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IEEE Financial Advantage Program

IEEE Financial Advantage Program. Y. W. Liu – member of Individual Benefits and services Committee. IEEE Financial Advantage Program MISSION. To enhance the value of IEEE membership

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IEEE Financial Advantage Program

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  1. IEEE Financial Advantage Program Y. W. Liu – member of Individual Benefits and services Committee

  2. IEEE Financial Advantage Program MISSION • To enhance the value of IEEE membership • A broad range of cost-saving and value-added products and services that address the non-technical needs of IEEE members and their families. • Leveraging the buying power of over 365,000 members • Value that provides members clear advantage over non-members. • Providing a non-dues revenue stream • Offset the dependency on association dues.

  3. FAP in USA • Personal Insurance • Life, Healthcare, Long Term Care, Disability Income, Dental, Auto/Home, Accident, Cancer, Travel • Business Insurance • Professional Liability, Small Employer • Member Credit Card • Annual $4 million income to IEEE

  4. FAP in Asia Pacific • Travel Insurance • Gateway International • Gateway Premier • Gateway Global • Gateway USA • Gateway visit America • Credit Card • Hong Kong • Singapore (coming soon)

  5. Hong Kong Credit Card

  6. Hong Kong Credit Card • Partner with local bank • Established in 2000 • With contract for eight years and extend automatically • About US$3,000 annual rebate in form of donation to Hong Kong Section • Promote the Card Program in Newsletter • Virtually no administration cost

  7. FAP Development process • Ask your benefits partner to make a proposal • Get support and approval from Section • Refer to IBSC to negotiate • IEEE Corporate and Legal Review • IEEE Excom for approval • HQ is exploring with world corporate

  8. IEEE Staff Support • Provide Credit Card standard agreement • Negotiating a market agreement • Coordinating legal and tax requirement • Signing of agreement if Section is not a legal entity • Rebate will return to Section

  9. Administration • Section set up volunteer position for FAP • Initiate and oversees program • Review and address issues concern • Report the program in annual report on the no. of member participating and income generated

  10. Concerned issues • Section need to be a legal entity • Benefit program partner looks for a legal entity to deal with • Attraction needed • Large membership base • Prestige of IEEE

  11. Concerned issue • Tax– income may attract tax liability • Data privacy – members details shall not pass to partner • Use of IEEE logo shall be strictly controlled

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