NFP Project

NFP is a leading insurance broker and consultant that provides employee benefits, property & casualty, retirement and individual private client solutions through licensed subsidiaries and affiliates. NFP has more than 4,300 employees and global capabilities. Our expansive reach gives us access to highly rated insurers, vendors and financial institutions in the industry, while our locally based employees tailor each solution to meet our clients’ needs. We’ve become one of the largest insurance brokerage, consulting and wealth management firms by building enduring relationships with our clients and helping them realize their goals. Check out this video to learn more about what it’s like to work at NFP.

Now more than ever, women are playing a dominant role in the economy.

In the U.S., women control more than $11.2 trillion in investable assets, and the number of women with six-figure incomes is rising at more than three times the rate of men. Recent research suggests that women may soon control the majority of U.S. household wealth.

Most wealth managers view gender segmentation as being of minor importance. While women professionals are breaking through the proverbial ceiling in many industries, the financial industry continues to be dominated by male leaders and advisors.

What We Want:

  • Female professionals to understand that NFP knows how they think, the challenges they face, and the solutions they need.
  • Female professionals to leverage NFP’s suite of services when looking for professional advice on leading their organization (the corporate benefits product placement) and personal advice on managing their personal finances (the wealth management product placement).

Project Task

Develop a marketing strategy and plan that speaks to the needs of female professionals interested in buying benefits products for the companies they work for and wealth management products for themselves. This type of female professional is a key decision-maker within her organization and is highly compensated so she needs to solve for the right mix of benefits for her employees as well as protect and maximize her own wealth management portfolio. This project would satisfy what we refer to as “integrated selling” at NFP – selling a client solutions from multiple lines of business (benefits line of business as well as personal lines).

What are Benefits and Wealth Management Products?

Benefits and wealth management products and solutions can vary widely, and NFP acts as a consultant to employers and individuals to understand their unique situation and suggest the right mix of offerings that will effectively manage their risk and optimize their business for success.

Examples of benefits products (can include, but are not limited to):

Health insurance consulting/brokerage including medical, dental, vision and disability benefits

  • Health and wellness plans for employees
  • Retirement plans
  • Human resources technology solutions

Examples of wealth management products (can include, but are not limited to):

  • Estate planning services
  • Life insurance
  • Property and Casualty insurance for assets (Ex: high value property like art collections, boats, cars, etc.)

Please visit https://www.nfp.com/corporate-benefits to learn more about corporate benefits.

Customer Profile/Insights About Female Professionals/Investors:

Females, 30-60, in a position of authority in their company with key decision-making authority on buying benefit solutions (healthcare, wellness, retirement etc.) for their employees. This female executive is also a highly-compensated individual and will need to invest wisely for her future and that of her family.

  • Women tend to place greater importance on managing downside risk than men, who tend to place greater emphasis on upside potential.
  • Women are more likely than men to prioritize their impact on key areas of social responsibility, and giving back to country and community.
  • 84% of women versus 70% of men place importance on companies that invest in the health and wellness of consumers and employees.
  • Women investors are more concerned than men that companies reduce harm to the environment and support disadvantaged communities.
  • Women are more likely than men to emphasize the importance of investing in companies that put women in senior management and board roles.
  • Women are more so focused on reaching personal goals vs. doing better then others.

Project Requirements

Submit a short proposal (6-12 sentences) here by Sunday, December 30, 2018 that considers the following questions:

What is the unique selling proposition you’ll devise for NFP to reach this targeted customer?

How will you reach this targeted audience?

What’s the distribution plan and what channels will you use?

Once the target becomes a customer, how will we be able to nurture that relationship for retention and renewal?

Prize

The top 5 ideas will be asked to submit a 1-page proposal to present to the NFP team and 1 finalist will receive a trip to NFP’s New York office to present their proposal in front of the leadership team in addition to (3) 1-hour mentoring sessions with an NFP Professional.

Qualifying students who submit an application (college sophomores, juniors, and seniors) will also receive the opportunity to interview for a summer internship position.