Whether you are a diehard fan or a casual observer, just about everyone can agree on this: the real Super Bowl competition starts when the action on the field stops and the commercials begin.
For insurers, the stakes continue to climb. According to a recent Insurance and Technology article, insurers will spend almost $4 million for a 30-second opportunity to convince current or prospective policyholders that they should be the brand of choice. In other words, the Geico gecko, Farmers University, Flo from Progressive, and Allstate’s “mayhem” stunt man aren’t going away anytime soon.
While a positive brand image is critical, I can’t help but wonder what carriers did differently on February 4to validate the brand uplift that events like the Super Bowl provide. How well poised are they to capitalize on any newfound goodwill their ad campaigns generate? How do they get maximum ROI out of brand investments? The moral – carriers need more than witty ad copy to claim victory on this playing field. Our CMO, Grant Johnson, said the same thing in a blog after last Super Bowl, and I agree.
For example, let’s take carriers with captive or tied agent distribution channels. To stand out in a commoditized market, efficient and effective sales execution is essential to validate the brand proposition. A trusted advisor approach, which puts each policyholder’s unique needs in the spotlight, is a must for this model to succeed.
And, to compete with direct competitors, captive channels need to illustrate the value their agents and/or representatives provide insurance customers. The key: to ensure every producer is empowered to provide the value-added experience a prospect expects and can respond rapidly to their customized needs and preferences.
In order to make their brand promise a reality, captive channels can leverage agile technology to automate an intelligent, high-touch approach designed to deliver consistent and repeatable sales success. This approach should combine business intelligence with proven sales techniques, the processes that are the hallmarks of top performers, and make this powerful combination available for every producer to leverage in any sales pursuit. Carriers can amplify this approach further by embedding predictive and adaptive analytics into the sales process and empower producers to adapt sales strategies to the characteristics of each opportunity. The result is a dynamic channel model aligned directly to brand values.
If you’re anything like me, you were glued to the competition on Sunday – and, although Allstate was the only in-game commercial, insurers flooded the market with their commercials in the last few weeks leading up to the game – so it will be interesting to see which insurance carrier comes out on top.
Which carriers do you think are winning? Let me know what you think, I would love to hear from you.