Rebranding of Sociedad de Seguros Soseg, an insurance brokerage company in Ecuador

Abstract

This project focuses on the rebranding efforts of Soseg, a small family-owned insurance brokerage located in Ecuador. The theoretical framework underpinning this study integrates various branding and rebranding models, along with essential marketing concepts aimed at enhancing the company's brand equity. Given that Soseg operates as a serviceoriented company, the research also incorporates service-specific branding concepts to address the unique challenges and opportunities inherent in the service industry. To gain a comprehensive understanding of the insurance industry in the Ecuadorian market and propose a rebranding of Soseg, the study employed a mixed-methods approach, combining both qualitative and quantitative research techniques. Qualitative insights were gathered through in-depth interviews with key stakeholders, including the general manager of Soseg and the account manager of an associated insurance company. These interviews provided valuable perspectives on the internal and external factors influencing the company's branding efforts. Additionally, quantitative data was collected through a structured questionnaire distributed to a sample selected based on the accessibility of the Ecuadorian market, which offered critical insights into consumer perceptions and expectations. The project also includes an extensive overview of the Ecuadorian market, a detailed analysis of the insurance sector within the country, a competitive benchmarking study, and an assessment of Soseg's current brand positioning. These elements provided a solid foundation for understanding the market dynamics and identifying opportunities for rebranding. The rebranding process was guided by Mzellec and Lambkin's rebranding model, which served as a strategic framework for navigating the complexities of brand transformation. Additionally, Keller's branding model was employed to structure the development of Soseg's new brand identity, ensuring alignment with best practices in brand management. The implementation of marketing strategies, particularly the Segmentation, Targeting, and Positioning (STP) model, played a crucial role in refining Soseg's market approach and reinforcing its competitive edge. Overall, this project represents a comprehensive effort to reposition Soseg within the Ecuadorian insurance market, leveraging advanced branding theories and market insights to build a stronger, more resilient brand.

Date of Award	19 Feb 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Filipa Oliveira (Supervisor)