There are many ways to rank insurance companies and brands. One way is to ask almost 100,000 consumers what they think.
The 28th annual Harris Poll 2016 EquiTrend Study names the strongest brands in nearly 100 categories across the media, travel, financial, automotive, entertainment, retail, restaurants and household industries, based on consumer response. Brands ranking highest in equity receive the Harris Poll EquiTrend “Brand of the Year” award for their respective categories.
Auto insurance brands, ranked:
Other auto insurance brands in the study that ranked below category average (listed alphabetically): Allstate Auto Insurance, Esurance Auto Insurance, Geico Auto Insurance, Liberty Mutual Auto Insurance, MetLife Auto Insurance, Progressive Auto Insurance, General Auto Insurance, Hartford Auto Insurance and Travelers Auto Insurance.
Home insurance brands, ranked:
Other home insurance brands in the study that ranked below category average (listed alphabetically): Allstate Home Insurance, American Family Home Insurance, Farmers Home Insurance, Geico Home Insurance, Liberty Mutual Home Insurance, MetLife Home Insurance, Nationwide Home Insurance, Progressive Home Insurance, Hartford Home Insurance and Travelers Home Insurance.
Insurance brand equity on decline
The Harris Poll study shows that overall, the insurance industry’s brand equity falls toward the bottom of the broader financial services category, with all types of insurance on a downward trend.
(Source: Harris Poll)
“Despite some fresh and interesting ad campaigns in recent years, Harris Poll’s research shows that consumers are challenged when it comes to feeling a connection with insurance brands,” said Joan Sinopoli, vice president of brand solutions for Nielsen, which owns the Harris Poll.
“Membership-based and captive agent channels make the strongest connection with consumers; they can leverage their affiliations and their loyal ground organizations. The online channel may be the wave of the future, but it is polarizing; despite the convenience, the online channel demonstrates a higher rate of disconnection than other channels, especially captive agent.”
Harris Poll’s research shows that while the online insurance channel has the strongest positive momentum (22 percent) compared to other channels when it comes to brand equity, just as many consumers (20 percent) see it as “on the way down,” indicating that online insurance as a sales channel may require some attention.
Women are more likely to feel disconnected from auto and home insurance brands than men. (Photo: iStock)
Millennials and women offer opportunities for insurers
The Harris Poll shows that millennials, many of whom have not yet formed insurance brand loyalties, are an opportunity for insurance companies to build brand equity.
“Not only are millennials active shoppers, but they are at a time in their lives when many are looking to purchase their first policy,” said Sinopoli. “Nielsen research shows that nearly two-thirds of millennials have shopped for an insurance policy over the past few years, often triggered by a life event — just as we have seen with older generations. Buying their first car or home, getting married or having a child can trigger a first encounter with an insurance company. Connecting with this price-conscious, yet quality-seeking group primed for purchase will be significant when building brand equity.”
The Harris Poll study shows that women represent a different opportunity for insurance brands. Women are more likely to feel disconnected from auto and home insurance brands than men, with female respondents indicating a lower familiarity with brands and a lack of fit. Nearly two-thirds (62 percent) of women feel that auto insurance brands don’t “fit them”, compared to 53 percent of men. Similarly, 60 percent of women feel that home insurance brands don’t fit them, compared to 52 percent of men.
Measuring brands’ health over time, the EquiTrend Brand Equity Index is comprised of three factors that result in a brand equity rating for each brand:
- Purchase consideration.
This year, more than 97,000 U.S. consumers assessed more than 3,800 brands (including 56 insurance brands), across nearly 500 categories.
Additional methodology information can be found at: www.theharrispoll.com/equitrend-information.