Cultivating brand potential


The importance of a meaningful mission statement for insurance companies.

Posted by: Jaine Bolton

Categories: Branding,

Wed, 26 Oct 2016

The Financial Conduct Authority (FCA) has today launched a consultation on its Mission, which is designed to provide a guiding set of principles around the strategic choices the FCA makes. It will inform the FCA’s strategy and day-to-day work over the coming years.

Andrew Bailey, FCA Chief Executive commented:

“Establishing and embedding a clear mission for the FCA is critical to our success, both as a regulator and to UK financial services as a whole.”

So why is a mission statement important for your brand?

A mission statement has to be valuable, it must answer what your clients and customers need today, not what you feel most comfortable shouting about.

With the Financial Ombudsman recording that 21.5% off all complaints are about general insurance, trust and value is a real issue for insurance customers.

Cultivating brand loyalty starts with your mission statement. But let’s be honest here, how many of your customers go and visit the corporate page of your website to read your mission statement?

Your mission statement should also be about building trust and respect with your employees. These are your brand advocates and if a policy holder interacts with them only once that is their moment to deliver on your brand promise. Creating a mission statement that enables employees to feel part of something larger and something they can be proud of is enriching, boosting brand loyalty and advocacy behaviours.

The book Brand Admiration advises that a mission statement must be meaningful, describing a brand’s purpose and goals and answering the question; what benefits should be offered and to whom and how should they be delivered?

I've scooped a few examples from the web to get you thinking.

  • AXA's mission is to help customers live their lives with more peace of mind by protecting them, their relatives and their property against risks, and by managing their savings and assets.
  • Aviva’s overarching purpose is to free people from the fear of uncertainty and we have a clear strategy to deliver our investment thesis of cash flow plus growth by always putting our customers first.
  • Direct Line - Making insurance much easier and better value for our customers
  • Zurich - We’re working to become the UK’s leading provider of financial services, giving you customer service you’ve never experienced before.We’re committed to ‘doing the right thing, in the right way and for the right reason’ for you, our employees and the communities we work in.

In conclusion, whatever you mission statement stands for it is clear that to truly inspire brand loyalty you must have processes and supporting internal branding that inspires and enables your employees to deliver on your brand mission statement in believable and consistent ways.

   2.   Sources: Brand Admiration - By C. Whan Park, Deborah J. MacInnis, Andreas B. Eisingerich