Top 5 Insurance Companies Servicing the Hispanic Market

Top 5 Insurance Companies Servicing the Hispanic Market

 

The revelation of US Hispanics being a rapidly growing market has just hit marketers a few years back. Have you ever wondered which companies were the first to deduce this market trend and are now still on the top of their game? Here is a list of the top 5 insurance companies that have first served and are still serving the Hispanic market today.

 

Allstate

 

Being one of the first few insurance providers that have realized the consumer potential of the US Hispanic market, Allstate remains to be one of the leading insurance companies in the terms of market sharing and ad spending among Hispanics. They started out by offering policies on property, life and casualty insurance. After a while, they expanded to offering services such as financial planning. Aiding Allstate in its marketing efforts to the Hispanic population is La Agencia de Orci, their ad agency from 1995.

 

Other than television, Allstate furthers its product advertising through print campaigns, website offers and by sponsoring outreach activities to the Hispanic community.

 

Farmers Insurance

 

Farmers Insurance initially gained attention in the Hispanic market through its Spanish-translated commercials aired on Univision in San Francisco, Phoenix, Chicago, Los Angeles and Dallas. After some time, they moved to promote life, property and casualty insurances through outdoor and radio campaigns.

 

Today, the company connects with its large Hispanic community through its website which specifically has an all-Spanish section. Here, they publish information on the different insurance solutions they offer as well as answer questions potential consumers may have regarding these.

 

Metlife

 

Metlife delved into Hispanic marketing since 1983 – long before most insurance providers did. They concentrated on developing educational as well as cultural-sensitive campaigns. With new Hispanic immigrants being the target of their campaigns, they provided brochures designed to be more informational than sales-targeting. These brochures included information on the types of life insurance, retirement planning and why these are necessary.

 

Today, just like Farmers Insurance, the company runs a website with an all-Spanish section where people can access information on insurance and contact details of Spanish-speaking agents.

 

Progressive

 

Progressive advertises and sells insurance products through its website, a toll-free number and with the help of independent brokers. What keeps the company on top of the game is its ability to provide personalized service to Hispanic consumers through independent brokers. They have been exceptional in this regard especially in the South Florida district.

 

Progressive also has a Spanish website where they publish information about their automotive insurance offers as well as real-time quotes for their insurance products.

 

Prudential

 

Prudential first explored into Hispanic marketing in 1998. They released various television commercials that showed the company already being a major player in the insurance industry. In addition, they have introduced several initiatives not just within the company but also out in the community to encourage further Hispanic outreach.

 

One of Prudential’s company initiatives is its Business Resource Groups. It is created to serve the minority groups, including Hispanics, within the company. Not only do they provide educational programs but also cater to recruitment, outreach activities and marketing programs. Prudential also sponsors various organizations and events within Hispanic communities. These include the National Hispanic Foundation for the Arts and the American Latino Media Arts Awards. The company’s efforts in getting involved with the Hispanic community show their strong intent to establish reputation, loyalty and trust within the Hispanic market.

 

Perhaps, newer insurance companies, marketers, agents and brokers can learn from the marketing practices carried out by these established insurance companies.

 

 

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