The #1 Choice for Responsible Homeowners
After Hurricane Katrina, home insurance companies abandoned the US coastal markets in droves, leaving millions to insure their homes in state-run insurance pools. Amid this disruption, a small group of entrepreneurial insurance executives saw a need and an opportunity. Using the most advanced algorithmic risk modeling, based on technology from the world’s leading catastrophic re-insurance provider, an early investor, the founders opened Narragansett Bay Insurance Company (NBIC). The mission was to offer high service, affordable homeowner’s insurance to mid-price coastal customers in the Northeast. NBIC asked us to develop a Dominant Selling Idea and Micro-Scripted messaging for its new Website and expanding sales force. We soon realized that NBIC was able to operate in markets others deemed too risky, because it would not be the insurance for everyone. NBIC’s analytical mapping let it “cherry pick” acceptable storm risk on an individual, house-by-house basis, not blanket, wide-area assessments like older companies. Then NBIC would go a step further: it would conduct expert, on-site inspections to select what we termed “responsible” homeowners—those who kept their homes safe and well maintained, lowering the risk and costs for everyone. We used the tagline: The #1 Choice For Responsible Homeowners, and wove the new brand story and Micro-Scripts into all web and sales materials. The company continues to thrive and win industry awards as it provides the kind of affordable, high quality insurance coastal homeowners thought they had lost.