Insurance industry needs to rethink who its competitors are
How could an NFL game possibly be competition for the insurance industry? Easily, says Rodney Branch, head of marketing and product development for Prudential Annuities.
“There’s a competition for dollars,” Branch explains, adding that rather than competing with each other, insurers are competing against other things on which consumers spend their money—such as going to an NFL game. “We’ve been talking about how our products are different from other company’s products instead of having a different kind of conversation with consumers,” he notes.
Branch holds up as an example of that “different kind of conversation” the one conducted by a recent Prudential Annuities ad showcasing real people talking about retirement goals. The ad, which by design never mentions products, “allows consumers to engage in an emotional conversation about reaching their goals,” Branch says. “By educating consumers not about specific product features but about retirement planning in general, more consumers may seek retirement advice, which will expand the category and benefit everyone.”
Want to speak to Rodney? Contact Lisa Bennett.
The Prudential Insurance Company of America, Newark, NJ.