Insurance sector sees surge in Brand Love

By BrandVue: Savanta's market intelligence and decision-making platform.

The insurance sector has seen a remarkable increase in Brand Love, even amid ongoing market challenges. Standout performers this year include Aviva and Howden, both of which have demonstrated impressive growth. Other notable improvements have come from Mustard and 1st Central, showcasing the sector's resilience and potential for positive change.

John Laughton Global Head of Vue Products 24/10/2024

The insurance sector has seen a notable uptick in Brand Love, despite facing ongoing market challenges.

Standout performers this year include Aviva and Howden, soaring an impressive 69 and 34 places since last year, respectively. Other notable improvements include Mustard (+41) and 1st Central (+30).

A notable increase in consumers associating Howden with ‘innovation’ aligns perfectly with the company’s initiatives. One such initiative is its collaboration with Cyberwrite, aimed at enhancing cyber resilience for clients. Announced in March, this partnership set out to “revolutionise the approach to cyber insurance,” providing brokers with essential insights and resources to effectively communicate cyber risks to Howden clients. This aligns with the observable spike in consumer association of Howden with ‘innovation’ around the same time. Howden has made significant strides in bolstering its image as an ethical brand. The number of consumers associating Howden with being “socially responsible” increased by more than 80% in just one year.

Howden’s dedication to community engagement, such as its “Giving Back” initiative, has likely strengthened this connection. By supporting local communities and charitable causes, Howden appeals to the contemporary consumer – evidenced in its remarkable leap of 34 places in the rankings and a 3pp increase in Brand Love year-on-year.

Aviva has seen similar progress, with attributes such as ‘Expert’ and ‘Socially Responsible’ becoming dominant in consumer perceptions. The firm’s reputation as a reliable insurance provider, coupled with its strong ethical commitments (such as its partnership with Wildlife Trust, and Woodland creation initiative), has clearly been well-received by consumers. This is illustrated by a significant increase in the number of consumers associating Aviva with being ‘socially responsible’, which increased from a mere 1.8% to 8.3% in just one year. Associations with the attribute ‘Expert’ have also grown, from 24.3% to 35.9%

However, it is worth noting that Aviva’s momentum witnessed a slight deceleration over the summer, highlighting the criticality of maintaining consumer confidence amidst fluctuating market conditions. Despite this, Aviva’s strong commercial performance last year has helped solidify trust in the brand, underlining the importance of consistent performance to sustain and enhance Brand Love.

While these examples are from the insurance category, their lessons hold value for financial services brands across the board. A commitment to innovation, a proactive approach to cyber security, and a strong alignment with consumer expectations around social responsibility are essential for any brand looking to strengthen its image and foster deeper connections with its consumers.