Industry focus: Risk management

Assurance and risk management companies are under serious pressure to win customer share; especially beyond the purely transactional level. They share similar offers, are constantly acquiring, merging or selling parts of the business, and are part of a seismic race to fluency in AI.

Through the lens of brand and communications, we’ve identified two of most influential pressure points; consistent across the industry. By addressing these properly, companies can break away from the competition and clutter—and into winning territories.

Issue 1: Bland branding

Risk management is filled with the same offer, the same imagery, the same language, the same kind of websites. Perhaps it’s not so ironic that they are some of the most risk-averse when it comes to branding and communications?

What’s the remedy?

Your goal should be to be bold. Stand out, differentiated in what you say and how you represent your business. To do that:

1. Imagine your brand was a person with a strong personality.
People with strong personalities will be either liked or disliked; but they never disappear into a sea of boring equivalence. What is your strong personality? Fearlessly pour that into everything you do. Your tone of voice and writing style will be coloured immediately.

2. Actively pursue visual distinction.
It’s easy to see what all your competitors are doing for imagery. Use that as a map to the trap—where not to go. Look at separating yourself with regards to image treatment, graphic elements or photography style.

3. Thought leadership.
Do you have a big idea or point of view that can capture the imagination of your customers? What’s your unique perspective? You will have one. Share it

4. 3:30:3.
You have 3 seconds to catch someone’s attention. 30 seconds to explain further. And—if you’re lucky—3 minutes of attention. Put all your communications through this perspective.

Issue 2: Overload of information

It is true that complexity comes with the territory. The sector is forever bound to wrestle with legislation, acronyms, and detail. But delivery is often crammed with information for fear of missing something out. Hierarchy and pace are often sidelined in favour of sheer quantity.

What’s the remedy?

Simplicity and clarity. You should be aiming for your communications to be easy to understand for your clients, making them feel smarter in a complex industry.

1. Brand architecture modelling.
When you have complex sub-brands or product structures, it can leave a confusing landscape that doesn’t make sense to your clients. The best thing to do is to consciously decide on a brand architecture model for your business. How will you consolidate names and logos?

2. Avoid tech-jargon.
It may seem tempting to speak in complexity to appear more trustworthy and smart, but it often only puts customers off. People feel frustrated by confusing, dense sentences. If you have ever read a Crystal Mark Plain English document, you will understand how remarkably relieving it feels.

3. Speak consistently.
Consistency leads to trust, and trust leads to more willingness from your customers to engage with your business. Tools like brand messaging frameworks and tone of voice guidelines help with agreeing naming systems, conventions and content.

Bold and clear communications are more compelling and, through them, your chances of maximising each client relationship radically improves. Strong brands add value, and will help you attract, retain and cross-sell better with your customers.