Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 19, 2021

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The Good: Every Industry But Insurance

A survey recently released by global strategic branding firm Siegel+Gale found that American consumers are willing to pay more for brands that deliver simpler products.

Even considering the current state of the U.S. economy, people are willing to spend more money for simple convenience.

The survey points out that we’re willing to pay $27 billion (with a “B”) more collectively for the brand names that deliver simpler products, services and experiences.

Five percent is the magic number for how much more people are willing to spend for insurance products that meet that description.

The Bad: The Insurance Industry

According to Siegel+Gale’s survey, insurance ranks dead last among 13 industries in terms of overall simplicity. That’s pretty sad when other industries include mortgage lenders and credit card issuers! Of course, restaurants and retailers ranked near the top.

Serve someone a meal full of trans-fat and sugar, or sell them clothes or electronics that will be out of style in six months, and they’ll love you. Insure their entire financial future for a fraction of the cost that would be necessary out of pocket…and rank dead last.

The Survey

This survey is the first annual Global Brand Simplicity Index, which polled more than 6,000 consumers across seven countries. The goal is to discover individuals’ perceived points of complexity and simplicity within their lives.

Additionally, the study seeks to discover the “Simplicity Premium,” which is the added value people place on having a “more simplified, more intuitive experience with brands in multiple areas of their lives.”

The Numbers

So who ranked where? Below is a snapshot of which companies ranked in the top 10 and where the top rated insurers landed on the list. While there are no real surprises here, it’s fun to see where some of the companies wound up.

The U.S. Brand Simplicity Index scored the top 10 brands as follows:

1. NetFlix
2. Subway
3. McDonald’s
4. Dunkin Donuts
5. Burger King
6. Walmart
7. Trader Joe’s
8. Kroger
9. Starbucks
10. Old Navy

Of the 102 ranked U.S. brands, insurers claimed the following spots:

70. Progressive
83. Farmers Insurance
84. WellPoint
85. Allstate
87. State Farm
90. Humana
98. United Health
102. CIGNA

Geico and Progressive also happen to have the most recognizable insurance mascots

Who Stands To Gain The Most?

The study found that the health insurance industry can reap the most benefits by providing a simpler product and experience.

An estimated $6 billion is up for grabs for the health insurer who figures out how to make health insurance as simple as ordering a value meal from a local fast food joint. Let the games begin.

And remember, brand doesn’t mean a whole lot, especially when you’re trying to save money on car insurance.

Use an independent insurance agent who can shop your rate with multiple, reputable companies, all at once, to see who offers the best coverage for the lowest insurance premium.