Insurance Breaks for Professionals on the Rise
The scope of those included in the practice of "affinity discounting," or offering a discount on insurance rates to members of particular groups of people, appears to be broadening. According to an article in the Wall Street Journal, many companies that offer discounts are taking a second look at their definitions of who might be entitled to affinity rates.
Professionals are currently the groups that seem to be benefiting the most from the discounted rates with educators, scientists and engineers being the most commonly recognized workers across the board. Farmers Insurance Group has included police officers, firefighters, registered nurses, physicians and surgeons in its group of those eligible for discounted rates, the article stated, and 21st Century has added architects, pharmacists, physicians and dentists to their list.
There are concerns with the programs, particularly with regard to the validity of those claiming the discounts-and whether or not they are in the profession they claim. The article's author, Kaja Whitehouse, touched on this subject, explaining that the verification of so many applicants' occupations and the difficulty associated with it, especially when the range for applicants increases, keeps the practice from becoming more popular amongst insurers.
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