Page 52 - BrandZ Top 100 Most Valuable Global Brands 2014

Section 03 | The Categories
Financial | Insurance

Insurance

Insurers shift focus from

selling products to building

customer relationships

US brands lead the global trend

For insurance brands, it was the year of Data protection The industry

personalized customer engagement.
experienced rising concern about
Many of the major US property and protecting the personal information
of its customers.
casualty carriers, and some life insurers,
started to organize their big data to Need to rebuild
provide a 360-consumer view. European
companies worked to simplify and speed trust drives change
up their systems to respond in real time

and facilitate customer centricity.
Several factors drove the customer
centric initiatives. First, especially during
Traditionally, only two transactions have the inancial crisis, carriers struggled with
connected insurers with their customers
– closing a sale and processing a claim. customer retention and recognized the
Neither event produced the kind of importance of developing a customer
relationship beyond the point of sale.
relationships that can pay off over time, Insurers still struggle to rebuild trust
building a base of loyal customers with eroded during the crisis.
continuous and changing needs for
a range of products.
The second factor is demographic. Top 10 Insurance
Insurers want to reach younger
There’s often been a mismatch between consumers and retain them over
the competencies that would best serve the course of a lifetime. Like earlier Brand
Brand Value
customers – speed, ease of use and Value % Change
innovation – and the legacy baggage of generations, Millennials consider Brand
insurers – disaggregated big data, insurance only when a life need 2014 $M Contribution
2014 vs 2013
arises. But with marriage, children
secure and complicated systems,
and homeownership happening 1
Ping An
12,409
2
18%
siloed organizations and businesses later, insurance opportunity points Reaching Millennial 2 China Life
12,026 2 -21%
designed to push products rather than are postponed.
retain customers.
consumers
3
AIA
8,344
2
22%

Although tension sometimes remains The challenge impacts both US 4 State Farm
8,314 2
6%
companies, which have traditionally Even life insurers, which lag property
between the priorities of the risk presented their brands with more and casualty companies in the use of 5
AXA
5,645
2
44%
managers and those responsible for emotion, and European-based insurers social media, are looking at ways to
11%
cultivating customer relationships, closer 48% 6 Allianz 5,323 3
coordination exists. Recent initiatives with consumer and enterprise businesses, reach Millennials. They’re introducing
haven’t eliminated organizational siloes, whose more steady, institutional easy-to-buy products with low beneit 7
Geico
4,128
2
27%
approach often worked well during
amounts. MetLife offers an entry-level CPIC
but they’ve funneled them through new the recession.
life insurance product that’s packaged 1% 8 3,747 2
functions responsible for the customer in a box and priced for retail sale off
9
MetLife
3,290
2
New
experience. State Farm created a
company-wide taskforce to reorient The German-based Allianz expanded
a shelf or peg hook.
24%
10 Travelers 2,981 3
around the customer. These other
its business and reported strong results,
driven by property and casualty, with Allstate acquired Esurance, an online Source: Valuations include data from BrandZM and Bloomberg.
trends also unfolded:
brand value rising 48 percent. AXA, direct-to-consumer business, in 2013. Brand contribution measures the inluence of brand alone on earnings, on a scale of 1 to 5, 5 highest.
headquartered in France, improved Esurance purchased TV ad space
Ad spending Property and casualty
insurers spent heavily on advertising earning substantially, based on immediately after the Super Bowl.
to enter new markets and grow share.
eficiencies gained in mature markets and A Millennial celebrity spokesperson
expansion into fast growing markets. The explained that the post-game placement Deinition
brand has over 100 million customers in saved $1.5 million, or 30 percent, the
Balancing channels Brands looked 56 countries, a presence that helps brand’s typical discount. He invited The insurance category includes
at ways to expand their direct recruit additional customers, talent and viewers to tweet for a chance to win
brands in both the business-to-
business while maintaining their
agent networks.
partners, particularly in new markets. this jackpot. Over ive million people consumer – life, property and
AXA’s brand value increased 44 percent.
responded, connecting Esurance to
casualty – and the business-
a youthful audience less accessible to
to-business sectors. Health
its parent brand.
insurance is excluded.

102 BrandZM Top 100 Most Valuable Global Brands 2014
103