Selling the same thing? Then how you sell is the only thing that matters.

When was the last time you read an insurance value proposition and thought, now that’s different?

Exactly.

The reality is that much of the global (re)insurance market is converging. Coverage terms are largely standardised. Capacity is abundant (for now). Distribution models are similar. Technology is being replicated faster than it can be built. The message is rarely tailored and neither is the substance.

This is not an attack. It’s a market truth. And it’s why the rules have changed. When the product is the same, perception becomes the battleground.

Commoditisation: the invisible competitor

In economics, commoditisation occurs when products become indistinguishable from one another in the eyes of the buyer and when that happens, price becomes the primary decision driver. If clients can’t tell the difference between three brokers’ propositions - and don’t feel the difference in the experience - price pressure is high and defaulting to the incumbent often inevitable. This also has regulatory implications around fair competition.

This is where brand, marketing, and communications step in, not to add value, but to reveal it.

Michael Porter, in his work on competitive strategy, argued that companies succeed either by being the lowest-cost provider or by differentiating in a way that customers value. Being ‘low cost’ in Specialty insurance is not a safe route for the customer and can often only be achieved by the big 3 leveraging their size. That leaves differentiation, and that’s a job for Marketing.

Michael E. Porter, "How Competitive Forces Shape Strategy", Harvard Business Review, May 1979 (Vol. 57, No. 2), pp. 137–145.

The power of positioning

In B2B, we often downplay the emotional side of decision-making. But research from LinkedIn and the Ehrenberg-Bass Institute shows that even in business buying, brand salience and mental availability drive preference. People don’t always choose the ‘best’ firm. They choose the one they remember, the one they trust, and the one they believe will make them look good.

This is how firms like Convex and Coalition are standing out, not because they’re necessarily selling different policies, they're selling different experiences.

Meanwhile, legacy players still lead with bullet point lists and compliance-led content that is instantly forgettable – hot take, you can still be emotive AND compliant!

The marketing deficit

In many global insurance firms, Marketing remains back office and delivery focused - create the deck, organise the event, post something on LinkedIn.

But in industries where differentiation is critical, Marketing is a strategic engine. It informs product design, go-to-market planning, pricing, talent attraction, and client retention. It’s not the final step, it’s embedded from the beginning.

If every firm is pitching the same core services, your brand needs to tell the buyer why you, not just what you do. That requires deep market insight, sharp messaging, creative execution, and commercial alignment.

In short, it requires proper marketing.

Same product, different outcome

Take two firms with similar offerings. One presents itself with clarity, confidence, and a clear client narrative - “60% of the world’s renewable energy projects are insured through us because when the turbines stop turning, we don’t.” The other talks about “bespoke solutions underpinned by sector experience and global capabilities.” Only one cuts through.

This isn’t just semantics. It’s market share.

If you're selling the same thing, then how you sell is the only thing that matters.

Marketing isn't optional. It's the difference between recall and rejection.

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This is the second blog in a six part series where I plan to explore why 'insurance needs marketing more than ever'.