Lloyd’s ranked strongest insurance brand
Lloyd’s, the world’s leading specialist insurance market, was today announced as one of the UK’s leading business brands - ranking first in the insurance sector and 40th overall - in the 2010 Business Superbrands survey.
This is the highest position Lloyd’s has ever ranked in the survey and reflects its strength not only in the insurance industry, but as a quality and reliable brand.
Richard Ward, Lloyd’s CEO, said:
“I’m pleased to see that the reputational strength of Lloyd’s has been recognised in this survey. We have come a long way in the past decade and have successfully navigated the worst recession since the Great Depression. This reinforces the attractiveness of the Lloyd’s market and our brand.”
Stephen Cheliotis, Chairman of the expert council & CEO, The Centre for Brand Analysis, said:
“I applaud Lloyd’s, which tops the category and also secures its highest position in the survey ever. Whilst being highly rated in this survey is pleasant news for the respective brand owners it is also an indicator of their business’s ability to grow through a brand that stakeholders, trust, want and believe in.”
This success also follows Lloyd’s Chairman, Lord Levene, being awarded the 2009 Insurance Leader of the Year award in New York earlier this year from the St. John’s University School of Risk Management.
Lloyd’s recently conducted its own survey of the market, including over 500 brokers, insureds and reinsureds around the world, which revealed an increasing awareness of the Lloyd’s brand name across the globe.
Top of mind awareness, familiarity, favourability and trust of Lloyd’s had all improved since 2007. In terms of Lloyd’s stability on a scale of one to 10, respondents gave the market an average score of 8.1, compared to 7.1 for the wider insurance market and 5.9 for all financial institutions.
Notes to Editors
Business Superbrands Definition
When voting on the brands, both the Expert Council and the business professionals consider the following definition of a Business Superbrand: ‘A Business Superbrand has established the finest reputation in its field. It offers customers significant emotional and/or tangible advantages over its competitors, which customers want and recognise.’ In addition, experts and professionals are asked to judge the brands against the following three factors:
* Quality. Does the brand represent quality products and services?
* Reliability. Can the brand be trusted to deliver consistently against its promises and maintain product and service standards at all customer touch points?
* Distinction. Is the brand not only well known in its sector but suitably differentiated from its competitors? Does it have a personality and values that make it unique within its market place?
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