Life insurance that cares - products done well
Last month we discussed the need for the life insurance industry to take an innovative approach to marketing its products and brands. Forward-thinking insurers are tackling this challenge, coming up with impressive strategies to engage consumers in new ways. In this blog post, we wanted to share some of our favourite approaches from global insurers.
New York Life - Keep Good Going
New York Life is a great example of a company which is taking a new tack in response to the growth of online communication. More than ever, consumers are engaging with digital and social media. One of the key advantages of these new forms of communication is that they enable a two-way dialogue between consumers and customers.
New York Life’s flagship social campaign, Keep Good Going, aims to celebrate the good in life. The company’s goal in using social media is to be part of ‘the conversation’. Head of Social, Dipayan Gupta, says that by being involved when people are talking about their hopes and aspirations, he feels the company is in a better position to understand its consumers needs and to provide solutions.
New York Life encourages a dialogue across a full range of digital platforms, but the company’s best results have been on Twitter. The company regularly asks consumers to share personal stories on a range of personal finance themes on the hashtag #KeepGoodGoing.
MetLife - Who I Live For
Although New York Life was early to adopt innovative digital marketing techniques, other insurers have realised the benefits of creating a dialogue with consumers. A recent MetLife campaign, Who I Live For, tugged heartstrings to get viewers talking about the reasons they have life insurance. MetLife departed from its traditional Snoopy-themed commercials in newspapers and TV. Instead the company ran two video clips on Youtube, featuring people taking part in on-the-street interviews, describing who they live for. MetLife integrated the Youtube campaign with social media, encouraging viewers to respond using the hashtag #WhoILiveFor.
Max Life - Second Chance Campaign
A prominent Indian life insurer, Max Life, has adopted a similar digital content strategy. Max Life’s Second Chance campaign used the stories of three men who had a close encounter with death as a springboard into a discussion about financial security. Using the hashtags #SecondChance and #IfIGotASecondChance, Max Life asked others who had similar experiences to share their stories.
MetLife Paid Social Advertising
More insurers now understand that in the age of social media, creating a discussion is preferable to solely relying on the industry’s traditional lead generation and product awareness marketing model. That isn’t to say that driving leads can’t be a part of an innovative digital strategy, but by advertising on digital platforms like Facebook or Twitter insurers get access to data about viewers and their engagement with the campaign. This data can be used to continually evaluate and refine content and strategy.
MetLife worked with Merkle, a performance-based advertising agency, to eventually create over 600 variations of advertisements for term and permanent life insurance products on Facebook. Using Facebook’s analytics tools, MetLife and Merkle were able to serve Facebook users with the combination of colour, design and messaging that was most likely to result in a click-through to the “Get a Quote” section of MetLife’s website.
When it comes to digital marketing, insurers have an almost immediate feedback loop. This opportunity is massive. Engaging with consumers on a personal level is likely the only way that younger, digitally focused generations will start to engage with previously dry, impersonal products, such as life insurance. Not only can insurers have conversations with their customers through content on social media, they can then use these conversations, and turn them into valuable market insights.