Led by the Association of Mutual Insurers (AMI), brands including LV=, Royal London, Royal Liver and Scottish Friendly have agreed common messages to highlight the benefits of mutuality.
These will be used by all member brands on their websites, in customer literature and in direct marketing.
The messages set out how mutuals are bigger and more experienced than their PLC competitors, and are able to provide additional advantages, such as higher levels of customer service and financial return.
The AMI has also developed a consumer-facing website, Ownedbyyou.org, which will be promoted by the association's 38 members.
Neil Lovatt, sales and marketing director at Scottish Friendly, suggested that the industry needed to generate greater awareness of how mutual societies differ from PLCs.
'Research has told us that mutuals are seen as nice and fluffy, but not dynamic and forward-looking,' he said. 'We have almost been plagued by the positives, making us look bloated and lazy, so we needed to come up with some more tangible benefits.'
Robert Jones, financial services strategist at brand consultancy Wolff Olins, said the industry should use the 'Owned by you' message to create a prominent ad campaign. He cited Drinkaware as a successful example of this.
Jones also pointed out that the lack of understanding of mutuality is forcing brands to compete on price.
This article was first published on marketingmagazine.co.uk