Financial, Insurance Planner Survey Benchmarks To Demonstrate Clout

Heading toward its 50-year anniversary, the association for event planners at financial and insurance companies next month plans to release a survey of its more than 400 planner members, showing the economic impact the segment holds on the meetings industry. The association's incoming president said members can expect stronger educational offerings, greater cross-industry involvement and a growing membership in 2007, the final steps of a three-year strategic plan.

Sharon Chapman, president-elect of the Financial and Insurance Conference Planners association and travel and corporate events planner for Pittsfield, Mass.-based Berkshire Life Insurance Co. of America, said the economic impact survey will be used for benchmarking and to show suppliers the size of the market.

"Once we get all the raw data in place, it's going to tell us what our business is actually worth in the industry," according to Chapman. "It's going to tell us, on average, the number of meetings that insurance and financial companies are doing. It's going to tell us, on average, how much people are spending on those meetings. How many training meetings, and where are they going?"

The association's hospitality partners—supplier members—asked for the member survey, which had a 51 percent response rate, Chapman said.

"Having the information is going to help everyone—not just the hospitality partners, but the membership as well," she said. "It will help our management understand where the industry is as well."

Most members are working with the same event budgets for 2007 that they had this year, Chapman said, so benchmarking data on rising costs is essential in convincing senior management that budgets need to be increased.

The survey's preliminary data showed that just under 60 percent of respondents said their budgets are going to stay the same in 2007 and about 32 percent said their budgets would increase. The remaining percentage said they were facing budget cuts in 2007.

According to the group's three-year strategic plan, there are four main initiatives: branding, membership, education and sponsorship. The association adopted a new name last year to reflect the organization's growing membership of financial company planners, and is set to reach its membership goal of 500 planner members by the end of 2007.

"Our membership has grown. We're up 14 percent year-to-date," Chapman said. "I think changing the name has attracted some financial planners."

The association previously was known as the Association of Insurance and Financial Services Conference Planners and the Insurance Conference Planners Association from an even earlier incarnation.

The group's annual conference, this year to be held in Las Vegas Nov. 12 to 16, also is aiming to reach the strategic goal of getting at least 50 percent member participation, Chapman said.

The educational tracks are trending toward additional focus on planner skill level, she said, but the association hasn't found it necessary yet to segment its conference tracks. However, there will be special tracks to educate suppliers on the needs of financial and insurance meeting buyers.

"The workshops will assist all tracks whether you're a new planner or a veteran planner," she said. "There is something for everyone."

The association also keeps a strict rule on how many hospitality partners can attend events. The ratio is no greater than 1.5 suppliers per buyer, according to the association Web site.

"We truly are on a great momentum," Chapman said, adding that next year the strategic plan will be reviewed to ensure all objectives have been met, and new goals would be formed.

"We'll keep working the plan, because the plan is working," she said.

Other goals of the strategic plan in 2007 include considering interest and feasibility in offering training, such as support or study groups, that helps members achieve industry certifications. The association also plans to increase its involvement with the Convention Industry Council.

Chapman has been a member of FICP for nine years, the same amount of time she has worked at Berkshire Life. Prior to that worked as a corporate planner at two U.S. retailers.

"It will be a phenomenal year," she said. "With everything we have in place it can only get better."