This report is divided into five sections. In Part 1, we consider the weak performance of the insurance industry in producing compelling brands and the costs – including opportunity costs – that this weakness entails. In Part 2, we look at what is sometimes presented as a solution for insurers’ branding problem, at least in certain markets – embedding insurance among the offerings of more attractive, non-insurance brands. While this could broaden insurers’ market access, it is also a potential siren song that could further erode margins (if insurers become junior partners alongside far more powerful distributors that are aggressively seeking to maximize their returns from selling insurance).
In Parts 3 and 4, we look at the steps insurers can take – and some are taking – to build brand value on their own account. We profile a number of insurers that have overcome their industry’s reputational challenges to build valuable brands that have underpinned consistently profitable growth. Finally, in Part 5, we look to the future role of brands in the insurance market. Will embedded insurance and the growing complexity of distribution chains marginalize insurers’ own brands still further? Or will insurers find new ways to tell their story to customers that may, over time, reposition the industry as a whole in a more favorable light?
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