2013 saw a huge challenge for Hiscox Business Insurance, as our market leading position came under threat from new entrants, eroding our product differentiation and point of difference. This meant we needed to re-think our approach to both communications and media.
The competition was stepping up in terms of their product offering, switching from a standardized, one size fits all approach to business insurance to a more tailored set of products that were designed for businesses in specific professions. Combined with this, some of our competition were also making waves in the social world, building credibility and rapport with younger, more recently established businesses and investing in SEO which meant we needed a comprehensive re-think of our previously product-focused strategy.
Our rational product offering was no longer enough in the new world and we had to find a way for small business owners to connect emotionally with the brand, in order for our messaging to resonate clearly for our target audience.
The communications platform of „business insurance for the small and the brave‟ enabled us to do this, flattering our audience‟s attitude to risk that, when coupled with a highly targeted, regional media strategy meant we were able to deliver exceptional results.
- 17% growth in gross written premiums (vs. ambitious target of 16%)
- 15% increase in Sales in Birmingham region, specifically attributed to marketing activity (vs. target of 10%)
- 89% existing retention (vs. target of 86%)
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