In the UK over 5 million adults have a gym membership. The Waiver Experts™ at Protection Products Limited have developed a new product feature to enhance a gym membership to provide the customer with greater peace of mind should they lose their job or suffer from an event which creates financial distress.
With Gym Waiver the gym is able to waive the customers’ monthly contract fee whilst still giving the customer full use of the gym facilities. With a B2B insurance policy in place the gym is reimbursed for the amount waived which ensure revenue assurance and aids customer retention. Some gym companies ask whether a Gym Waiver feature will increase the cost of their membership, the answer is: Not necessarily.
Within any membership rate charged the gym already has an amount allocated for acquisition, retention, arrears, bad debt, collections, profit and many other cost centres. Gym Waiver would certainly be another cost centre, but having Gym Waiver in place is expected to reduce the incidence of arrears, reduce the costs of collections and increase customer retention.
In most instances the true cost of the Gym Waiver feature is virtually zero, if not net positive. The gym company will also be expected to receive more new business because of the enhancement to their membership offering.
To discuss Gym Waiver contact us today!
