How do leading players in Singapore’s insurance sector compare in their brand health over the recent past?
In this article, we review data from YouGov BrandIndex – a syndicated brand tracker which continuously collects data on thousands of brands around the globe every day – to see which insurers enjoy the strongest brand equity among consumers in Singapore.
Which insurer was most favourably perceived by consumers in Singapore?
Among major insurance companies in Singapore, NTUC Income was viewed most positively by consumers over the past 12 months. It achieved the highest Index score (26.5) – an overall measure of brand health, calculated as the average of its Impression, Quality, Value, Corporate Reputation, Customer Satisfaction and Recommendation scores.
Great Eastern is the next most favourably viewed insurance brand (23.6) – followed at some distance by AIA (16.9) and Prudential (16.2), ahead of Singlife (9.8) and Manulife (8).
Singlife, however, saw the largest year-on-year improvement in Index scores (+3.9), ahead of Great Eastern (+2.0), followed by NTUC Income and Prudential (both +0.7) and AIA (+0.6).
In contrast, Manulife saw its average Index score dip year-on-year (-0.1).
Which insurer’s advertisements were most noticed by Singapore consumers?
NTUC Income also enjoyed the highest Advertising Awareness across major insurance brands in 2023.
More than one in four (27.5%) consumers, on average over the past year, recalled seeing its ads.
In comparison, around a fifth were aware of ads by Great Eastern (19.3%) and a sixth for AIA (16.2%) – ahead of Prudential (15.5%), Singlife (12.5%) and Manulife (7.9%).
Singlife, however, saw the largest year-on-year improvement in advertising awareness (+4.8%), followed by Great Eastern (+1.3%).
Meanwhile, other insurers saw a smaller growth in ad awareness: Prudential and Manulife (both +0.9%), AIA (+0.8%) and NTUC Income (+0.6%).
Which insurer were consumers in Singapore most considering purchasing from?
NTUC Income also enjoyed the highest Purchase Consideration across major insurance brands in 2023.
When asked about which providers they were considering their next insurance purchase with, more than one in four (26.5%) consumers, on average over the past year, selected NTUC Insurance.
In comparison, over a fifth say they were considering Great Eastern (22.2%), followed by AIA (18.2%) – ahead of Prudential (16.9%), Singlife (9.6%) and Manulife (8.3%).
Singlife, however, saw the largest year-on-year improvement in Consideration scores (+3.6%), ahead of Great Eastern (+0.9%), NTUC Income (+0.6%) and AIA (+0.4%).
There was no change for Prudential.
In contrast, Manulife saw its average Consideration score dip year-on-year (-0.3%).
Which other brands that top YouGov's 2023 brand equity rankings in other markets and sectors across APAC?
➤ DBS PayLah! and Visa top YouGov’s brand equity ranking of payment providers in Singapore across 2023
➤ Mama and Lay’s top YouGov’s brand equity ranking of packaged food brands in Thailand across 2023
➤ Mox and ZA Bank top YouGov’s brand equity ranking of virtual banks in Hong Kong across 2023
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Methodology: YouGov BrandIndex collects data on thousands of brands every day. Index scores, an overall measure of brand health, are an average of Impression, Quality, Value, Corporate Reputation, Customer Satisfaction and Recommendation scores. Advertising Awareness scores are based on the question: “Which of the following brands have you seen an advertisement for in the past two weeks?” (% Yes). Purchase Consideration scores are based on the question: “When you are next in market to purchase [product or service], from which of the following would you consider purchasing?” (% Yes). Learn more about BrandIndex.
Cover Photo by champpixs
