More than 3% of all advertising spend in South Africa comes from the insurance industry; with this said, there is no doubt that this substantial investment should be driven by brand intelligence and media analysis to ensure that the insurance companies strategically buy ad space. This provides them an edge over their competition and ensure that their advertisements reach the right audience at the right time.
Considering the massive spend investment in advertising, one can assume insurers, especially legacy insurers, are delivering primal and high-value marketing. Yes, it is with no doubt that their commercials mark a large net and most likely keep consumers engaged and intrigued but are they positioned strategically and yielding a positive return? The graph below shows that Clientele and OUTsurance are almost neck on neck with their advertising expenditure, yet OUTsurance has produced a significantly more ads within the recorded timeframe.
What does this all mean? Has Clientele hit the sweet spot with their creative direction and overall marketing strategy, or is there value in numbers as OUTsurance has shown us with their new ad executions adding up to 47% of all ads newly launched in the market? Or perhaps the other players in the market need to step it up?
The Insurance Marketing Review 2022 covers more than just advertising and advertising expenditure. This review also taps into the insurance competitor landscape in the traditional media. With this type of analysis, we look at the insurance brands that are most spoken about or most visible in the industry, and whether they are in the limelight for positive or negative coverage. Download the report to uncover more insights.
Insurance is an essential product, yet at the same time, is quite an undifferentiated product. Brand intelligence and measurement help the insurance providers to get a lead over their competitors, create real value for the consumer and drive down the overall cost of customer acquisition. In essence, the new players in the insurance industry have an opportunity to breakthrough despite not having legacy company budgets if their marketing strategy starts with media and ad spend research and analysis.