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“When I write an advertisement, I don’t want you to tell me that you find it ‘creative’. I want you to find it so interesting that you buy the product.” – David Ogilvy
We know that all the businesses in the Insurindex tables have invested in their brands. They realise that strong brands help to create long-term success, to attract and retain talent and build resilience. But what differentiates and defines the leading brands? We use three key measures:
#1 Share of mind: familiarity – think Amazon, Google, Apple, Coca Cola, Mercedes Benz – brands almost every person on the planet has heard of and which many of us can relate to. Awareness correlates with favourability because we trust what we – and others – know. Commercially, mindshare is the cornerstone of commercial success; if people haven’t heard about you, they’re less likely to consider you.
#2 Personality: people think of brands as having a personality. And that is mainly based on four characteristics: innovative, prestigious, honest and powerful. In business these attributes are linked to outcomes like profitability (prestige), share (power) and dynamism (innovation). Insurance brands don’t possess these in equal measure and tend to gravitate towards one or the other. This actually positions them distinctively in the minds of buyers. Insurindex power brands all achieve high levels of customer consideration – in other words, they have a personality!
#3 Shortlisting: brand is ultimately about sales and you can only sell if you’re considered by the buyer. So we also use shortlisting to measure brand strength, asking brokers: “Which two or three insurers would you consider showing quality business to?” This measure identifies which insurers will be the most successful because they have the choice of the best business.
Brands that are on the buyers’ radar and are trusted are the ones which are likely considered and to see the best quality insurance business. And this contributes to longevity and success. We’ll be watching the Insurindex power brand rankings with interest to see which brands are able to differentiate themselves and move ahead of the pack.
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