessed 24/7.

The team collaborates with the NAPIT marketing team on a regular basis to provide topical and relevant thought leadership and advice articles in the quarterly NAPIT Competent Person’s Magazine, monthly newsletters and regular social media posts. The key message is that NAPIT Insurance has been designed specifically with member needs in mind. It is administered by people who care and understand NAPIT member needs and members can have confidence the policy will perform when they need it because it is underwritten by one of the UK’s best insurers. The team also acts as an extension of the NAPIT membership and marketing teams at Expos meeting with members and answering questions.

Due to the prevalence of H&S risks, Partners& included a FREE online H&S risk management consultancy service for all NAPIT Insurance policy holder providing 24/7 access to hundreds of guides, risk assessments and a free helpline and instant chat function. It is a highly valued feature of the member proposition.

Perform

Since October 2020, Partners& has:

• Provided cover for almost 5,000 members, representing almost 1/3^rd of membership
• Delivered more than £1.5m GWP in total premium to Hiscox
• Generated more than £175k revenue for NAPIT
• Created an anticipated annual revenue after three years of £200k p.a.
• Established NAPIT Insurance as a fundamental reason for joining NAPIT