As trust in the insurance industry, and brokers in particular, continues to fall, brand and reputation remains a key issue for the insurance industry.
The recent Roy Morgan Image of Professions survey found that when asked whether consumers would rank brokers as ‘very high’ or ‘high’ in terms of ethics and honesty, just 10% of the surveyed respondents agreed – down 1% from last year.
Added to this, the BrandZ Top Global Brands report, published by WPP and Kantar Millward Brown, found only three insurance brands in the top 100.
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With this in mind, and as the industry faces threats from outside disruption, a good brand strategy could be the difference between success and failure. Dan Ratner, managing director of branding agency Uberbrand, said that a brand is more than just a logo as it links to every perception a consumer has of a business or industry.
“Having a very clear picture of what it is that you want to be thought of in someone’s head and working towards that end game is a fundamental step towards building out your brand strategy,” Ratner told
Insurance Business.
“Once you have that image and you are working towards it, you can start managing your brand and that means looking at all the individual touch points and experiences throughout the customer journey that reinforces who you are, what you do and what makes you different.”
Ratner stressed that for brokers to build a strong brand, they need to remain in contact with clients throughout the year and have a thorough understanding of their business.
“It is not a case of just turning up once a year when it is renewal time, or getting an email once a year when it is renewal time at worst,” Ratner continued. “It is actually about coming in and understanding people, their businesses, how they are growing, what is happening to them and how insurance is a necessity in the context of that growth.”
Martin Guerrieria, global BrandZ research director with Kantar Millward Brown, said that brand makes a clear contribution to overall value and plays a “definite role” in customer decisions within the insurance industry.
“Those businesses equipped with strong brands are primed to succeed and have an advantage over their competitors,” Guerrieria told Insurance Business. “Insurers can change perceptions of their business and the industry as a whole by investing in innovation and communications to build brands focusing on some of the positive aspects of how we live our lives and how we can change them for the better.”
Related stories:
Brokers among least trusted professionals in Australia
Global 100 brands ranking released – and just 3 are insurers
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