From Image to Commitment: Rebranding in the Insurance Sector 

In recent years, many insurers have decided to take a breath of fresh air and ride the wave of rebranding: MACIF, MATMUT, COVEA, AVIVA... It has to be said that, for some, it was time to get out of their padded bubble. With brands seen as old-fashioned, distant or even haughty, it was time to open the windows wide and reconnect with the French.

But what are the French saying? 
 

The majority (58% according to an OpinionWay 2023 survey) believe that insurers are interchangeable. They ‘say the same thing’, have similar products, offer special offers when you take out a policy... So you might as well change regularly to take advantage of them. And still according to the French, insurers cannot be said to have made the right effort to create proximity: tedious multi-channel processes, decisions taken in distant offices, chatbots that respond to nothing...  

On average, the customer experience of insurance companies is not up to scratch (although some, such as mutual insurers, have considerably improved the situation). This indifference is of course more marked among young people than older people, who are more attached to insurance. It has to be said that the recent sharp increases in premiums, followed by widespread inflation, have not helped to strengthen this already tenuous bond.  

The ‘confidence shock’ is not just affecting the insurance industry. Worn out by the tricks of the marketing trade, consumers no longer take what brands tell them at face value. 7 out of 10 French people even think that brands are trying to deceive them! And they can no longer distinguish what is hidden behind the forest of logos and slogans (according to an IPSOS / JKR study in 2023, only 19% of logos are distinctive). The risk: finding yourself drowned in the pack of unknowns, where every pedal stroke to acquire a new customer comes at a high price.  

So what recipes can an insurer use to re-establish a strong bond with its policyholders? 

Rebranding projects are often an opportunity to revisit the famous question of meaning. And for some insurers, they have provided an opportunity to reaffirm or even celebrate their strengths: local roots (Groupama), prevention (MAIF), well-being (Malakoff Humanis), solidarity and valuing employees... But also, increasingly, the entrepreneurial spirit (AXA, Gan, Harmonie Mutuelle through their commitment to sport).  

These fundamentals, while not always distinctive, resonate with the French, who demonstrate their quest for value through their consumer choices. Is this enough to create brand love? It is interesting to note that a Netbase study, carried out in 2023 on hundreds of ‘lovebrands’, identifies the attributes that characterise them. Several of these attributes (for example, authenticity, responsibility or accessibility) are in the DNA of insurers... And yet, none of these appear in the ranking of lovebrands in France. So there's something to work on: creating the link between values and the hearts of consumers.

Simply put, this is what iconic brands manage to maintain. 

One of the lessons of these iconic brands is the holistic approach to their branding. The expression of the brand should not be confined to a marketing and communications exercise, but should be supported by all functions.  

In the insurance sector, MACIF puts its members ‘at the heart’ of its approach in every way: through its recruitment process, the communication spots created by its customers, the empathy shown by its advisers and its initiatives for a sustainable transition. Powerful and sincere, this vision is the renewal of the MACIF brand. 

Another approach is for the brand to serve its customers' everyday lives. The example of American Express, one of the only banking services brands to keep pace with the giants of luxury and technology, shows how an advanced service offering can create a strong emotional bond with its customers.  

The third route is personal branding by business leaders. By speaking out on various societal issues, bringing people together, celebrating successes and inspiring the business world, these influencers (such as Pascal Demurger, CEO of MAIF or Thomas Buberl, CEO of the AXA Group) create a powerful brand halo, capable of seducing the public.  

Lastly, and perhaps most ambitiously, is the co-construction of a new business model. In France, the Entreprise à Mission model is winning over more and more insurance companies, and with it a wider and wider audience. To ensure its own survival, the city of Amsterdam undertook a thorough redefinition of its identity. It mobilised all its stakeholders, who helped to build a roadmap for the coming years.  

It's an exercise that goes far beyond traditional branding, but one that outlines what the insurance industry needs to become: not just a lick of paint on the façade, but a redefinition of its business model, embodied in all its functions, offering the right balance between social and economic challenges.