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 21 st 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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts