Best's Review: Insurers' Sports Sponsorships Are Scoring Points with Agents

Business Wire, Nov 1, 2007

OLDWICK, N.J. -- Best's Review's cover story, "Score," reveals how insurers are increasing brand awareness by reaching out to sports fans. Award-winning Senior Associate Editor Lori Chordas got Liberty Mutual, State Farm, MassMutual, Nationwide, Farmers Insurance, Unum and Aflac to discuss their sports sponsorship forays in detail.

One of the main reasons insurers invest in sports sponsorship campaigns is to raise brand awareness with agents. In Farmers' case, it is a presenting sponsor for high school sporting events in 11 states. "It's a grassroots approach for our agents and district managers to actively participate by attending games, presenting trophies, educating high school students about how to purchase insurance, and even recruiting students who may consider a career in insurance after high school or college," said Faye McClure, vice president of strategic marketing for Farmers.

One of the most recent sports sponsorship occurred in October when NASCAR announced its Busch Series will be branded as the NASCAR Nationwide Series beginning in 2008. In addition to trying to improve "brand health," sponsorships also allow companies to "use assets like playing in Pro-Ams and sitting in skyboxes to improve agents' performance via contests and other incentives," said John Aman, who manages Nationwide's sports sponsorships. Insurers are also tracking sponsorships return on investment. Nationwide reports its sponsorship of the Nationwide Tour has raised brand awareness 23%.

Want to hear more about this article? Go to http://www.bestreview.com/cover.asp to view a video interview with the author, Lori Chordas.

THIS MONTH'S HIGHLIGHTS:

* Find out how Aetna and UnitedHealth's contracts with AARP and its 39 million members are reshaping individual health-care insurance.

* Discover how many insurance lines it takes to produce your favorite wine.

* Attention agents! Did you know insuring vacation homes is a growing market? Discover the risks and rewards of writing this line of business.

Watch the videos of these stories at bestreview.com/videos.

And finally:

A new Guide to Understanding the Insurance Industry is included with this month's issue of Best's Review. It's filled with colorful charts and infographics and takes an in-depth look at trends in the property/casualty, life, health and reinsurance sectors. The road to understanding this industry can be tricky-and the guide is your map.

Best's Review is published by the A.M. Best Co., for insurance professionals, including home office executives, agents, brokers and others who are affiliated with the industry, such as bankers, lawyers and educators.

To read these articles and more, subscribe to Best's Review by visiting our Web site at Best Review, calling the A.M. Best customer service department at (908) 439-2200, ext. 5742, or e-mailing your request to customer_service@ambest.com.

Founded in 1899, A.M. Best Company is a global full-service credit rating organization dedicated to serving the financial and health care service industries, including insurance companies, banks, hospitals and health care system providers. For more information, visit www.ambest.com.