Kyndra Ibarra and Meghan Saar of VASA Fitness shed light on the benefits of partnering with insurance companies for fitness memberships.
More and more individuals around the world are starting to prioritize their health, both physical and mental, and exercise positively affects both. As a result, fitness memberships have become increasingly popular, and insurance companies are taking notice.
Partnering with insurance companies for fitness memberships have become more common and offer a mutually beneficial relationship. For gyms looking to maximize this kind of partnership, focusing on fitness offerings for aging adults is crucial to success.
How to Attract Insurance Companies
There are an estimated 70 million Baby Boomers between the ages of 57-75 years old, and as this group ages, they will need specific classes and amenities to help them navigate their changing abilities. Instructors can get certifications for a variety of formats and classes geared towards this demographic, and often popular group fitness brands will provide discounts to instructors wanting to get certified. Sometimes insurance companies are even willing to provide extra funding to clubs so more instructors can be certified to teach senior classes.
Like all businesses, insurance companies want to grow their client base. As a fitness provider, partnering with insurance companies will provide these benefits:
Attract More Customers: Many individuals are looking to purchase insurance from companies that offer unique benefits and incentives. Insurance companies that partner with fitness clubs can attract a new customer base that is interested in staying active and healthy.
Reduce Healthcare Costs: Encouraging individuals to lead an active lifestyle can ultimately lead to a reduction in healthcare costs. By offering fitness incentives, insurance companies can promote healthy living and reduce the number of healthcare claims submitted every year.
Increase Brand Awareness: Partnering with fitness clubs can help insurance companies reach a wider audience and increase their brand awareness. By being associated with fitness and health, insurance companies can position themselves as brands that prioritize the wellbeing of their customers.
Benefits for Fitness Providers
It’s not just insurance companies who prosper. Gyms also see several perks when partnering with insurance companies:
Increase Awareness & Revenue: Partnering with insurance companies increases a brand’s exposure and can attract a new customer base. This can lead to an increase in membership sales and revenue.
Increase Retention Rates: By partnering with multiple insurance brands, gyms create a seamless experience for members who change insurances. Additionally, when members feel like they are being rewarded and recognized for their efforts, they are more likely to stick with their fitness routine. The more a member uses your gym, the more likely they are to stay, even if their insurance or life circumstances change.
How to Achieve Long-Term Success
After you’ve partnered with an insurance company, increasing gym utilization is the key to a successful and profitable partnership. How do you do that? By offering accessible programming for all fitness levels and abilities.
Start by giving free or discounted certification to instructors to teach senior-focused classes like Silver Sneakers and Zumba. Educating instructors on how to properly coach your youngest and oldest members alike will ensure all members feel welcomed and successful after a workout and keep classes full. These classes are easily adapted to accommodate various fitness levels and will ensure your clubs are compliant with insurance standards to receive additional funding.
Once your instructors are comfortable in senior-specific formats, add classes to your schedule and market it to members within that demographic. These members are often looking for friends so helping build a community will improve retention and help these members prioritize movement into their golden years.
Ultimately, a strong partnership between insurance companies and fitness clubs can be beneficial for all parties involved, but member satisfaction should remain the focus. By offering senior-specific programming and developing a strong community with your gym, both insurance companies and fitness clubs can make a positive impact on the lives of their members and at the same time see an increase to the bottom line.
About the Authors
Kyndra Ibarra is the director of member services, and Meghan Saar is the fitness product manager at VASA Fitness.
