AMP Essentials was developed to increase awareness of AMP’s well-deserved reputation for helping their customers protect their financial futures, and help provide additional protection of their finances and their lifestyle if anything unfortunate happened. And strategically, increasing customer stickiness.
This very cost effective bundled product for existing KiwiSaver customers was an Industry first and a clever all in one solution which made it easier to say yes.
AMP Essentials is a textbook case in how to disrupt a category using a combination of insightful product innovation, data analytics, creative variety, and a cunning deadline-driven communication strategy which resulted in a 25% over delivery on retained funds (FUM) for AMP, an outperformance from the targeted gen Y and X segments, and response rates over target.
The ingredients of this success in a famously conservative category were crucial. Firstly, a New Zealand first in terms of the creation of the AMP Essentials ‘product’ of Trauma, Income Protection and Life Insurance, bundled together at an entry level price very much as a ‘starter’ pack, easy to apply for. The sophisticated data analysis delivered a highly-segmented customer base allowing the messaging to be tailored across age bands and within one of four alternative creative executions, themselves delivered by a mix of eDM and mail. And then the other disruptive factor – in a largely passive, ‘why do it now’ category, a relentless deadline-driven communication strategy was introduced which delivered the desired tension and action; every deadline message culminated in a mass spike as a result of the Last Chance eDM.
Approximately 11% signed up from the first communication; however, the majority required the follow up and last chance reminders to spur them to action, clearly demonstrating the power of the follow up communications on sales.