When something precious is stolen, lost or damaged, we all recognise that sinking feeling – am I covered and will my insurance provider pay out?
‘Relationships are based on trust’ is not the traditional mantra for an insurance provider. But Hiscox Insurance communicates a core message – a story – that "it exists to make good in times of loss". Hiscox maintains that no matter what has happened, it will always start by assuming your claim is valid. They make it their problem, not yours. This is the clear and consistent corporate story that underpins their success as a FTSE 250 company.
By contrast, The Financial Conduct Authority recently issued a warning to financial firms stating that they are falling short of advertising standards through misleading promotions. Days after this announcement one of the UK’s leading retail banks, NatWest, fell into the spotlight.
The marketing material for their business and contents insurance product was deemed to be misleading. The claim that it was for ‘customers only’ was found to be untrue, and NatWest were forced to issue an apology.
NatWest failed to communicate openly and truthfully with its customers. Perhaps the bank can learn something from Hiscox whose messaging is transparent and their values are well-defined.
The latest addition to the One Story series, produced by PRWeek in partnership with Electric Airwaves, explores Hiscox’s story.
The other case studies in the series exploring practical reputational management covering Wonga, John Lewis and Co-op, can be found on the One Story Series page.
Electric Airwaves is a consultancy that helps clients create engaging and compelling corporate stories.