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insurance Insights

Nigel Birch

Senior Client Director

Kantar Millward Brown

Nigel.Birch@kantarmillwardbrown.com

 

Insight | Brand

 

Brand provides

trust difference

in price game

 

Developing a strong brand identity with consumers who become predisposed to purchase a brand is really important in the Insurance market due to the growth in consumers use of price comparison websites when searching for insurance quotes, which have become popular in the UK. As aggregators have proliferated, so have low-cost insurance companies that can gain a high profile online. Therefore, for established brands who are either only available direct, or also available via price comparison sites, it’s become even more important for them to clearly communicate the brand benefit and demonstrate why consumer trust earned may justify the right brand choice, even if at a slight premium compared with a lesser known brand.

 

 


Jo Ryman

Partner

Kantar Consulting

Jo.Ryman@kantarconsulting.com

 

Insight | Women

 

Demystified

products add

opportunities

 

A recent Kantar study about serving the financial services needs of women found that people, regardless of gender, often feel fearful and intimidated when looking into health or life insurance, which is higher-up their hierarchy of needs. The insurance companies typically make their products complicated to understand and the benefits are often not well articulated. Conversely, demystifying these products to make them more accessible to the consumer presents insurance brands with a large opportunity—and a benefit to society because people will be adequately insured.

 

 

 


Bob Coppola

Senior Vice President

Kantar Millward Brown

Bob.Coppola@kantarmillwardbrown.com

 

Insight | Distribution

 

 

Buying ease

diminishes

role of agent

 

In the past, insurance statements were incredibly hard to read, and it took effort to compute deductibles, so people felt like they needed an agent to walk them through all the complications. Now, people are used to doing their own online research. Most companies offer good, better, and best options for coverage. For these reasons, a lot of people don’t feel the need to rely on an agent. That said, there is always a percent of the population that will want to base their purchase around a relationship. But the size of that group will dwindle over time.


Ben Collins

Global Account Director

MediaCom

Ben.Collins@mediacom.com

 

Insight | Youth

 

New insurance

products meet

changing needs

 

Millennials are creating a behavior change on the first insurance product being purchased. Home contents or renter insurance is increasingly the first purchase, not car insurance, because younger audiences are becoming a lot more metropolitan. Car ownership in larger conurbations is much lower than national averages, especially in younger adults, whose larger value purchases are more likely to be a smartphone or computer, possessions that require homeowners or renters insurance with coverage for the contents. This first purchase is taking place in mid till late 20’s.