Stop With This Complicated Insurance Stuff!
If you have trouble understanding your insurance, don't feel alone. For the third year in a row, U.S. consumers report that insurance industry products and services are much too complex.
The third annual Global Brand Simplicity Index by strategic branding firm Siegel+Gale surveyed more than 1,000 consumers to examine perceived complexity and simplicity in people's lives. It found that insurance ranked as the most complex among 25 U.S. industries. General insurance and health insurance ranked at the bottom at 24 and 25 respectively.
Among insurance companies, GEICO, well-known for its various ad spokespeople, ranked as the most simple in its marketing approach.
Siegel+Gale said the company has found a way to add some pizzazz to a product that is often regarded as incredibly dull. "GEICO, using unconventional humor as a differentiator in its marketing, effectively cut through a mundane market," says the report.Siegel+Gale also cited GEICO's website, which is easy to navigate, simple messaging and the humorous Gecko character in ads. As a result, GEICO moved up 22 spots from the 2011 Index to rank 21st among 125 companies in the U.S. brand index. Here are some thoughts on why all those car insurance ads are good for us. Among the 125 brands surveyed from a variety of industries, GEICO came in 63 spots ahead of the next general insurance brand, Allstate, which ranked 84th. Below Allstate were:
- State Farm (92)
- Nationwide (93)
- Progressive (97)
- Farmers (110).
I'll pay more if I can understand what you're sellingThose surveyed say they would spend more on insurance if the products were easier to understand. Siegel+Gale found that people would pay over $5.4 billion more for simpler insurance products, services and experiences.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV