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US findings - Global Consumer Insurance Survey 2012 - Enhance your brand - EY - United States

US findings - Global Consumer Insurance Survey 2012

Enhance your brand

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43% of Millennial consumers surveyed said they would pay a premium for a product if it came from a strong/financially stable brand.

Consumers put a premium on brand

Price is always an important factor in decision making. Consumers, especially Millennials, are placing significant emphasis on well-known or trustworthy brands. 43% of Millennial respondents said that they would pay a premium for a product if it came from a strong/ financially stable brand.

Brand reputation is becoming increasingly important and consumers are making decisions based on the financial strength and brand of an insurer, not solely on the product or price.

  Life/annuity Property/casualty

What do you consider most important when choosing a policy?

62% provider's financial stability or well-known/trustworthy brand
45% product features
43% product performance

69% provider's financial stability or well-known/trustworthy brand
60% price
24% having had an existing policy

What sources of information or advice do you rely on when researching a new policy?

44% online comparison site
41% intermediary or agent
39% family/friends

23% family/friends
21% intermediary or agent
18% online comparison site

The insurance industry benefits from the fact that it emerged from the financial crisis much more positively than other financial services sectors and remains a stable and trusted source for consumers.

Therefore, insurers should fully capitalize on this opportunity to market their products in more innovative ways and further improve their respective brands, particularly with Millennials who are willing to pay more for a brand they perceive to be strong and/or financially stable.

Promote your brand

  • Positively impact sales by communicating a strong brand through new channels.
  • Define how the brand will be delivered in the customer experience and design all processes to consistently deliver that promise.
  • Keep messaging consistent across all communication channels.
  • Stay transparent and closely manage and communicate the strength and ratings of your organization.

Face the new challenge of managing your reputation in cyberspace

  • Be aware of what information regarding your company is being circulated through comparison sites, social media channels and blogs.
  • Continuously monitor what is being said about your brand, the industry and your competition online to protect and grow the reputation of your brand and to respond to customers and potential customers as needed.
  • Diligently protect customer information in cyberspace. This is critical and overall brand reputation management in the social media space must be addressed.

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