Page 53 - BrandZ Top 100 Most Valuable Global Brands 2014

Section 03 | The Categories
Financial | Insurance

And Google is not the only technology Mobile, social media and
Insight
company entering the category. The
sponsorships
Chinese insurance company Ping An
partnered with ecommerce giant Alibaba
and with Tencent, the social network, to Direct mail, the traditional insurer
Customer launch an online insurance company marketing tool, doesn’t resonate
called Zhong An. In an effort to grow with customers looking for more
engagement needs
customer share of life, and sell direct, personalized communication. Many
to be relevant and retailers including Costco and Walmart advertisers have produced clever
Spotlight
offer insurance products.
multichannel advertising. The irreverence Action Points for Brand Building
ongoing
of Geico’s gecko lizard spokesperson
In another potentially disruptive move, cuts against the expected solemnity of
Better customer You need to engage customers more companies provided discounts to car insurance messaging.
1. Make the case
3. Harness data

engagement helps in the channels they’re in and customers who agreed to participate in Establish the need for insurance, Use proprietary and outside data to
improve sales
with messages that are relevant their telematics programs, where a Property and casualty brands have particularly among Millennials who
predict who will need what kind of
to them. And you need to follow device installed in a car records driving developed apps to quote insurance
customers through the entire habits. By identifying safe and unsafe prices, pay bills and use GPS to locate may not think about insurance before
insurance product and when they’ll need
Insurers are attempting to lifecycle. Too many carriers drivers, telematics potentially can accident locations and obtain roadside a triggering life event, such as marriage, it. This approach helps identify proitable
which is happening later.
customers.
improve customer relationships, suspend communication at
revolutionize the car insurance pricing help. A Traveler’s smartphone app helps
as 46 percent of consumers say the point of sale until renewal, model by aligning premiums more closely users document car accident reports and 2. Be nimble
4. Market one-to-one
the relationship with their insurer except for things such as claims with driving habits.
begin iling a claim.
is non-existent, adversarial or information and bill payment In a category known for being traditional, Apply one-to-one marketing across all
minimal. Positive customer reminders. Relationships beyond Allianz is a major sponsor of Formula One balance the need to be solid and reliable stages of the customer lifecycle, from

engagement improves KPIs
the point of sale require an racing, which ties into its safe driving with the imperative to keep up with
awareness through engagement,
(Key Performance Indicators) investment. But if successful, the initiatives. The brand is attempting to the changing consumer and the agility
conversion, retention and even Insight
including: initial purchase, rewards abound: additional sales, reach its over 83 million customers in of competitors.
remarketing to those you can’t convert.
tolerance of rate increases, improved retention, advocacy ways that are relevant to their lives. It has
customer retention and additional and referrals. In addition, your a weather app that warns people when
sales. Customers who have
customers will be able to tolerate bad weather could damage property.
Brands seek to
a strong relationship with
higher rate renewal increases, Zurich sponsors an app that locates the
their insurer are 56 percent
thus decreasing renewal itness courses that the brand sponsors engage, increasingly
more likely to buy additional shopping. It’s truly about knowing and provides exercise advice.
products than are customers
and serving each customer in a with mobile
with no relationship.
one-to-one manner, throughout Fast growing markets

his or her lifecycle.
There’s a once-a-year cycle of
Impact of customer relationship The leading global players, like AXA, negativity. The consumer gets an
on additional sales
Karen Imbrogno
annual letter that says give me Insights: BrandZM BigData
Vice President
Allianz and Zurich, continued expanding more money because your rate
1.9 Adversairal Insurance P&C and Life Strategies in fast-growing markets. AXA acquired has gone up. Brands are trying
KBM Group companies in China and Columbia. AIA
4.6 no
karen.imbrogno@kbmg.com
enjoyed strong inancial results based on to ind as many relevant ways
In a low engagement Meaningful
the increasing life insurance needs in its as possible to engage with the category China’s brands
5.0 Minimal
customers and provide a useful 147 China
17 Asia-Paciic markets. It introduced new dialogue with them, and also seem different
6.6 Developing
brand positioning as “The Real Life provide transparent, useful help 102 Rest of World
Company.”
or interesting content. Mobile is Different
7.2 Strong
Insurance as a category is famously
The global brands are expanding their an opportunity to demonstrate recessive. Consumers in many cases 163 China
presence in China, an enormous market usefulness. Mobile apps can
decide on price (with the aid of
Mean likelyhood
tell you when a storm is about
106 Rest of World
where the insurance category is to hit so you need to put your aggregators) or leave it to a third party
dominated by SOEs (State Owned convertible safely away, or AXA announced a partnership with or simply renew without consideration. Salient
Likelihood to purchase additional produicts from your Enterprises), such as China Life, CPIC Brand therefore tends to play a smaller
insurer. 56% difference
(China Paciic Insurance Company) and connectivity systems built into Facebook to develop social and mobile part in driving value. China’s leading 146 China
Ping An, which is diversifying into a full the car can call for help in the marketing initiatives. In the UK, where brands, however, are far more engaging.
case of an accident. Simpliication direct online sales dominate auto 101 Rest of World
service inancial services company.
of the process is another beneit insurance, the largest auto insurance Corporate Reputation
of mobile from getting faster aggregators are relatively young brands Chinese insurance brands are meaningful
China’s slower rate of economic growth (meet expectations), different (unique in 120 China
impacted both premium and investment quotes to faster claim processes
that were created by major traditional a positive way) and salient (come to mind
income. The major insurers increased – that even include uploading a brands aiming to reach new audiences spontaneously).
101 Rest of World
photo of the damage and getting and avoid channel conlict with their
their online presence and targeted the instant approval to repair.
agent networks.
Source: BrandZM database
wealth management needs of the All brands average = 100
expanding middle class. Regulatory Jeremy Nathan
changes are opening the market to More disruption expected
increased competition.
Global Brand Director
Team Allianz WPP More market disruption is on the horizon.
JNathan@wpp.com
Google introduced an insurance price
comparison site in the UK. The brand
offers a potentially powerful proposition
because of the vast amount of data
Source: KBM Group national survey. Google collects and analyzes, including
Likelihood to purchase additional insurance
products compared with attitude about photos of homes, which can be relevant
relationship with insurer.
for insurance assessments.

104 BrandZM Top 100 Most Valuable Global Brands 2014
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