Insurance may not be the first thing that comes to mind on February 14th, a day long associated with romance. However, two stories from China and Singapore say otherwise – highlighting how insurers may get a little cosier with their customers on Valentine’s Day.
Chinese insurer China Life offers a “love insurance” policy which, according to its website, is designed to “guide the younger generation to develop a positive attitude towards love and relationships.” In return for a one-time fee, if you and your named partner marry each other between three to thirteen years after the date you bought the policy, you will receive 10,000 roses for your wedding. Personal accident cover inside the first three years is also included.
While a little wacky, the story reflects a possible future for the insurance industry as one that may enter various areas of consumers’ lives and morph into a life manager or personal assistant. This is in contrast to being a cold, faceless operation that simply steps in (or not) when an unfortunate event occurs.
We can see elements of stepping away from the traditional role of the insurer in the risk management role of some motor telematics propositions. As well as being a device for calculating premiums, the technology can alert consumers when the vehicle needs maintenance, or act as a guardian angel if they end up stuck on the side of the road. Equally, health insurers are offering little bonuses and rewards for proven healthy living and activity – it’s only one step further to do the same for less directly relevent goals, which can act as a bridge between insurers and customers.
Broken heart insurance
Singaporean insurance broker Insurance Market offered free “broken heart insurance” in the lead-up to this year’s Valentine’s Day. Individuals could cover against heartbreak by registering with the insurer on a dedicated microsite. If tragedy strikes, a payout will be found in the form of a pair of cinema tickets upon submitting their heartbreak story.
A clear marketing device rather than a product, what Insurance Market’s campaign demonstrates is the triple win providers in an online world need to target – in the first place, finding the hooks to acquaint customers with the ease of buying insurance online through a balance of fun and education. In the second, delivering a story that is social media-friendly and can grow to create its own momentum. Third, breaking through a traditional view of a dour financial services business and showing a fun, engaging, and customer-caring side.
By Head of UK General Insurance, Stewart McEwan