Life insurance is a competitive category, and helping advisers to grow their business is important to Sovereign. For Sovereign, its acquisition cost was unsustainable. How could they reduce campaign costs?
The answer was RPM (Rewards Per Month), a new loyalty programme designed to build loyalty and retention of its advisers.
It’s well known that advisers are hardworking business people, and it was decided to treat advisers like the rock star performers they are.
Advisors received a personalised platinum disc inviting them to register for RPM to be in to win the ultimate rock star experience: any band, any venue, anywhere in the world, with any crazy rock star rider they demanded.
For every policy sold, advisors earned points which they could redeem for rewards on the RPM rewards portal. Individualised communications held their interest, tracking performance against their target and including sales challenges to keep Sovereign front of mind.
The results have been outstanding: RPM slashed previous campaign costs by nearly 50%, saving $450,000 in just 14 weeks without damaging sales volumes or market share and 65% of advisors targeted registered for RPM and ROI grew by 89%. Even better, RPM achieved a sustained behaviour change amongst advisors, growing both strong relationships and successful businesses.