Members 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.
Participation 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.
There 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.”
AquaPac 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.
AquaPac 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.”
AquaPac 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.”
To 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 hannah@mraa.com.
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 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.
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