Think cake, think insurance….

Now, I love my food. I’m creative with my recipes and while most of my concoctions taste just as good with own-brand ingredients, I do guiltily splash out on the occasional treat.

Every now and then a girl just needs her “Finest” Parma ham and “Extra Special” goat’s cheese - I swear you really can “Taste the Difference” in those vine ripened tomatoes. However, I should add that I’m also addicted to “Value” chocolate mousse.

“But what’s this got to do with insurance?” I hear you ask.

On June 22 Tesco is launching three new home insurance offers, which are being presented in the style of its food ranges – Value, Standard and Finest.

Jim Bruce, head of Tesco Home Insurance explains the move:

“Customers have told us they understand Value, Standard and Finest, and in the current economic climate, we want to do everything we can to help them get exactly what they want to pay for. We’ve brought this range to the home insurance market to offer even greater choice, clarity and value”

Well, that makes things nice and simple doesn’t it? Those who pride themselves on shopping only from the Finest range will now be able to boast of their Finest policy whilst those who enjoy munching on Value custard creams will be able to save themselves some pennies with the Value insurance. Genius! No?

Well, no. The thing is… insurance isn’t that simple. The best insurance policy for you depends very much on your individual circumstances and the actual “value for money” you get depends on exactly what your policy offers that will benefit you.

While I can live on 19p noodles, this does not mean I can do without potentially vital cover, but similarly, just because I enjoy the occasional glass of Finest orange juice does not mean I want to pay a ridiculously high premium for services I will probably never use!

While the re-branding of their insurance policies is a great marketing ploy, it does not provide immediate “clarity and value”, rather it oversimplifies a choice which really should take more thought.

It really is essential when looking for an insurance policy that you focus on how it suits your individual needs. Otherwise, you could end up with a policy which is about as much use as a Value cheesecake.

Mmm… cheesecake.

What would you rebrand, if you had the chance?