Focusing on niche audiences can help brands increase retention rates, referrals and conversions. Some insurance providers have focused on niche audiences and deliver catered specialty policies, so now there’s insurance for seemingly everything, even the strangest scenarios. Here are four bizarre policies.
Sportify For Student Athlete Scholarships
Scouted for talent? Risko Strategies, LLC of Houston, TX, ensures you keep your sports scholarship, regardless of your ability to perform. Sportify, Risko’s dedicated policy, was underwritten at Lloyd’s of London and is meant for elite high school and college student-athletes.
Sportify, while neither life nor medical insurance, protects students should they suffer from a named illness or sports-related accident resulting in a permanent disability that causes them to lose their sports-related scholarships, effectively keeping them from financing their educations. The Sportify policy allows athletes, their parents or higher education institutions to “insure” the sports scholarship award with a high-limit lump-sum payout, according to Insurance Journal.
Steven Mace, Risko Strategies Advisory Board member, describes the policy as a “risk management-driven response to the sophistication and ‘professionalism’ of the high school and college athlete sectors of the USA.”
Wedsure For Cold Feet
A lot of things break when couples call off weddings: hearts and banks, most commonly. But Wedsure, in partnership with Fireman’s Fund, insures wedding plans, making sure consumers get their money back for cancelled receptions.
The Wedsure “Change of Heart” policy repays expenses incurred by innocent party financiers (not the bride or groom) if the wedding is canceled 365 days or more from the date of the first covered event. In other words, mom and dad’s wallets are covered with this policy.
A.S.K. Benefit Solutions For Multiple Births Preparation
In a time when medical and prenatal services are so advanced, multiple births, like the instance of twins or triplets, shouldn’t be a surprise for expectant mothers.
A.S.K. Benefit Solutions, located in New Jersey, provides pregnant women with insurance solutions for multiple births. This healthcare insurance company offers post-birth options that expectant mothers will need to register for before their children are born.
Because the initial expenses related to the birth of multiple babies is more of a financial burden than the birth of just one child, A.S.K. Benefit Solutions encourages expectant moms to invest in supplemental maternity insurance, which can aid the mother’s loss of income during her maternity leave, and other options, which can aid with high-risk pregnancies.
St. Lawrence Agency For Alien Abduction
Are you prepared for everything? What about an alien attack? St. Lawrence Agency and Lloyd’s of London provides clients with aid in the event of alien abductions. In fact, Lloyd’s of London claims to have sold more than 40,000 UFO policies.
While this policy doesn’t necessarily protect clients from being abducted, it will provide generous payouts provided they survive the attack. Lloyd’s of London requires clients to pass lie-detector tests and provide video footage or witnesses of their alien abductions to gain their payouts.
Marketing to niche audiences can deliver great results. Focusing on smaller consumer bases allows brands, like insurance agencies, to deliver exactly what their audience is looking for.