Instanda
How did we successfully name and brand a new challenger in the Insurtech Revolution?
In Brief
Client
F2X
Expertise Applied
Brand Naming, Brand Identity, Marketing, User Interface Design, User Experience Design, Website Design, Website Development
Our Challenge
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.
Website
instanda.comAbout this project
We’d been working with F2X for a number of years when they shared with us their new product for the insurance market. A fully hosted, completely managed way of writing and publishing insurance products online. Their new software was able to make insurance products on the fly for niche products, like handbags, snowboards and camera equipment.
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.
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 started by developing a comprehensive understanding of the insurance industry, the players involved, and the trends that were shaping it. We also took a close look at F2X’s existing brand and how it could be leveraged to support this new product.
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 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
When we first started working with F2X’s insurance software application, we didn't really know much about it. We didn't know what the features were, what the advantages were, or even what the benefits were. But, we knew that if we wanted to be able to market the product to potential customers effectively, we needed to understand it inside and out.
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.
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
Launching a new software product is always a challenge, regardless of the quality of the product. In order to ensure that Instanda would be successful, we took a number of steps to reach out to potential customers and engage with them.
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.
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.
“I’ve never seen anything that lets you put something live as quickly and simply as this.”
John Needham, Littlejohn.
“We worked on a project that cost £15k recently – your product could have done it in a nanosecond.”
Richard Jessel the CEO of Lonsdale. He was impressed with Instanda’s understanding of the complexities of insurance products and the ability to deliver them straight to market in real-time.
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
- Lexicon
- Research
- Due Diligence
Thank you from Instanda
Instanda was successfully launched in 2012 and has since become a leading player in the insurtech space. We’re proud to have played a role in helping them disrupt an industry that was ripe for change.
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.
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.
Instanda is now valued at over £100million.
Investors include Microsoft, Assembly Capital Partners and Toscafund Asset Management.
Instanda has been adopted by major firms such as Hiscox, Aviva, AXA and Standard Bank.
“Peek immediately understood the product and the challenges faced with branding and promoting Instanda. They are a pleasure to work with.”
Instanda’s CEO and Co-founder, Tim Hardcastle
Introducing Instanda : The new way to sell insurance online
Instanda is designed to help your insurance broking business save time and money in getting new insurance products to market online.
How?
Well, F2X have developed a specialist insurance broker software system, Instanda. It's easy, fast and cost-effective. If you've suffered the frustrations of slow progress, lack of choice and high costs of bringing new products to market online through traditional hard-coded methods then please read on. Why wait months to have a bespoke website built to sell your insurance products when you can do it today with Instanda?
SO, WHAT IS INSTANDA?
It's a fully hosted, completely managed way of writing and publishing insurance products online. As you define your products your sales website is automatically created.
IS IT FOR YOU?
Whether your business is large or small, you have a simple product, or complex multiple products, Instanda’s flexibile platform can deliver your insurance products online.
WHY USE IT?
It gives you complete control over every aspect of insurance policy creation, billing, and selling. You can use it for the full life cycle of any insurance product and get to market 50x quicker. Instanda can help you every step of the way from setting up your products to customising your front-end sales website.
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.
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.
instanda.com