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Changing the insurance game with Healthy by Sovereign

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*. Scientifically linked with heart disease, it kills more Kiwis than cigarettes*. Sovereign sees the consequences daily, paying out 60 cents per dollar of premiums every year.

Idea:

Together with Sovereign, we created Healthy By Sovereign, NZ’s first loyalty programme to reward Kiwis for behaviours, not purchases. Every time a member works out, tracks steps, does a fresh food shop, or gets a health related check-up, Sovereign aggregates this data and translates it into ‘health points’. In return, members earn annual cash-backs, so the healthier they are, the less they pay for their insurance.

Results

After four months, 70% of the annual policyholder enrollment target has been achieved, policy sales are up 53% and insurance quote requests are up 45%. In addition, 12,822 leads have been captured, 207% more than the volume achieved in the four months pre-launch. Most importantly, 96% of independent advisers, Sovereign’s key sales channel, have asked for their clients to be contacted.

* Ministry of Health 2015

Industry Gold - Financial Services

2016

Channel Gold - CRM Multi-Channel, Direct Response

2016

Craft Gold - Excellence in Data Strategy, Excellence in Strategy

2016

Nexus Gold - Customer & Market Insight

2016

Craft Silver - Excellence in Creative

2016

Nexus Silver - Innovation, Marketing Products & Services

2016

Nexus Bronze - CRM & Data Management

2016

Want to know more?

Joseph Silk, Director

joseph@chemistryinteraction.co.nz
or call me on 021 567 455

Mike Larmer, Director

mike@chemistryinteraction.co.nz
or call me on 021 277 1345

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