5 Key Reasons Why Insurers Need to Get Creative or Risk Losing Customers
By Laura Box - 5 min read
For insurance companies to succeed, they need to embrace creativity and engage people in new, interesting and revolutionary ways – or risk losing customers altogether. Is your Insurance brand doing everything it can to stand out visually?
In the eyes of consumers, insurance can be seen as incredibly boring, and is often associated with negative connotations of spending money, property damage or health issues.
We take a closer look at the best techniques to get visually innovative.
1. Create Intrigue
Visuals and branding are the key to creating good first impressions, and if done creatively they can get people interested before they even know what the business is about. John Lewis Home Insurance uses intrigue in their Tiny Dancer ad to keep viewers engaged. A small girl passionately dances around her home to Elton John’s Tiny Dancer, spinning past glass vases, dramatically pulling down curtains and dipping past the television, leaving each item rocking in her wake. It’s not immediately obvious what the ad is about, until “If it matters to you, it matters to us” appears at the end, followed by “Premium home insurance”. Once seen as boring subject matter, John Lewis has used creativity to shake up Home Insurance advertising and captivate viewers.
2. Keep Up with Competitors
In an increasingly competitive market, creativity is the only way for insurers to ensure their brand doesn’t get left behind. Consumers can view traditional insurance companies as stuffy, overly-complicated and visually unattractive institutions, but if your brand uses creativity to shift these opinions you’ll be able to keep up with the leaders.
InsureTech companies like Trov are using creativity to find new ways to differentiate themselves, by developing digital insurance options to simplify the insurance process. By constantly innovating, brands are able to avoid obsolescence.
3. Revolutionize the Industry
Keeping up with competitors is one thing, but that can only get you so far. Insurance brands that are creative enough to think of innovations that will revolutionize the industry are more likely to be seen as modern, ground-breaking and up to date by consumers.
Not only is it important to be creative when thinking of visual and advertising projects, but making creativity and innovation part of your brand’s image can be advantageous. Companies like Google have done this, positioning themselves among the most entrepreneurial businesses in the world, and consequently being trusted as world-leading innovators. This can be done on a smaller scale for insurers: If your brand is seen as innovative, customers are likely to trust your business and the developments you chose to make.
4. Attract the Best
Innovative brands are more likely to garner increased attention, which in turn helps to attract the most noteworthy staff. Apple is one of the world’s most innovative companies – so much so, that it was rated as Boston Consulting Group’s most innovative company 11 years in a row. This innovation has allowed Apple to attract and retain significant numbers of remarkable staff. In 2015, Apple’s retention rate was at an incredibly high 80% of its 60,000 store works. With creativity, comes innovation and with innovation comes the best staff – ones who could be likely to stay.
5. Be Remembered
When potential customers start looking into purchasing insurance, they’re more likely to research and consequently buy from brands that have stuck in their minds. Whether your brand employs a unique advertising campaign, innovative product offers, or distinctive design, there’s a high chance that this creativity will help your brand be remembered.
By sticking to the theme of unfortunate car owners getting into increasingly unlikely and unfortunate situations, yet creatively changing the situation so it remains humorous each time, Australian Insurer AAMI has successfully used a mix of repetition, consistent branding, humour and the slogan “Lucky you’re with AAMI”. The creativity of these television ad campaigns over the last 40 years have successfully cemented the brand in the consciousness of Australian consumers. By using uncommon markers, you can help increase customer recall, which leads to more sales.
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