AGENCY: IDN South Africa
CLIENT NAME: Marsh Insurance
The Agency was briefed to develop an identity, product positioning etc for an international insurance company that whilst strong in B2B was weak in B2C.
Selling insurance at the best of times is not easy. In this case we are working for a client with minimal awareness.
The objective for the first year was to open 2500 new accounts. The Agency’s primary task was therefore to generate +- 5000 leads based on an assumed closing rate by their brokers of 50%.
We identified an opportunity in the High Net Worth End of the Market or what we termed UN-AVERAGE individuals.
We identified a strong source for such prospects already sitting at the C Table in the current corporate base. Unfortunately much of their data was rather dirty and so a data cleaning process had to be put in place before we could even start on the campaign.
As we know insurance is a grudge purchase. We therefore took the rather unusual step for the campaign of saying as little as possible built around the line “Your claims are more important than ours”. Almost no reference was made to the word “insurance”.
Because the basic strategy was built around the idea of “tailor made solutions to individual needs” the agency design a 3D pack that had the total look and feel of very expensive, bespoke content. The strap line for the campaign was BESPOKE PERSONAL RISK MANAGEMENT.
A microsite was created to capture responses. Responses are then fed into the client’s own contact management system
To enable effective follow up by the brokers it was agreed to distribute packs in tranches of 300.
The “spontaneous” response to the first 300 packs was 18% (i.e. 54 leads)
Follow up calls by the sales force to date generated a further 46 leads. The total leads to date is therefore 100 giving a response rate of 33%.
Results are still being calculated but the estimated closure rate of 50% seems to be playing out. At an average monthly premium of +_ R15K this first batch will in all likelihood generate premium income of R9 million for the first year.
The total cost of the campaign for the first 1200 packs was just R650K.
The main element was the 3D pack which included a letter, brochure and lift piece. In addition an app was built to enable the brokers to update and clean their records. At the other end of the process a micro site was built to capture responses and viral leads. Viral leads were encouraged via a competition called “Stake your Claim”. A sales force incentive was also put in place offering bespoke clothing created by SA’s leading tailor as prizes. The agency also managed the launch to the sales force using a very UN-AVERAGE venue (i.e. the FNB Stadium which was home to the final of the FIFA 2010 World Cup)