MRAA Members Earn Big With AquaPac Insurance Program
Friday, May 2, 2014
Posted by: Lindsey Johnson
of the Marine Retailers Association of the Americas participating in the
AquaPac Boat & Yacht Insurance Program earned more than $215,000 in combined
revenue in 2013 — with the average dealership bringing in more than $3,700 —
demonstrating that the program is a bonafide revenue generator for marine
dealers. Program participation also rose significantly in 2013, up a whopping
146 percent from 2012 totals, as did growth in revenue earned, which jumped 145
percent over the previous year.
in AquaPac is an exclusive MRAA members-only benefit offered through
Norman-Spencer Marine Insurance, MRAA’s preferred marine insurance provider and
partner for more than 25 years.
are two different AquaPac programs available to MRAA members: One for Referral
Dealers and one for Commissioned Dealers (for those members with an insurance
license). In 2013, AquaPac Referral Dealers averaged more than $1,000 in
revenue, while the most effective took in more than $3,200 in revenue for their
program participation. AquaPac Commissioned Dealers saw renevue jump last year
to more than $9,600 on average.
"This program is easy money for dealers, while at
the same time it provides a quality insurance product for boat buyers and boosts
a dealership’s customer satisfaction,” says MRAA president Matt Gruhn. "It’s a
win-win-win proposition. It takes two or three minutes for dealers to endorse
the AquaPac insurance program for their customers’ benefit; dealers simply
refer customers to Norman-Spencer, and Norman-Spencer takes the reigns from
there. We hope more dealers see the value in AquaPac and become MRAA members in
order to take advantage of this profitable program. Just 10 AquaPac referrals
cover the cost of an MRAA membership.”
offers consumers broad, affordable insurance coverage that accommodates the the
full spectrum of boats, from personal watercraft to large yachts and everything
in between. Each AquaPac policy is custom-tailored to meet individual boaters’
needs and includes standard coverages that are traditionally only available
with higher-end yacht policies. Coverage through the program is among the best
and most comprehensive in the industry.
is the flagship benefit in the MRAA Rewards program, a collection of more than
30 tangible benefits and incentives dealers are eligible to receive upon
signing up to become MRAA members.
"When I first pitched the idea of including AquaPac as
part of MRAA Rewards to the association, I never realized that just a few seasons
later we would have so many participating dealers,” says
Paul Sexton, vice president of Marine Insurance Services for Norman-Spencer. "In fact, the majority of our new dealer referrals are now
coming in from MRAA member partners. Some are longtime partners of ours that
joined MRAA for the sole purpose of reaping the benefits of our AquaPac program.”
is unique in that it is specifically designed to drive business back to the
dealership, even after the sale. Noteworthy features include preferred repair
deductibles, where a customer can take his or her boat back to any MRAA dealer
with a claim and have deductibles cut in half; total loss replacement, where
the original sale dealer has the first opportunity to provide a replacement
boat to a customer in the case of a claim; and guaranteed repair work through
an MRAA dealer for the life of the boat/policy.
"Most referral programs are a dime a dozen; however,
our vision is to make the boat buyer feel that AquaPac is a ‘no-brainer’
through knowledgeable service and an affordable coverage package available
nowhere else in the industry,” Sexton explains. "And with an attractive
referral fee package, 24/7 referral service, and a program that drives revenue
back to the dealer, we hope the decision is an easy one.”
learn more about the AquaPac program, MRAA Rewards and other valuable MRAA
member benefits, contact MRAA membership coordinator Hannah Muerhoff at
763-333-2420 or firstname.lastname@example.org.
About the Marine Retailers
Association of the Americas
At the Marine Retailers Association of the Americas (MRAA), we believe
that for the marine industry to thrive, the companies that interact with the
boater in their community must thrive. Those businesses determine the boater’s
experience and are the leading factor in the industry’s success. MRAA works to
create a strong and healthy boating industry by uniting those businesses,
providing them with opportunities for improvement and growth, and representing
them with a powerful voice. For more information, visit MRAA.com.
About Norman-Spencer Agency Inc.
Norman-Spencer Agency Inc. is a nationally recognized provider of high quality
insurance products for all boats and yachts, serving hundreds of dealer and
marina partners nationwide. Along with boat owner programs, the agency also
provides market-leading business insurance solutions for all facets of the
recreational marine industry, including dealers, marinas, manufacturers and
marine artisans. Norman-Spencer has been the only MRAA-endorsed marine
insurance provider for more than 25 years. For more information, visit norman-spencer.com.