Insurance Diversity Practices

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Insurance Diversity Practices

Some best practices for diversity and inclusion marketing strategies include creating highly relevant messaging, adapting to the audience's tastes and preferences, and a deeper understanding of one's audience. There was limited information on diversity and inclusion marketing strategies specific to the insurance companies, and consequently, the research team could not identify insurance companies who excel in this area. The research team sourced general best practices in diversity and inclusion marketing as identified by industry practitioners and authorities such as Forbes, Content Marketing Institute, Hubspot, and Azcentral Business. The research team could not also identify specific insurance plan features that reflected these best practices but noted that Cigna and Allianz, two major American insurance companies, may have diverse and inclusive insurance plans in place.

Highly Relevant Messaging

  • According to the Content Marketing Institute, marketers have a responsibility to create messaging that cuts across all backgrounds, races, ethnicities, sexual orientation, age, religion, and other diverse groups. Kantar asserts that progressive inclusive ads are 25% more effective.
  • Content Marketing Institute further posits that highly relevant messaging in ads enhances brand perception, increases brand effectiveness and enhances chances of purchasing. A study done by Google and The Female Quotient supports this, as it notes that 64% of the study respondents took some action after watching an ad they deemed diverse and inclusive.
  • Salesforce, a provider of customer relationship management systems, posits that truly inclusive messaging that lends a voice to marginalized or underrepresented customers may lead to deepened connections between companies and their clients, as well as positively influence social change.
  • Azcentral advises insurance companies targeting multicultural communities to incorporate more varying ethnicities in their advertisement as part of their visual marketing strategy. It asserts that using the appropriate ethnic group that matches one's target audience will help their audience relate to the message.

Deeper Understanding of the Audience

  • Content Marketing Institute notes that diversity and inclusion in marketing does not mean that companies must address all diverse groups, but assert that they should dig deeper into the audiences they deem relevant to their products and services.
  • It further suggests looking into available data, engaging with front-line employees, and conducting focus groups to better understand representation within their audience. It further asserts that brands must actively develop their audience personas to ensure that they represent the diversity of their audience.
  • Shama Hyder, CEO of Zen Media, asserts that in understanding minorities, it is important for brands to understand cultural hybrids and the unique challenges and experiences that come with it. She continues to note that marketing cannot continue to "traffic in stereotypes", but should seek to deeply understand and empathize with consumers who speak multiple languages and operate in multiple cultural contexts.

Adapt to the Audience's Tastes and Preferences

  • Hyder asserts that brands need to alter their products to suit the tastes of their consumers if they wish to elicit enthusiasm and interest from minorities. She gives an example of how Pizza Patron, a major pizza chain, accepted pesos for payment, as well as creating a special menu to celebrate the Mexican Independence Day. This, Hyder posits, showed affirmation and acceptance to the Hispanic community as a whole.
  • Azcentral lists that translating advertisement and marketing materials into different languages according to one's audience is key to creating a diverse and inclusive insurance marketing plan.

Insurance Plan Features- Helpful Findings

  • Cigna notes on its website that it offers cultural competency training, which includes courses on offering cultural responsive care for Hispanic and Asian communities. While research did not uncover the actual insurance plan features, it may be assumed that there may be insurance plans for diverse groups like Hispanic and Asians communities in place.
  • Allianz's marketing campaigns, You're in Good Hands and "Que Mala Suerte", touched on insurance coverage for both the LGBTQ and Hispanic communities. While research did not uncover the actual plan features, these campaigns may be indicative that Allianz may have insurance plans for diverse groups, which the LGBTQ and Hispanic communities are a part of. Allianz also mentions diversity and inclusion plans on its website.

Allstate Insurance's two marketing campaigns, You're in Good Hands and Que Mala Suerte, serve as two case study examples of diversity and inclusion marketing campaigns in the insurance industry, as identified by Chief Marketer, a company that details and measures the ROI of marketing strategies and techniques.

You're in Good Hands

  • This was a marketing campaign targeted at the LGBTQ community by Allstate in 2014. Allstate understood the fear that same-sex couples have of holding hands, thus partnered with popular LGBTQ advocate and singer-songwriter, Eli Lieb, to create a short video whose messaging advocated for safety and visibility. In the video, a quote appears saying" being visible should never leave you feeling vulnerable".
  • The campaign was also carried out in print and out-of-home channels. A link to the video can be found here.
  • The video garnered 10 million views online. Georgina Flores, Allstate's VP of Integrated Marketing Communication, asserts that the LGBTQ media considered Allstate an advocate and recommended to members of the community to switch to Allstate.
  • Additionally, Allstate was named among the top 10 brands in the LGBTQ community. When it launched a virtual chain of people holding hands as part of the campaign, Flores approximates that a full 2.2 million people participated.

Que Mala Suerte

  • This marketing campaign was an attempt by Allstate to make Dean Winters, its metaphor for disasters used in other campaigns, relevant to the Hispanic market. Mala Suerte was created as a Spanish man who portended chaos.
  • Flores asserts that Mala Suerte's initial campaign resulted in 4 times more engagement with Allstate fans and followers than the industry average.
  • Allstate employed the use of Mala Suerte again during the 2014 World Cup, where they had Suerte encourage fans to send bad luck to their teams' rivals- a play on the belief held by Hispanics that soccer required both luck and skill. Chief Marketer narrates that in another video, Suerte is seen to have marked two cat food bowls with the name of two teams, and the team whose bowl was chosen by a black cat would lose.
  • Flores reports that the hashtag associated with Suerte was the top trending hashtag in the US at the beginning of the World Cup. Allstate also reported seeing a 500% increase in traffic to its website, Facebook and Twitter fans grew by 20,000 in 6 weeks, and demand for insurance quotes grew by 20%.

Research Strategy

To find case study examples of diversity and inclusion marketing campaigns in the insurance industry, the research team began by looking through industry commentary and expert opinions for the same. The search yielded some insurance ads but none were specific to diversity and inclusion nor offered any useful insights. Chief Marketer's analysis was the only available source, and while it was written in 2015 and only focused on the marketing campaigns of one insurance company, the research team deemed it useful as it was the only source that had relevant information to the research brief.