Too late! After writing this blog post I discovered that I had missed out on my share of $28 million worth of free life insurance courtesy of a campaign that Sovereign Insurance was running on Facebook. So much for being a trendspotter.
Uptake of life insurance in New Zealand is notoriously low and according to Bauer Insights we have the third lowest penetration rate among 31 OECD countries. When I worked at Interbrand on the Aviva Insurance account I discovered there were many reasons why people didn’t take out life insurance. The ones that stood our were:
So insurance companies need to walk alongside customers and suggest where they might go together, rather than customers arriving at a destination and asking what to do. If they can do this, the conversation will shift from ‘insurance is only important when I need it’, to, ‘insurance helps me live my life better’.
Using Facebook is a smart choice as a channel to deliver free life insurance. Statistics show 1.9 million Kiwis login to Facebook each day with 25-50 year olds being the dominant user group.
I’m interested to understand Sovereign’s approach to data collection and how they use data to develop customer profiles.
Profile data can provide important insights to help insurance companies manage customer’s lives rather than just insure risk.
By taking the brand into an environment where consumers hang-out and by making an uncomplicated offer without emotional overtones, Sovereign are cutting through layers of scepticism. It is using the crowd to promote a message and is receiving permission from the consumer to get in touch.
We’ve been developing an engagement model that will generate an unprecedented view of the customer and enable a simple conversation to take place with the customer on a daily basis. Sovereign when you’re up for a chat, let us know.