Sovereign has launched a new brand campaign to capture the attention of the millennial market who don’t seem to have insurance high on their radar.
New Zealand has the third lowest penetration of insurance among 31 OECD countries with only Greece and Mexico lagging behind.
Sovereign’s head of brand James Perrin told NZ Adviser
that the lack of interest for insurance among millennials was often a bi-product of apathy.
"Many millennials have a bullet-proof attitude and believe nothing is going to happen to them and/or perceive insurance and financial planning as complicated or boring which can result in it falling short on the priority list and being put off for ‘another day’," says Perrin.
Sovereign recently launched Simple Life, a product created with the younger audience in mind.
"It’s an entirely digital product which is quick and easy to buy, with no health questions," says Perrin. "It has an easy application process and is suitable for people who have healthy lives and who do not have the time to spend on a lengthy application and underwriting process. In addition to this we have a range of health and life insurance products that advisers can tailor to meet the needs of the millennial audience based on their circumstances."
Chief marketing and strategy officer Chris Lamers says the campaign has been created to combat everyday excuses, empowering Kiwis to take action and take care of their personal and financial wellbeing.
“We can always find a reason to not pursue the life we want, to not do the things we should, to not take action. As humans we have this incredible ability to justify why we can’t do something, especially to ourselves. But taking action isn’t always easy – sometimes the things we know we should do, don’t get done.
“So we’re saying procrastinate later because action will always trump excuses. Getting a plan in place, should the unexpected happen, is important no matter what your age – and our challenge is educating millennials on how life and health insurance is relevant to them and a significant part of planning for the future.”
“Research shows us that many New Zealanders don’t have plan b in place if life throws them a curveball like being unable to work due to an injury, and we think there’s no time like the present to inspire and empower Kiwis to take charge of their life,” says Lamers.
Honing in on the target millennial market, the predominantly digital-led campaign is anchored by a hero video, ‘Do life your way’, challenging the viewer to take charge of life – the way they want to; whether that’s by getting rid of the junk food, getting out for a run, or managing time spent on technology devices to improve quality of sleep.
Perrin told NZ Adviser
Sovereign chose to launch the campaign now to encourage Kiwis to take action while they enjoy being active in the long days of the warm summer months.
"The campaign elements will continue to roll out over the coming months and we look forward seeing how Kiwis engage with it."