NEW YORK CITY – State Farm earned “Brand of the Year” honors in both the home and life insurance categories, holding steady in its equity ratings as the insurance category overall experiences declines, according to newly released Harris Poll 2016 EquiTrend Study.
The 28th annual study honors the strongest brands in nearly 100 categories across the media, travel, financial, automotive, entertainment, retail, restaurants and household industries, based on consumer response.
"State Farm has been at or very near the top of insurance brands measured for many years," said Joan Sinopoli, vice president of brand solutions at Nielsen, which owns The Harris Poll. "The company has an incredibly strong captive agent network on the ground, and for years maintained a consistent, familiar core campaign while running parallel campaigns to stay fresh and relevant. AAA is clearly extending its relationship as a 'friend in need' for stranded drivers in the auto insurance category, and with aggressive direct marketing, into home and life as well."
AAA edged out State Farm to claim Auto Insurance Brand of the Year, climbing to the top spot from third place in 2015. Blue Cross Blue Shield was named Health Insurance Brand of the Year for the sixth consecutive year, a feat achieved only by nine other brands in the EquiTrend study.
Measuring brands' health over time, the EquiTrend Brand Equity Index is comprised of three factors – Familiarity, Quality and Purchase Consideration – that result in a brand equity rating for each brand. Brands ranking highest in equity receive the Harris Poll EquiTrend "Brand of the Year" award for their respective categories.
This year, more than 97,000 U.S. consumers assessed more than 3,800 brands (including 56 insurance brands), across nearly 500 categories.
2016 Harris Poll EquiTrend Insurance Company Rankings
Life Insurance Brand of the Year
- State Farm Life Insurance
- American Family Life Insurance
- AAA Life Insurance
- Transamerica Life Insurance Company
Other Life Insurance brands in study ranked below category average (alphabetically): AIG Direct Life Insurance, Allstate Life Insurance, Guardian Life Insurance, MassMutual Insurance, MetLife Life Insurance, New York Life Insurance Company, Northwestern Mutual Life Insurance, Pacific Life Insurance, Prudential Life Insurance, USAA Life Insurance
Auto Insurance Brand of the Year
- AAA Auto Insurance
- State Farm Auto Insurance
- USAA Auto Insurance
- American Family Auto Insurance
- Nationwide Auto Insurance
- Farmers Auto Insurance
Other Auto Insurance brands in study ranked below category average (alphabetically): Allstate Auto Insurance, Esurance Auto Insurance, GEICO Auto Insurance, Liberty Mutual Auto Insurance, MetLife Auto Insurance, Progressive Auto Insurance, The General Auto Insurance, The Hartford Auto Insurance, Travelers Auto Insurance
Health Insurance Brand of the Year
- Blue Cross and Blue Shield
- Kaiser Permanente
Other Health Insurance brands in study ranked below category average (alphabetically): Aetna, Amerigroup, Cigna, Coventry Health Care, Health Net, Humana
Home Insurance Brand of the Year
- State Farm Home Insurance
- AAA Home Insurance
- USAA Home Insurance
Other Home Insurance brands in study ranked below category average (alphabetically): Allstate Home Insurance, American Family Home Insurance, Farmers Home Insurance, GEICO Home Insurance, Liberty Mutual Home Insurance, MetLife Home Insurance, Nationwide Home Insurance, Progressive Home Insurance, The Hartford Home Insurance, Travelers Home Insurance
The complete list of Harris Poll EquiTrend Brands of the Year can be found at: http://www.theharrispoll.com/equitrend-rankings/2016.
Next page: Why the brand equity decline; opportunity in millennials and women
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