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Brand is about authenticity, not logos

“In this ever-changing society, the most powerful and enduring brands are built from the heart. They are real and sustainable. Their foundations are stronger because they are built with the strength of the human spirit, not an ad campaign. The companies that are lasting are those that are authentic.”
Howard Schultz
Pour Your Heart Into It: How Starbucks Built a Company One Cup at a Time
It's been a busy few months for the financial branding companies.
 
Evan Greenberg has been waxing lyrical about the new Chubb brand ("insurance is a craft"), Sompo Canopius has been promoting its new values of 'Strength, Balance and Expertise' represented through origami creations. XL Catlin has promoted "innovative, creative solutions" and "we make your world go".
 
This sort of florid language is new to specialty insurers whose communications efforts have hitherto relied on Annual Reports, number-laden investor presentations or word-of-mouth.
 
But why would hard-nosed insurance professionals be influenced by brand advertising?
 
Think of brand as a promise - and a promise is about trust – something that is just as essential to the relationships between professionals as it is to customers. As companies become bigger and more complex the shorthand brand promise carries more and more weight, especially if it can be trusted.
 
The differences between brands (the words) should centre on authenticity.  A company can claim just about anything it likes but if it isn't honest about what it really stands for then it will be seen as nothing more than a disparate bunch of products, services and random people. Get authenticity right (especially in a world where trust is fragile) and customers will pay for it time and time again. 
 
At one of the Chubb Ace town hall meetings Mr Greenberg was asked about one area of supposed difference for Ace and Chubb – claims service philosophy. Since it was the defining brand attribute of Chubb (and every piece of research that we have done supports this) it seems a fair question.  So ‘new Chubb’ and all the other emergent brands will have to prove themselves on their fundamental promises if they are to become truly great financial services brands.
 
It’s all to play for.

BROKER PORTALS:
USAGE TRIPLES IN 2015 

There have been huge increases in awareness and take-up of online broker portals in 2015 in the UK commercial insurance market, according to The Gracechurch Mid Market Claims Report 2015.  The incidence of commercial claims brokers who could name a broker portal in 2014: 20%. In 2015, this proportion increase to 80%. Additionally, in 2014, only 7% of claims brokers surveyed regularly used an insurer online portal. In 2015, that proportion has more than doubled to 20%. 

FINTECH & INSURANCE: JUST FLIRTING OR A MARRIAGE 
MADE IN HEAVEN?

Fintech, the meeting of the finance and digital worlds is seemingly unstoppable.  The rise of the Fintech industry is testament to the ever increasing interconnected global world we operate in and is implicitly linked to the social and economic trends in the global economy.  
So what is happening in the commercial insurance industry? To continue reading this article please click here.  

IN THE NEWS

It has been another eventful month in the industry; here is a selection of this months most interesting articles.  
Insurance Age:  Fintech start up to watch out for 2016
http://bit.ly/1YK7lSw
The Actuary: Insurance CEO's concerned at over regulation within the sector
http://bit.ly/1YK7lSw
Intelligent Insurer: Insurance Execs Changing Technology use amid complex risks 
http://bit.ly/1YK7lSw
Post: Career development: inside the mind of the insurance executive
http://bit.ly/1YK7lSw
W E B S I T E
L I N K E D I N
T W I T T E R

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