The insurance industry typically withstands economic turbulence. The pandemic brought with it not just revenue decline, but also decline in brand trust, along with widespread and significant shifts in consumer behavior.
Seemingly overnight, the needs, expectations, and habits of clients, partners, and employees radically changed, demanding digital solutions.
These changes forced players in many markets to adapt their business models quickly or face the consequences of offering bad digital products and experiences.
2022 was a critical year for our client in Botswana, an established insurance brokerage provider, to rethink its growth strategy and approach to innovation.
The fastest route to growth was to expand through acquisition to broaden the customer base and add new products to the existing portfolio.
To finalize the M&A, the company needed a holistic and consistent approach to assess each brand and select the new corporate identity wisely.
Despite being in the same industry, the task of comparing them remains complex. Making the wrong decision comes at a very high cost, considering the pressure on customer retention and acquisition.
If you want to know more about our approach with the 360, reach out!
We used our 360 model for the qualitative brand comparison analysis of brand promise, value, experience, and trust.
In parallel, we surveyed a sample of consumers, employees, and partners, used financial data for extra insights, and benchmarked the marketing and social media against the top national insurance provider to establish a new standard for success.
Based on the valuable insights from the 360 model, the Board of Directors decided which brand had more equity to keep and was a better fit for the company’s long term strategy.
We’re happy to discuss the best option forward.
