New Association Targets Agents, Insurers Interested In Hispanic Market
With the Hispanic community the fastest growing segment of the U.S. population–estimated at 38.9 million–its no surprise that many insurance carriers are trying to figure out ways to tap into this market. Efforts thus far, however, have come up short, according to J.D. Moya, president of Pegasus Financial Group, Albuquerque, N.M.
“Theres a tremendous need for the life insurance industry to get a better understanding of the Hispanic market,” he says.
This need inspired Moya to start a new association for both insurance professionals and carriers that either cater specifically to the Hispanic market or desire to do so. The International Association of Hispanic Insurance Professionals officially opened its doors April 24, 2003.
“The driving force for IAHIP was to give the insurance industry a voice from the Hispanic community, from Hispanic insurance professionals or from those dealing in the Hispanic community,” explains Moya, president of the association.
Individual membership in the association currently is estimated to be in the neighborhood of 200, according to Mike Conley, who is president of Global Financial Technologies, Fairview Heights, Ill., and is serving as treasurer of IAHIP. The five-year goal for the association is to grow to 25,000 individual members, he says.
Despite its name, the association is welcoming members from all ethnic backgrounds, Moya says.
“Were not just looking for Hispanic agents,” he continues. “Anyone wanting to work in the Hispanic community–in order for them to be successful in this community they have to understand it.”
Agents who desire to expand their business into this market segment will gain insight about the characteristics of the community, he says.
Manuel Ramos, a new member to the association, agrees. He recommends that “anybody who would like to understand more about the Hispanic market” is a good candidate for joining the association. Ramos is an investment advisor with Providing Solid Protection, Downey, Calif.
There are a number of benefits IAHIP promises to deliver to its individual members, including a quarterly newsletter describing whats going on in the Hispanic community, market research, and regional sales and marketing seminars.