Customer Based Brand Equity - A Guide for Insurance Companies

BRAND

A GUIDE FOR

CUSTOMER-BASED

EQUITYINSURANCECOMPANIES

TYPES OF INSURANCE

LET'S BEGIN WITH

LIFE INSURANCE

THERE IS

PET INSURANCE

AUTO INSURANCE

HEALTH INSURANCE

TRAVEL INSURANCE

Hence all kinds of insurance arecustomer centric

And a businessneeds a

customer basedbrand equityCBBE model

which provides ayardstick

Against which brands can assess theirprogress

Brand building involves 4 steps

Who you are

BRAND IDENTITY

What you are

BRAND MEANING

What do I think and feelabout you

BRAND RESPONSES

What about you andme?

BRAND RELATIONSHIP

An insurance companyalso needs to have a

clear vision of Customerbased brand equity

pyramid.

It looks somethinglike this

BRANDEQUITY

PYRAMID

Consumerbrand

resonance

Customerjudgments +ConsumerFeelings

Brand performance+ Brand Imagery

Brand Saliance

Brand Saliance

First step in buildingbrand equity

Brand Performance +Imagery

Consumers experiencewith a brand

how people think about a brandabstractly rather than what they

think the brand actually does.

Customer judgments +Feelings

What the customerthinks of your brand

Customers’ emotional responsesand reactions with respect to the

brand

ConsumerBrand

resonance

The extent to which they feel thatthey are “in synch” with the

brand.

You may ask

Why a CBBE modelworks for insurance

brands?

The insurance industry is highlyfragmented

Because...

often difficult to understand fora potential client.

While there is high behavioralloyalty, there is low attitudinal

loyalty.

Also Because...

Consumers generally have a lowemotional connection to

insurance brands.

And Because...

Consumers find it hard todifferentiate between two given

insurance companies

Finally Because...

Can an insurancecompany provide solid brand

points of differentiation?Let us help you there

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