Background:
Markel Corporation is an international property and casualty insurance company that sells specialty products to a range of niche markets from art galleries to boat dealers to bars and taverns. Markel, a holding company with eight business units, had a weak corporate image while each subsidiary had its own product line, message and identity.
Goals:
Markel wanted to strengthen their corporate brand while uniting the identities of each separate and distinct business unit. In addition, they desired to increase brand awareness and enhance their perception and preference among insurance agents and brokers.
Solution:
Utilizing both phone and web-based survey research, BrandSync determined Markel's corporate awareness, reputation, and knowledge among Markel's customers and other stakeholders, including Wall Street analysts. In addition, qualitative research was conducted through focus groups and in-depth interviews to discover branding themes for marketing communications.
After completing the brand synchronization process, Markel became aligned around the brand position of "Expertise" and the theme of "The Markel Style." This strategic focus signifies the specialized, yet diverse, nature of Markel and its business lines, as well as the confidence that clients have in Markel's advice and insurance coverage.
Outcome:
Markel's new brand position successfully synchronized eight independent business units while strengthening the corporate brand. Alan Kirshner, who is Chairman of the Board and CEO of Markel Corporation, was quoted in February of 2005 as saying, "With the assistance of BrandSync, we have been able to bring the interests of our eight business units together in support of the development of our corporate brand. This is Markel's first foray into corporate branding and we are pleased with how the whole corporation has become focused on a clear definition of what the Markel brand is all about."
From the new brand strategy, BrandSync also created corporate branding, advertising and communications standards. Based upon the communications plan, Markel launched a brand marketing campaign in 2004 that increased awareness by ten percent within the first six months. The branding campaign has continued in 2005 with special emphasis on Markel's 75th Anniversary celebration, contributing to highly favorable publicity in USA TODAY and other national media.
