Even with increased scrutiny on health insurance carriers, a new poll finds brand equity remains strong among top-ranked health insurers.
Harris Interactive, a market research firm, released Monday results of its "Harris Poll Equitrend," which polled more than 38,000 Americans about lifestyle, product and service brands.
Debra Richman, senior vice president of Healthcare Business Development & Strategy at Harris Interactive says that, as a number of health insurance reforms inch closer to implementation, brand equity has become an important new battleground for health insurers.
“Brand reputation is now one of the key criteria when selecting a health plan—this is especially important in a market where benefits and costs may be similar, which will definitely be the case in an insurance-exchange environment. Those companies with strong brand equity will be well-positioned to take advantage of such market changes and successfully differentiate themselves among competitors,”
EquiTrend is an annual evaluation of engagement with a brand. In order to obtain a well-rounded understanding of where and how a brand fits within the larger universe of brands, brand engagement is narrowed down to three key areas:
- Brand Equity - A composite of: Familiarity, Quality, and Purchase Consideration
- Connection - Consumer Connection helps us understand the connection brands have with your customer base. Consumer Connection includes: Emotion, Fit, Trust and Performance
- Buzz - Understanding which brands generate the most and the least conversation, online, in social media and offline has become increasingly important for brand management.
Here are the top four health insurance brands, as ranked by the 2012 Harris Poll EquiTrend:
1. Blue Cross/Blue Shield