Hagerty Does It Well
By Aneesha Deshpande
NewsDirect, August 2022
I first came across Hagerty when my then-boyfriend, now husband, introduced me to his passion: Cars, through Hagerty's YouTube channel. I had never really cared much about cars, but these videos had a quality of storytelling about them that, even as a non-enthusiast, it was impossible not to get sucked into.
Most car enthusiasts are familiar with Hagerty. The YouTube channel has over 2 million subscribers and 1000+ videos. Hagerty Media, the arm of Hagerty Group responsible for YouTube content also produces online content and articles as well as a biannual paper magazine. They are a Media company focused on “illuminating the joy of driving, the mechanical components, and the bond drivers share with their machines.”
Hagerty Group is also the world’s largest provider of specialty insurance for classic vehicles, with a core mission of “saving driving and preserving automotive culture for future generations.” Hagerty also has a "Drivers Club," offering members access to events, discounts and roadside assistance.
I think there's a lot to learn from the now-obvious symbiotic relationship between the Hagerty Media arm, the Driver’s Club and the specialty insurance agency.
In an interview, McKeel Hagerty (CEO, formerly part of marketing), describes his outlook:
“My idea was around the fact that cars are really cool, but insurance is not cool at all. ... But it's a great business.”
By following the passion of their customers, I think Hagerty does two things exceptionally well.
- They stuck to a very focused niche and developed an ecosystem around the very specific desires of car enthusiasts. This strategy is a refreshing departure from other insurance companies that try to access every person and every market
- Instead of pushing their customers to buy their product, their approach considers what their customers really care about. Their videos have nothing to do with insurance—they're simply about cars and related content that viewers find interesting. Hagerty's customers are car nerds, and Hagerty meets them where their passion is.
What’s the lesson here? Like many others, the marketing efforts of insurance companies—be it ads, webinars, social media content—are often focused entirely one thing: Selling their product. Instead, asking the question “what do our customers care about deeply?” might be the key to them earning the engagement and loyalty of their customers.
Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries, the newsletter editors, or the respective authors’ employers.
Aneesha Deshpande is an actuary and leads Insurance Services at Haven Technologies. She brings a breadth of experience in insurance and annuity solutions ideation, pricing and execution within the US as well as in international markets.
Aneesha strives to build a world where everyone has access to financial stability, wellness & dignity.