Sector Perspectives: Insurance - Coley Porter Bell

Sector Perspectives: Insurance

Insurance is a vital service, but let’s face it – it’s not something we really want to engage with. It’s a necessary evil, a grudge purchase that most of us would rather avoid thinking about. Yet, the insurance industry is massive, writing billions in net premiums annually and playing a crucial role in our lives. So how do insurance brands navigate this paradox? How do they brand something that everyone needs, but nobody wants?

In our Sector Perspectives report, we explore these questions, and provide an insightful look at the unique challenges faced by insurance brands and how they can overcome them.

Trust, MeSpoke and Friendlification

In the report we outline three key areas that insurance brands need to focus on: Trust, MeSpoke and Friendlification.

  • Trust is the foundation upon which all brands are built. For insurance brands, establishing trust can be particularly challenging due to the intangible nature of their product. This is often achieved through hard numbers and evidence of longevity and heritage.
  • MeSpoke refers to the modern combination of applied data, a simplified experience, and a personalized relationship. With the advent of technology, insurance brands have been able to offer bespoke deals that benefit both the brand and the purchaser.
  • Friendlification is where brands try to emotionally connect with their audiences by building layers of personality and expression. This is where brands can really build distinctiveness, often using humor, homeliness, and even animal icons to provide memorable, friendly faces for insurance brands.
Standing Out in a Crowded Market

Distinctiveness is critical. Simply being present in all three areas isn’t enough – brands need to stand out. This requires a deep understanding of the brand’s strengths and the consumer’s needs, wants, and frustrations.

Creating a distinctive and compelling brand in the insurance sector may seem like a daunting task, but as we demonstrate, it’s far from impossible. With a little creative courage and a commitment to understanding and meeting the needs of consumers, insurance brands can turn the branding challenge into an opportunity.

To gain a deeper understanding of these concepts and explore real-world examples of successful insurance brands, check out the report on the link here, or click on the image below.