How We Successfully Named a New Challenger Brand in the Insurtech Revolution.
Instanda // Case Study // Brand naming and brand identity design
User interface design
User experience design
This was a flagship project for F2X. Not only did this new software challenge the way traditional insurance companies approached product development, but it also disrupted the agent-carrier relationship by making it easier for consumers to buy niche insurance direct.
To top it off, it was a completely new product built from the ground up, which meant we had a lot of work to do in terms of brand strategy and identity. The decision has been made to launch the product at an upcoming event, so time was tight! Nothing like pressure to get the creative cogs whirring.
How We Got to the Name
We began our brand name development process by dipping into our magic hat of methods to create a list of potential names. This is a fun exercise to start with, but soon you have an overwhelming list of ideas that need narrowing down. Luckily we had set the criteria by which to evaluate the names, so it was easy to cut the list down to some candidates for further development.
We wanted something that would be catchy and memorable but also conveyed the values and benefits of the product. We also wanted to make sure the name was unique and didn't conflict with any existing brands in the insurance market. Research and due diligence are essential when creating a new brand name.
In generating a new name for the software product, we used a variety of methods to build a list of two dozen potential options. We started by looking at the product itself and brainstorming words that described it or evoked certain feelings. Then we looked at our target market and brainstormed names that would appeal to them. We also considered names that would be unique and memorable, as well as those that could be easily trademarked.
We then worked with F2X to narrow this down to a select few that would be most suitable for their new product. We evaluated each name based on several factors, including:
- How well it captured the essence of the product
- How well it aligned with the F2X brand
- How easily it could be trademarked and protected
- How memorable and unique it was
- How well it would work internationally
One of the key decision criteria was whether we could secure the dot com domain name. This helped refine the final selection of names ready to present to F2X.
We presented the name options and discussed their strengths and weaknesses. Instanda was the clear winner. We all felt that this name perfectly captured the product's unique value proposition: a hassle-free way to develop and manage insurance products online. It conveyed the speed - Instant, the product - Insurance and accessibility.
Not only did it capture the essence of the software product, but it also aligned well with F2X’s brand. It was unique and memorable, and could be easily trademarked and protected. Plus, it worked well internationally. It met all the criteria.
How we got to understand the value of the software — So we could communicate it better.
So, we took some time to sit down with the development team and really learn about the product. We learned about all of its features and how those features could benefit their potential customers. We used the software ourselves to build websites for demo insurance firms to experience first-hand the user interface.
By taking a hands-on approach, we also identified the competitive advantages that this new software had. Armed with this knowledge, we were then able to craft marketing messages that highlighted the benefits of the software and demonstrate how it could help potential customers achieve their goals.
Thanks to our understanding of the insurance software application, we've been able to reach a whole new audience of potential customers. Our messages were much more effective and truly communicated the value of this unique insurance software application.
How we got new customers to engage with the product.
We created a blog and wrote regular posts about the software, set up and maintained a Twitter account, and engaged with potential customers on LinkedIn. In addition, we built demo websites and walkthroughs to support the sales team in their efforts.
We did a teaser mailing campaign before launching the software at the BIBA (British Insurance Brokers Association) event. As a result of our efforts, we were able to generate a great deal of interest in the software and get new potential customers to engage with it and sign up on the day.
Important Takeaways From This Project
- Be strict with decision criteria! It’s important that you are able to objectively evaluate all of the options in order to choose the best possible name for your product. So having a set of objective criteria that you can use to evaluate all of the possible names is essential before you start.
- All ideas are valid! Creating a brand name is a messy process, and an important part of that is not to throw the baby out with the bathwater. Be open to all possibilities and write them down. Don't get too attached to any one particular name. You never know where you're going to get the best idea, so it’s important to keep an open mind.
- Discover what your customers care about, and then show it to them! Your potential customers are the ones who are going to be using your product, so it’s important to understand what they care about. What are their needs and wants? What are their pain points? Once you understand these things, you can start to craft messaging that will resonate with them. Take the time to put yourself in their shoes and learn as much as you can about the product you are naming.
- Tell people how to take action. When crafting marketing material you need to remember your call to action. Tell people the ONE thing you want them to do as a result of your interaction. In Instanda’s case, it was signing up for a demo with the sales team. Clear, concise, and to the point.
Some of the Tools and Techniques We Used.
Naming is hard. Skills in linguistics, marketing, brand trends and naming approaches all need to be applied creatively to develop a name that resonates with the target audiences for your business, product or service.
- Brainstorming a list of emotive words and phrases
- Play with different combinations of those words to create new names
- Due Diligence
Thank you from Instanda.
Over 2,000 websites were created using the INSTANDA software in the first 18 months with clients in the US, Canada, UK, Ireland, Spain, Germany, Denmark, Chile and Australia.
Instanda has had significant growth over the last decade and has been adopted by major firms such as Hiscox, Aviva, AXA and Standard Bank.
Investors include Microsoft, Assembly Capital Partners and Toscafund Asset Management. It is now valued at over £100million.
Introducing Instanda : The new way to sell insurance online.
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On the website you'll find a tour of Instanda's features as well as a walkthrough video demonstration of the Instanda insurance system. You can also see some examples of Instanda in use and their current pricing offers.
See the marketing website and Instanda in action - a Joomla Content Management System based website frontend which allows Instanda to easily update and maintain their sales and marketing content.