When the acquirer of Equity Red Star (ERS) approached ASHA, it was with the objective of restoring ERS to its pre-eminent position as the leading motor syndicate in Lloyd’s.
Previously a leading motor insurer for more than 60 years, ERS offers a diverse range of insurance for private cars, classic cars, vans, motorcycles, taxis, minibuses, fleets, haulage and agricultural vehicles – including lorries, horseboxes and even ice cream vans.
Despite having suffered significant losses, the business plan took into account the group’s strong reputation in niche motor insurance markets and a long history of profitable underwriting.
Taking ERS’s business strategy – ‘Differentiation through specialism’ we looked at what specialism could mean in terms of benefit or value to ERS customers. After extensive research we identified that ERS’s core offer was an ability to understand the value or equity that a customer puts in their vehicle and we used this generative idea to claim a new insurance category – ‘Equity Insurance’.
This generative idea informed our critical thinking on the brand identity concept and its detailed implementation, and also helped ERS to identify actions that would further demonstrate value to both brokers and customers and to create propositions for each niche offering.
Our Critical Thinking at every stage of the project has created a new category within the insurance market. ‘Equity’ has informed each stage of the project – including our strategy for the critical launch to internal and external audiences.
ERS delivers first profit in five years. A profit of £1.2 million, a massive increase from the £23.6 million loss made in the first six months of 2013.
Intelligent Insurer, 1st August 2014
They delivered us the kind of insight that can really separate ERS from the pack…..ASHA seem to have the ability to find insights like this time and again, and this combined with their implementation capability through the range of media sets them apart.
Ian Parker – CEO ERS