Etler-Kettenacker Agency just posted a page on insurance branding how much revenue is being spent by insurance carriers on insurance branding. You can find the full article at http://www.ekagency.com/insurance/branding.aspx. In 2011 insurance companies spent $5.7 billion on insurance branding.
With the introduction of Flo in 2008 by Progressive other companies have been shelling out billions on celebrity spokesperson such as Dean Winters as Mayhem who represents Allstate and the Geico gecko who offers off the cuff bits as if he is a person. Farmers Insurance has agreed to pay a hefty sum of $700 billion over the next 40 years to have their name on a NFL stadium in Los Angeles. What team you ask? Well your right, L.A. does not even have a NFL team in place yet.
Recent studies have shown that insurance branding has not gained new customers. Since the recent Recession people have used up all the available price cuts offered by companies for switching their insurance. The current trend is people are sticking with their current carriers.
Etler-Kettenacker Agency has access to several competitive insurance carriers. You may not see a Safeco, Grange or Motorists Mutual mascot on TV but all are reputable insurance companies that offer great coverage for great rates due to their lower insurance branding budget. This savings from insurance branding is passed along to their customers. If you are interested in having your insurance shopped to see if you can obtain better coverage for a lesser premium contact one of EK’s representatives and they will be able to assist you in shopping your plan with all of their reputable companies.
In the meantime tell EK what you think about insurance branding on our Facebook page. Who is your favorite insurance mascot? Feel free to give your answer and why.