
Jul
22
Blue Cross Blue Shield Has Highest Brand Equity in USA Insurance
Posted on Jul 22, 2010 by Sergio Ulloa (G+)
Blue Cross Blue Shield, the major American health insurance provider, has been rated as having the highest brand equity in the USA's national insurance market according to a recent report released by Harris Interactive, a leading international market research company. During Harris' 2010 EquiTrend survey, the company found that Blue Cross Blue Shield has the highest brand equity in the industry. The report discovered that Aetna and United Healthcare rank second and third, respectively. This is the first year in which Harris Interactive has looked at the American Insurance industry during the annual study, which has previously been limited to major financial services companies. The study follows in the wake of recent developments in the American health insurance market, including the recent legislation passed by President Obama in an attempt to reform healthcare in the USA. As such, American consumers are expected to be more discriminating with their choice of health insurance plan, which could be a major boon for Blue Cross Blue Shield in light of the company's higher visibility in the market. Insurance companies like Blue Cross Blue Shield, who have focused on, and actively managed their brand identities, will be better able to capitalize on the extraordinary influx of potential business in the coming months, according to Harris Interactive Vice President Debra Richman. However, Harris has also noticed an increasing trend of consumers switching to cheaper insurance cover from 2008 - 2009 with 11% of all health insurance purchasers, up 3% from the previous year, opting to obtain a plan that was less expensive. This increase in price-conscious consumers means that despite Blue Cross Blue Shield having the most visible brand within the USA's insurance industry, there may be more factors to consider than simply being noticeable; policy benefits, renewability, and international portability will all affect the decision of the aware consumer to purchase a medical insurance policy. One of the reasons that Blue Cross Blue Shield may have the best brand equity within the US insurance market is due to their overwhelming market share. The company, its subsidiaries, and partners have the largest share of the health insurance market in 36 states according to a June 2009 survey released by the Center for American Progress.