LV= Protection Proposition

The challenge

LV= is seen by advisers as having best-in-class income protection. However, this wasn’t translated into their share of menu protection sales (life, critical illness, and income protection sold together). So, we were tasked with developing an integrated campaign that would increase LV=‘s menu protection sales, profitability and market share. Our goal was clear: to position LV= as a leader in menu protection and establish stronger, long-term relationships with financial advisers.

Moreish approach

Analysis of adviser and market research, as well as running a proposition workshop with key LV= stakeholders and customer-facing teams, identified key insights and opportunities for differentiation.

Two distinct adviser groups were identified as part of the approach:

1. Advisers not recommending menu plans: We found that these advisers hesitated to sell menu plans due to concerns about affordability and complexity. However, they were motivated to fill lost income gaps and comply with consumer duty.
2. Advisers already recommending multi-product plans but not LV= menu: This group perceived LV= as having expensive menu plans but acknowledged the quality of LV=‘s income protection.

We developed segmented messaging propositions for each adviser group, focusing on the unique value propositions that LV= could offer.

To execute the strategy, we created an umbrella campaign theme: “Menu Protection from the Heart.” This theme connected the menu concept with LV=‘s brand identity and evoked an emotive feel, emphasising the benefits for clients.

Creative messaging and design were tailored to each adviser group. For advisers not recommending menu plans, Moreish highlighted how recommending menu protection was easier than they thought, showcasing LV=‘s comprehensive package of support and flexible product options. For advisers already recommending multi-product plans but not LV= menu, the messaging emphasised that LV= put protecting income at the heart of their menu plan, making it easier to recommend.

We also developed a new digital tool called Protection Matchmaker. This tool personalised LV=‘s menu protection products based on clients’ occupations, families and financial situations, making the offering more relevant and personal.

The results

Our integrated campaign for LV= achieved exceptional results and surpassed the original objectives. Key metrics were tracked over a four-month period following the campaign launch:

• Awareness: There was a remarkable 153.36% uplift in unique menu page views on LV=‘s website, exceeding the target of 100%.
• Engagement: Moreish successfully garnered 290 adviser sign-ups for the menu webinar, surpassing the target of 100.
• Conversion and sales: Menu apps experienced a significant 14.74% uplift compared to the previous period, while income protection sales saw an impressive 32.32% uplift.
• The Protection Matchmaker tool gained substantial traction, with 720 adviser users, demonstrating its positive reception within the industry.

Hear what Mike Farrell, Sales and Marketing Director at LV=, also had to say on the success of the project:

“The Protection business at LV= has been going from strength to strength over the past couple of years. This success has continued into 2023 and not only are we well ahead of our targets but we can also see from industry statistics that we are outperforming the wider UK protection market.

“Part of the reason for this success is down to the ‘Menu protection from the Heart’ campaign that the LV= B2B Protection Marketing & Moreish teams created.

“It was terrific to watch the way that the two teams combined and jointly created and evolved a campaign that had resonance with advisers. They really understood what the objective was, to change adviser perception from LV= being an Income Protection specialist to a Menu provider, and significantly exceeded the commercial targets.”