According to an industry study by Deloitte, in the United States, the world’s biggest insurance market, the property and casualty (P&C) sector is building upon a strong 2018 in which the industry saw net income soar 66 percent to US$60 billion, thanks to a 10.8 percent boost in net premiums written and nearly breaking even on underwriting (after losing US$23.3 billion the year before).
With that much competition, how can insurance brokers and agents get ahead in what has become such a highly-competitive industry? That’s a question we will address in this article on How to Develop Brand Recognition for Your Insurance Agency.
Branding for Insurance
Since most insurance companies offer similar types of services and products, it is difficult for them to set themselves apart from their competition. However, they must do so to acquire new clients and forge a strong relationship with the ones they already have.
Three Elements of Effective Branding for the Insurance Agency
#1 – Set Yourself Apart
Your brand identity visually represents the story and “personality” of your brand. It determines how your target audience connects with your company. Your “voice” or “image” identifies you from the competition. Whether it’s the writing style, design, or messaging, what matters most for an insurance agency is creating a brand identity that stands out from the competition.
#2 – Appeal to the Emotions
Most people say they disregard advertisements, but neuroscience says differently. Research shows that consumers rely heavily on their emotions, as opposed to factual information. When evaluating brands, The Advertising Research Foundation concluded that brand recognition and its “likeability” is the best predictor of whether or not an advertisement will increase a brand’s sales.
This “likeability factor” is why it is essential for your insurance agency brand identity to have emotional appeal. This alone can increase lead generation and conversions
#3 -You Must Have a Consistent Brand Message
Clients that enjoy an integrated and consistent customer experience turn into life-long customers. To create this type of experience, every member of your team must understand your branding. Once everyone is communicating the same message, then it’s time to broadcast it to the world.
Effective internal brand-building results not only in loyal customers but loyal employees as well.
How Brand Recognition Leads to Conversions
Because branding for insurance agents is a relatively new concept, there is an opportunity for insurance agencies to build a brand identity and take more market share as long as they create one that resonates with their prospects.
An interesting story and consistent repetition catch and retain the interest of consumers, so that they feel they “know” you when it comes time to purchase insurance. This is known as “brand recognition.”
Repetition Is the Key
When it comes to brand recognition and conversions, being in the right place at the right time is the key to success. You can tell your story over and over, yet it’s important to know when a client has reached the point of commitment. Yet, short of contacting them daily (which would be highly annoying), how do you know when the “time is ripe” to close the sale?
intouch Business, Inc.
Since 2006, intouch Business has partnered with insurance companies in dynamic and creative ways. to assist our clients ENGAGE with their customers and prospects.
Contact intouch Business for more ideas on how you can grow your business and increase customer engagement.