It has conducted research that shows two in five New Zealanders do not have life insurance and only 16% of those who do not have it are considering it in the future.
The Facebook campaign is designed to reach 25-year-old to 50-year-old New Zealanders who may not know where to start with insurance or consider it relevant.
From June 8 until July 12, New Zealanders can receive $10,000 of free life insurance for six months via Sovereign's Facebook page.
The campaign is running exclusively through Facebook to reduce the complexity of the product.
“We’re making insurance really easy to understand by giving people a chance to try it through one of the most widely used communication channels in New Zealand,” says Sovereign chief marketing and innovation officer Chris Lamers.
“Facebook helps us cut to the chase - we can talk to people during those milestones in their life when insurance is most relevant to them. We’re challenging traditional stereotypes of life insurance as complicated, traditional, irrelevant and, dare I say it, boring."
Sovereign’s research revealed the main life triggers for taking out life insurance included planning for the future (41%), children or child on the way (33%), first-time home buyer (20%), marriage or permanent relationship (24%).
“It’s at these milestones that life insurance can make a real difference,” says Lamers.
Sovereign’s research also revealed that the main reasons for not having life insurance is a belief that it isn’t relevant to their life stage (42%) and that life insurance isn’t necessary (22%).
“We know that some of the most common reasons for underinsurance are a lack of understanding, complexity of insurance products and a reluctance to plan for the future. We are hoping to address these and many other barriers to getting insurance through the simplicity and accessibility of this campaign.”
Lamers says the campaign is one of many steps Sovereign is taking to end sameness and break the industry mould.
“We want to help Kiwis take charge of their lives and start planning for the future so we’re making it possible for a whole new generation of Kiwis to try before they buy.”
The campaign also allows people to take charge of their insurance by naming the product and deciding which friends they would like to share the offer with.
“To claim the free insurance offer, people simply visit the Sovereign NZ Facebook page and click on the free insurance offer. Once they have entered their details they have the option to share the offer with New Zealand based friends. It’s as simple as that. We’re looking forward to covering as many Kiwis as possible.”
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