A BRAND AS A MARKET TOOL OF INSURANCE MARKETING ACTIVITIES

  • Tetiana Stetsiuk
Keywords: brand, insurance services, insurer, consumer, SWOT analysis, marketing activity, logo

Abstract

This article focuses on the analysis of the brand as the market tool of the insurer’s marketing activity. The article investigates that at the present stage of market transformations the company’s brand is of great importance – a well-known and popular trademark of a specific insurance company, from which consumers expect a certain standard of quality of insurance services. The theoretical foundations of the definition of «brand» as a well-known and popular company have been identified and analyzed. The study found that «brand» is one of the main tools of marketing activities of the insurer and has such characteristics as high consumer awareness, which should not be less than 60%, is stable and consistent with the position with the brand and causes positive associations.
It is concluded that the main marketing goals that are solved with the help of brand technologies include: enhancing the brand, positioning and repositioning of the brand, renewing and changing the stage of brand development, expanding and deepening the brand. The strengths and weaknesses of the brands of domestic insurance companies and their correspondence to the opportunities and threats of the environment are analyzed. The results of SWOT analysis show that the strongest side of the company is a wide range of insurance services and flexible pricing policy. It was found that all marketing communications of domestic insurance companies intended to strengthen the position of the brand in consumer perception, supplementing and refining the already formed ideas about the brand.
The strengths and weaknesses of insurance companies’ brands are identified and characterized. The components of the algorithm of the model of the insurer’s brand-oriented management are highlighted. The approaches by which such management can be carried out are considered. All marketing tools, those insurers are called upon to strengthen the brand position in consumer perception, by supplementing and refining the brand image.

Published
2020-07-14