Magazine article Marketing

Marketing Society Awards for Excellence: Brand Extension

Magazine article Marketing

Marketing Society Awards for Excellence: Brand Extension

Article excerpt

WINNER

Hiscox is an insurance brand that specialises in high-value homes Little known outside the Square Mile, 90% of its business traditionally came through brokers. But, in 2004, it took the ambitious step of focusing its expansion on a brand that targeted consumers directly.

Home insurance is already a fiercely competitive sector, yet Hiscox's research indicated there was room for a new premium insurance product. The company estimated that 45% of consumers were underinsured with standard policies, and that only a quarter of homes in the mid- and high-net-worth category had specialist insurance.

The main aims of the campaign were to dispel the idea that all insurance is the same; to focus on the extent of Hiscox's cover; and to convey the message that 50% of claims paid by the company would not have been covered by a standard insurance policy.

The campaign involved TV and press ads, direct mail and door-drops, as well as online work, affinity partnerships, PR and communications targeting brokers. Its consumer target was the AB demographic.

The campaign theme was 'Extraordinary cover', designed to tap into consumers' desire for confidence in their policies. TV work featured a man committing a series of 'superstition sins', such as passing somebody on the stairs and using a cracked mirror. The message was that customers did not need luck when choosing their insurance.

Just a month after the TV work launched, Hiscox's customer base increased by 8%. …

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