Many financial experts and consumer groups (including the consumer advice magazine, Which?) consider income protection the most important insurance for working adults.
Yet, just 3 million people have it and only 100,000 new policies are sold annually. Put into context, there are 2.6m insured pets in the UK.
As market leaders in IP, LV= needed to run a campaign that would educate financial advisers on how to handle client objections. The campaign would need to focus on addressing the reasons behind consumer apathy.
The Wake up to IP initiative offered advisers interactive, face-to-face, live training events on how to successfully sell IP with confidence.
The campaign needed to
- Successfully market the events to drive attendance
- Change adviser habits and advice models
The Moreish Approach
Moreish developed a strong creative around the ‘wake up to IP’ theme which clearly conveyed our aim to boost their IP sales and the early morning sessions.
This theme was carried through the pre-event promotion – including emails, online display ads, social media, trade press and PR.
As well as during the event with product literature, guides and branded merchandise including coffee flasks, notepads, pens and feedback forms.
- Total LV= IP sales for attendees – comparing 3 months before to 3 months after – have increased by 295%.
- Market share for LV= has increased by 26% to 42% – although this growth can be attributed to additional variables, feedback from advisers suggests a significant proportion is a result of the Wake up to IP campaign.
- Wake Up to IP has powered over 600+ effective conversations with advisers
- Ongoing engagement remains high: average time on the microsite is 8.5 mins and the 10% bounce rate is very low.
- Email open rates average at 55% with 29% av. click-to-open rates – substantially higher than the industry average of 21% (Sign-up.to 2014 UK email marketing benchmark report).
- Wake Up to IP has been integral to LV=’s rise in protection sales in 2015.
- Read an article on the success by Cover Magazine here.
IP sales have increased by 295%
- Online display advertising
- Event sponsorship
- Email marketing
- Trade press advertising
- Branded merchandise
“Undoubtedly ‘Wake up to IP’ has been successful for us and for the advisers that have attended it.”
Richard Rowney, Managing Director, LV=
I have to say that I genuinely woke up this morning feeling extra passionate about IP. I’m implementing a series of changes to the way I work as a result of Mike’s excellently enthusiastic session.”