Some news on the wires from Waffle over in the USA for you, who are offering some passive income opportunities;
Waffle Insurance (“Waffle” or “The Company”), an all-in-one consumer InsurTech solution, announces the launch of its Passive Income for Producers Program (PIPP) aimed at providing insurance producers throughout the country passive income at virtually no cost. PIPP went live on March 14, 2024 and will be available in all 50 US states.
Since 2023, the insurance industry has been going through a relentless storm impacting consumers, insurance professionals and their bottom line. The rise of weather-related events, the inflation-fueled rise in claims and the repeated inadequacies of a disjointed market are all making risk more expensive, and insurance professionals are paying the price for it. In 2023 alone, the P&C sector suffered a loss of 6,800 jobs, including Geico, Liberty Mutual, Farmers, and USAA, all of which have been reducing their numbers significantly.
“Amidst a whirlwind of challenges in the insurance industry, we’re ushering in what we believe to be a new era of opportunity to empower every insurance producer across the country. With our new program, we’re flipping the script and offering insurance producers the opportunity to secure a steady stream of income simply by referring lower and mid-tier products that they may not focus on selling. This creates a recurring revenue opportunity with little to no work on their end,” said Quentin Coolen, CEO at Waffle. “PIPP is here to turn market challenges into financial stability for insurance producers across the nation.”
LOW COMMISSIONS AND BURNOUT
At the forefront of this storm are insurance producers relying on commissions. The issue under these market conditions? Commissions keep going down, making the insurance producing business increasingly stressful and difficult to sustain, especially for small to medium producers. For instance, more than 90% of new life agents quit the business within the first year due to burnout, and more than half the agents in the insurance industry cite work-life balance as a major factor.
PIPP was designed to address this situation and help producers make more money, at virtually no cost. The concept is incredibly simple and takes less than 2 minutes: producers can sign up on the Waffle site and once their identity and licenses are verified, they receive a unique link that can be emailed to their network. Producers may be able to get up to 10% of commissions for policies purchased as a result, based on their licenses. PIPP can be seen as “Uber for Insurance Producers” or a national democratized affiliate program.
Waffle anticipates this program to be particularly helpful for producers who want to capture streams of passive income associated with products they don’t spend the time to sell given the low premiums. These include renters, pet, and personal cyber insurance, among others.
tO learn more, please visit https://www.waffleinsurance.com.
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