Making insurance relatable to the millennial and gen-z markets

Insurance has at all times been considered a legacy trade, with the market predominantly crammed by an older era who seems to be for lasting safety. However, the pandemic modified the recreation, because it made the youthful markets extra conscious of their financial fragility and the want to attain monetary freedom as quickly as attainable. Melissa Henson, the Senior Vice President and Chief Marketing Officer of Manulife Philippines, discusses how her trade is stepping up of their recreation to attain out to and join with digital natives who’re used to on-demand, real-time service success.

MI: What are the classes discovered to grow to be a prime marketer in the insurance trade right this moment?

 A: Insurance is usually seen as difficult and conventional, and stays to be a product that’s not very extremely nuanced. Marketing’s function is to break via the litter and assist change these perceptions.  

This means, first and foremost, listening to prospects — understanding their wants and sentiments, so we will ship related options and messages. The tempo and magnitude at which we’ve got skilled disruption and change in the previous few years have been unprecedented, so it’s important for us to get a continuing learn of how our prospects’ life, behaviors, objectives, and considerations are evolving.

We want to continually problem the established order and strive new strategies and media that we might not have used earlier than, so we will extra successfully attain our viewers. The shift from broadcast media to streaming platforms, the exponential development of cellular wallets, the rise of digital assembly platforms – these are a few of the developments which have supplied each challenges and alternatives, and led us to discover new methods to have interaction with each present and potential prospects.

Finally, we additionally want to push the envelope in our storytelling, delivering related, relatable, and memorable messages that give prospects confidence that Manulife is strongly dedicated to serving to them be extra financially resilient.

Our mission at Manulife is: Decisions made simpler. Lives made higher. To this finish, our model initiatives are targeted on making insurance less complicated, extra relatable, and simpler to perceive. When extra folks perceive what insurance can do for them, it’s simpler for them to be empowered to make the selections which might be proper for them, and that assist them stay every single day higher.

MI:  Has the pandemic modified the shopper habits and preferences of Filipinos when it comes to insurance?  How and why?

A: In Manulife’s 2022 Asia Care Survey, we discovered that the pandemic heightened Filipinos’ considerations about their well being and funds, main to elevated curiosity in insurance merchandise. About 86% of Filipinos we surveyed informed us they deliberate to buy insurance in the subsequent 12-18 months, as the COVID-19 pandemic has lasted longer than anticipated, and continues to influence on a regular basis life. In addition, 79% shared that the pandemic has negatively affected their funds, such that their financial savings can solely final for a 12 months or much less.

Changes in habits and priorities are extra obvious amongst the youthful era who’ve accelerated their efforts to obtain monetary stability. This is introduced by their prime considerations, which embrace monetary worries resembling operating out of cash and drowning in debt. Younger Filipinos are extra conscious of the significance of their bodily, psychological and monetary well being, and how these are interconnected and equally obligatory to obtain total well-being. Our 2021 examine about Filipino millennials and Gen Z revealed that they’re extra proactive about attaining monetary safety, and investing in a wide range of monetary devices. Insurance ranks highest amongst merchandise that millennials (79%) and Gen Zs personal (68%), adopted by authorities financial savings applications and cryptocurrency.

MI:  Which advertising marketing campaign took place on account of this new habits?  Which market are you concentrating on and why?

A: We developed this FutureBoost marketing campaign to talk that there’s an inexpensive insurance plan designed to hustle with you and reward you with perks and bonuses so you possibly can safe each stage of your life.

We additionally needed to have interaction extra Filipino millennials and Gen Zs, who’re taking extra proactive steps towards attaining monetary independence.

We collaborated with adidas Philippines and organized a limited-time contest the place one might get an opportunity to win adidas UltraBoost sneakers and retailer vouchers for scheduling a session with a Manulife advisor about FutureBoost.

We solid strategic partnerships with podcast celebrities and content material creators, who’ve leveraged their rising platforms to encourage younger Filipinos to begin taking steps in the direction of monetary freedom.

Based on these buyer insights, we’ve launched some additions to our product suite. Manulife HealthFlex gives prospects the flexibility to select the degree of important sickness protection they want, and improve their insurance plan via a collection of optionally available add-ons. Manulife FutureBoost is a life-and monetary safety plan that gives prospects a number of rewards and bonuses to assist obtain their objectives sooner. Customers are rewarded for paying on time and staying loyal.

MI:  Which platforms have you ever utilized in the buyer journey that’s confirmed more practical in reaching out to them and participating them? Why?

 A: We invested in new instruments and platforms, so we will ship a hassle-free expertise for our prospects.

Our digital advertising presence brings our model to right this moment’s most related platforms. To this finish, we work with companions resembling Grab Philippines, Shopee, and GCash.

Free public webinars assist deal with a few of Filipinos’ most urgent well being, wellness, and monetary considerations. Industry consultants and thought leaders share insights, particularly as we deal with the lasting influence of the pandemic. We additionally launched our Everyday higher collection on YouTube to present life hacks that assist deal with on a regular basis challenges and considerations.

Our digital level of sale (ePOS) permits our Financial Advisors to generate proposals and submit functions with out the want for paper types.

Through our buyer self-service portal Manulife Online, our prospects can handle their insurance policies, obtain paperwork and make cashless funds with out having to go to one among our branches or cost companions. Customers may file claims via our web site.

Clients with Manulife unit funding belief funds (UITFs) can observe and handle their investments and transact on our Manulife iFunds on-line platform.

Digital movies that leverage the energy of fine storytelling have been an enormous a part of our marketing campaign. They embrace Goodbye, Hello, which touches on the significance of studying new issues, and turning difficulties into alternatives; Imagine, which says that investments are much more important to assist fulfill monetary aspirations, and the movie was a reminder of that; and  Now Boarding, which tells the significance of overcoming fears and insecurities, as one pursues their desires.