Life Insurer Crowdsources Social Media Campaigns With Students

Life insurance company miPlan plans to use social media and develop campaigns to lessen the number of underinsured people in Australia.

miPlanAccording to a study conducted by the National Centre for Social and Economic Modelling (NATSEM) in 2010 found out that Australia has the most number of underinsured people among developed countries. The study also said that 95% of Australians do not have enough personal insurance and miPlan hopes that social media can play a role in reversing the trend.

For this campaign, miPlan has partnered with the graduate students of RMIT’s Graduate Marketing program which will test a variety of marketing ideas to implement.

According to Handley, Australia’s underinsurance problem hints that traditional marketing has not worked and if these strategies are applied to social media, it is also unlikely to work. Working with RMIT will allow miPlan to get creative and innovative using fresh ideas.

The assignment will allow students to see the performance of their campaigns which will eventually lead to better fresh, innovative and creative campaigns that can reverse Australia’s underinsurance trend.

Key Stats

  • 95% of Australian’s are underinsured
  • One in five families will experience unexpected death, accident, or illness of a parent

Stephen Handley, miPlan Founder and CEO: “Social Media is a brave new frontier, full of opportunity and uncertainty. There are already a number of examples of marketing campaigns backfiring catastrophically, and so most traditional companies are very hesitant to experiment. In our opinion, however, Social Media is an opportunity to engage customers in deeper conversation, which means we can actually learn what’s important to them.”

Dr. Angela Dobele, RMIT Head of Interactive Marketing Program: “This assignment is about creativity and strategy. Students had to conduct research into the insurance industry and then develop a unique and positive message to encourage people to purchase a life insurance policy – it’s a bit different from convincing them they need new sunglasses – and they have responded very well to the challenge. This semester we’ve seen koala families, circus performers, guardian angels, emergency police tape and met Bob. Students have developed viral marketing campaigns through a variety of social media tools including Pinterest, Facebook and YouTube.”

Source: equities.com

After Rabobank and its ‘Gamification Challenge‘, this is at least the second time this year a financial institution taps gamification to involve students and urge them to share their ideas and suggestions on social media and innovation projects.

Do you agree that the lack of communication and interactivity between customer and insurance company is the primary cause of Australia’s underinsurance problem? And will fresh ideas and interesting social media campaigns will be able to reverse the trend?

Join the conversation here or on our Facebook page.

What do you think?

Written by Christophe Langlois

Based in London for almost a decade, Christophe is an entertaining fintech marketing keynote speaker and a trusted advisor to the global financial services industry on the topics of digital marketing, innovation and B2B social media.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is advising a number of fintech startups on marketing and growth hacking and he is the Chief Marketing Officer of The Fintech Power 50, an exclusive annual programme helping fintech scale-ups to accelerate their growth globally.

Christophe's views on VisibleBanking.com are his own.

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