You want to be specific here and ensure you know competitors within the industry. If you've worked in insurance sales for a while, you likely already know some of the big names such as Blue Cross Blue Shield or Cigna in health insurance, Geico or Statefarm for car insurance, or Allstate or Nationwide for homeowners insurance. If you're new to the industry, you'll want to do a quick search about companies within the industry to ensure you're knowledgeable about competitors. This question can be pretty straightforward when you answer, the key is to be specific and mention specific company names to show the interviewer you are knowledgeable about the industry. It is also a great opportunity for you to discuss what you think their company does better than their competitors.