What Russians consider to be the core values of insurance agencies
The communication agency RAPP Russia together with Romir research holding conducted a study to identify the value perception of different markets and brands based on the international methodology called Brand DNA. In this case, the study focused on a value audit of the Russian insurance market.
Brand DNA identifies a company’s image via such human values as safety, reliability, honesty, kindness, etc. Brand DNA analysis not only focuses on a certain brand or a company but takes into consideration its competitive environment and the entire business environment.
Regarding insurance agencies, clients primarily name reliability, honesty, and safety as the main criteria based on which they make their decision which to choose.
RAPP Russia’s experts pointed out that safety which is one of the core values of the industry is not marked as a specific attribute of any insurance company. Moreover, none of the companies is considered as family-oriented whereas it is one of the most important human values. Such values as economy, equality, and benevolence are also not commonly found within insurance companies. Here we see opportunities for current and new players to engage in communication and company positioning to get across their values to their clients and the entire market.
The results showed that clients consider reliability as the main core value of an insurance agency (62% of the respondents mentioned this). Safety (54%), honesty (53%), and Corporate Social Responsibility (46%) were also mentioned to be part of the core values that clients look at.
Secondarily, customers expect an individual approach and simplicity from the agencies and associate these with being of a certain status and economic wellbeing.
The youngest group of the respondents (18-25 y.o.) pointed out the importance of equality more often than on average (26% vs. 15%). The analysis did not reveal any other differences among the respondents of different sex, age, and residence regions.
Top-3 insurance market values (reliability, safety, and honesty) are also the core human values that the respondents are guided by in their lives. Education, prosperity, and economy which are more important life values for the respondents, appeared to be of less relevance in the rating of insurance market values. On the contrary, status, individuality, and simplicity which rank low in the human value rating dominate the insurance market.
Dynamics of the insurance market values
The accumulated data allows us to estimate the dynamics of the value, compared to 2011:
- The core values have not changed: reliability, safety, and honesty top the chart as was the case in 2011 and we see an increase in their importance.
- The importance of Corporate Social Responsibility has more than doubled going from 22% in 2011 to 46% in 2020.
- Insurance has become more synonymous with prosperity (25% in 2020 vs. 15% in 2011) and being of a certain status (32% in 2020 vs. 23% in 2011).
There is a drop in the number of respondents who consider the values of family and equality as important for insurance agencies: these values ranked in the top-10 in 2011 and less than 20% of the respondents named them in 2020.
Making his closing remarks on this matter, the CEO of RAPP Russia Ivan Milekhin mentioned: « In the last 6 months the results of our various studies within different markets (and not only the insurance one), show that the issue of safety and reliability have come under sharp focus and we attribute this to the volatile economic and epidemiological situation. This is particularly the case with the Finance and Insurance sectors. This is an expected outcome: the respondents take a more cautious approach while choosing an insurance agency, they want it to be an honest and reliable partner who will fulfill its responsibilities in case of a claim».
In conclusion, we have found out that the human and insurance market values have different priorities and also have changed over the last nine years. Nowadays “reliability”, “safety”, and “honesty” are the core values in both spheres.
About RAPP Worldwide
RAPP is a global, data-driven creative community that builds direct, meaningful, and high-value relationships between brands and people. At RAPP, with our unrivaled depth of expertise in first-party data, we have been observing and cataloging real people’s lives for 50 years. In today’s world, the balance of power has shifted, and customers are in control, which is why we put people and their preferences at the heart of the brand experience. With a talent base of more than 1,600 professionals in 17 offices, we help brands grow the value of real people by understanding what really matters and creating experiences that are right for real people, with real needs, in real-time, creating marketing that matters. Our expertise in data and marketing sciences allows us to deliver our clients actionable human insight - an incredible understanding of genuine motivations observed transactions and actual interactions. Our process reflects how real people think; we balance the left brain and the right, and we do our best work when we bring Precision and Empathy into balance. Building on our data foundation, RAPP delivers a range of capabilities across social, digital, customer experience, and technology.
RAPP is proud to employ talented people across the US, the UK, Argentina, France, Germany, China, Singapore, Australia, Mexico, Thailand, Russia, and Dubai, and we actively foster an inclusive workplace where diversity and individual differences are valued and leveraged to achieve our vision.
RAPP is part of Omnicom Precision Marketing Group, a division of the DAS Group of Companies.
About Mile Group and Romir
Mile Group consists of a group of companies and brands that operate in the area of Intelligent Technologies, which are spread towards three directions of activities, these being Research and Analysis of any sort of data, technologies managing Communications, and realization of complex marketing projects. Every brand of the group has its own unique expertise, these being in the fields of Psychology, Sociology, Marketing, and Audit. The aforementioned allow Mile Group to enhance communication efficiency and provide accurate and measurable results to our clients and partners via access to innovative technologies.
Mile Group incorporates, Romir research holding, Gallup International Association and GlobalNR (representing these in both Russia and the CIS), IRI (partnering for the marketing of the Retail Private Cloud in Russia), Mile agencies; Mile Audit, Mile Digit, Mile Mystery, Mile Loyalty, i-Mystery, RAPP Russia (under license of Omnicom Group), Russian Customer Group and Vyrka Country Golf Club.
Romir is the largest independent research holding, focusing on marketing, media, social and economic research. Romir is a part of Mile Group and has a well-developed research network with its own suboffices and group companies within the main regions of Russia and CIS countries. Romir is the exclusive representative of Gallup International Association and GlobalNR in Russia and CIS countries.
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