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Disrupting the financial services market

Case Study Sovereign

 

Challenge:

New Zealand has the OECD’s third highest obesity rate and one of the worst diabetes problems in the developed world*. Sovereign sees the consequences daily with 60 cents per dollar of premium paid out in claims annually. How could we convince Kiwis that Sovereign genuinely cared about improving their health?

Idea:

We co-created Healthy By Sovereign, NZ’s first loyalty programme to reward Kiwis for healthy behaviour. Every time a member works out, tracks steps, does a fresh food grocery shop, or gets a health related check-up, they earn ‘health points’, which they can use for annual cash-backs against their premiums.

Results:

Health by Sovereign achieved 70% of the annual policyholder enrollment target in just 4 months, increasing policy sales by  53% and quote requests by 45%. What’s more, 12,822 leads were captured, 207% more than the four months pre-launch. Most importantly, 96% of independent advisers, Sovereign’s key sales channel, asked for their clients to be contacted about the programme.

 

*Ministry of Health 2015

Gold, Silver & Bronze Echo Awards - Best Insurance campaign globally (Gold), Best use of data & analytics (Silver), Best customer acquisition (Bronze)

2017

5x Gold NZDM Awards - Channel x 2, Nexus, Industry, Craft

2016