Mutual Brand Program
According to the Insurance Industry Brand Equity Study conducted by the Kellogg School of Management at Northwestern University in 2007, consumers are exposed to more than 100 insurance companies. Yet few of those insurance companies achieve broad top-of-mind awareness or first recall among consumers.
The study found that consumers generally see insurance as a commodity with low emotional appeal, and the insurance industry is ripe for strong niche marketing.
For an insurance company to stand out from the clutter, it must be unique in the consumer’s mind – and it must stand for something important. The companies that are most likely to succeed are those that take ownership of relevant points of difference – and consistently deliver on them.
When consumers believe a company truly cares about them, the company will succeed at the expense of competition that is purely sales driven.
In July, 2011, the NAMIC board of directors included the development and promotion of a “mutual brand” in the association’s updated strategic plan. The objective: “…assist and engage member companies to impact key perceptions of the industry.…”
Under the management of NAMIC Public Affairs, a mutual brand program has been created for mutual companies to use voluntarily in distinguishing their place in the market. Participating companies can use fully produced, customizable, turnkey resources for promoting their value as a mutual insurer to existing and prospective policyholders.
Every detail of the mutual brand program is based on extensive market research, including surveys of NAMIC mutual members as well as consumers and independent agents. The key messages used in the brand also have been market tested, and professionally designed and packaged by a respected Chicago advertising firm. Print, radio, outdoor, direct mail, and web advertising resources are easily localized and prepared for placement to meet the needs of the participating company.
The estimated value of all brand program resources is $50,000, yet participation is affordable for every mutual member. Annual participation fees range from $300 to $5,000 based on a participating company’s direct written premium for the prior year.
Posted: Tuesday, September 04, 2012 10:27:01 AM. Modified: Tuesday, March 04, 2014 11:12:30 AM.
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