Aflac Duck May Quack En Espanol
by Emily Burg
Friday, Dec 15, 2006
SUPPLEMENTARY INSURANCE COMPANY AFLAC, KNOWN for its memorable quacking duck, is training its sights on the growing Hispanic market.
Columbus, Ohio-based Aflac, the world's largest seller of supplemental insurance, gets 70% of its revenues from Japan, and has been looking for a way to increase its U.S.-derived revenues.
The buying power of the Hispanic population is forecast to grow from $735.6 billion to $1.08 trillion in 2010. Financial services is a category where Hispanic spending typically increases as the family's disposable income rises.
Aflac's first step was to launch aflacenespanol.com, a Spanish-language version of the company's Web site.
While it has not specifically developed any products for the Hispanic market, the company's "bottom-up" culture--in which its sales agents suggest product ideas to management--means the 65,000-strong domestic sales force can get to know the Hispanic demographic and brainstorm solutions specific to it.
From the "top-down," the company is taking a civic-minded approach to developing a relationship with the Hispanic community. Aflac forged an alliance with the Latino Coalition to create the Aflac Civic Awards, which this week honored Hispanic small business leaders.
Emily Burg can be reached via email at emily@mediapost.com
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