American consumers consider general insurance and health insurance among the most complicated industries, according to Siegel+Gale's second annual Global Brand Simplicity Index, which ranks industries and brands on simplicity.
In assigning a "Simplicity Score," the branding firm considers how easy it is to understand the brand or industry as well as the compliexity of typical interactions with the industry or brand.
Online retail ranked as the simplest industry. General insurance was near the bottom, and health insurance was dead last on the list of 25 industries. Respondents see little difference between one carrier and another and find it challenging to understand which services and treatments are covered by health insurance, Siegel+Gale said.
Of the top 10 simplest brands in the United States, the first three are Internet companies: Netflix, Google and Amazon. Netflix was picked as the simplest brand in the survey after it announced price hikes but before the announcement of the formation of Qwikster.
Across all industries, U.S. consumers are willing to pay between 2.4 percent and 5.3 percent more -- a "simplicity premium" -- for brands they believe offer the greatest degree of simplicity, according to the branding firm..
"It is time for brands across all industries to recognize that communicating in a clear, direct and straightforward manner generates a high level of customer loyalty and, ultimately, profit," David Srere, Siegel+Gale co-CEO and chief strategy officer, said in a press release. "Consumers are demanding simplicity in all of their interactions, and those organizations that can satisfy this demand will be able to compete -- and thrive -- in today's competitive marketplace."