Farmers Insurance Puts Its Media Agency Assignment Into Review
Farmers Insurance has put its media agency assignment into review, according to sources. According to Kantar, the client spent a little more than $155 million on ads in 2011.
The incumbent on the account is WPP’s Mindshare. The agency is expected to defend, although it declined to comment, referring queries to the client.
Sources indicated that Select Resources International is overseeing the review process and that an RFI has been issued.
Mindshare has handled the auto and homeowners insurer since 2009, adding subsidiary 21st Century Insurance and Financial Services in 2010.
The review comes after recent changes in the client’s executive ranks. Michael Linton joined the company as CMO last fall. Linton, a 30-year marketing veteran, previously held posts at eBay, Best Buy, Progressive Insurance, and Procter & Gamble, among other firms. And Jeff Dailey was promoted to CEO in January of 2012.
Farmers has focused on building its national identity in recent years, sponsoring high-profile sports events such as NASCAR and a number of golf and tennis matches. It also has the naming rights to a proposed new pro football stadium in downtown Los Angeles, Farmers Field.
The review comes just two months after Farmers launched a search for a new agency to guide its efforts in social media, which the firm has recently been investing in more heavily. A client rep said an announcement on the social media account is expected soon, but had no information on the broader media review.
Farmers claims it is the country's third-largest insurer of both personal lines, passenger automobile and homeowners insurance. It also provides a wide range of other insurance and financial services products.