Summary
In a saturated and competitive market, AXA needed to seek new, profitable business lines to claim market leadership and develop a sustainable growth strategy against competitors.
In March 2011, AXA Commercial launched their first product in 10 years – Management Liability Policy. As a new product area for AXA and its broker network, education and ensuring marketing penetration were key objectives. In a busy insurance market, the creative needed to stand out but also, the messaging and product benefits had to be clear and succinct.
A launch event for key brokers was held at the Savoy Hotel, followed by an integrated two-month launch campaign. This included:
– A broker brochure pack
– Nine industry specific inserts
– Product comparison chart
– Launch emails
– Targeted banner
– Print and online advertising in titles including Insurance Times and Post Magazine
– Online advertising
– YouTube videos
– Flickr to promote the launch event.
Client company
The AXA Group is a worldwide leader in financial protection, employing 214,000 people worldwide to serve over 95 million clients. AXA provides property protection (cars, homes, belongings), health and personal protection for families or employees and manages personal or corporate assets.
Employing around 12,000 people across its UK offices, AXA UK’s main lines of business include wealth management, commercial insurance, personal lines insurance and healthcare, with policies sold direct (via AXA’s website or call centres) but more so, through AXA’s broker network.
Commercial insurance products include:
– Casualty: employers’/public liability
– Property
– Motor
– Risk management
In March 2010, AXA Commercial launched Management Liability Policy (MLP) to the business insurance market. MLP protects directors and their companies from new risks they face in an increasing litigious society, covering against claims by employees, regulators and third parties, and is more comprehensive than other existing comparable products. This would be AXA UK’s first product launch for 10 years, so they wanted to create a stir within the industry with a high impact launch campaign.
Strategy
Competitive market – In a saturated and competitive market, AXA needed to seek new, profitable business lines to claim market leadership and develop a sustainable growth strategy against competitors.
New area of business– Launching in a new market area required training and education to ensure broker buy-in and trust. This involved considerable investment in both time and money pre-launch to ensure that systems, processes and people were in place and behind the proposition.
New CEO – AXA UK’s new CEO joined on 14 February; two weeks prior to the product launch. With a new CEO would come changes in company structure, strategy and vision, and the product launch and collateral needed to withstand new initiatives that would be introduced in the future.
Objectives of Campaign
- Quickly establish AXA as a credible market provider of MLP
- Educate and engage brokers about MLP and its USPs by providing professional, concise literature for broking customers
- Creatively demonstrate how times have changed within the insurance industry and legal system
- Develop an exciting and engaging creative concept to work across all media and support the product proposition
- Help maintain sense of stability within AXA when strategic and operational changes were taking place
The Target Audience
Primary:
Commercial Lines Intermediary brokers selling commercial insurance, from independent financial advisers, through to larger brokering companies, already selling various forms of insurance.
Secondary:
Company directors within SMEs, charities, clubs and associations; discerning people capable of making shrewd decisions; company directors needed to be shown the value of more comprehensive cover, and the benefit of changing policy.
Media, Channels or Techniques
The concept
Iconic imagery of old/redundant office equipment including mobile phones, typewriters, old PCs and floppy discs demonstrated the need for directors to move with the times when it comes to their business, and therefore their business insurance. This, coupled with a stylised photoshoot gave the creative great standout within an otherwise very ‘vanilla’ marketplace.
Launch event
Tier one broker clients were invited to attend the launch event, led by new CEO Amanda Blanc at the Savoy Hotel. As one of the oldest luxury hotels in London and with its recent refurbishment, it was the perfect place to see the ‘old to new’ proposition brought to life.
A presentation on ‘change’ opened the event and brokers were introduced to MLP with an overview brochure pack containing product information and benefits, nine industry specific inserts and a product comparison chart, detailing the most comparable market products.
Afterwards, old and new style drinks and canapés were served and a mixture of old and new style entertainments were available for brokers to enjoy.
Campaign
An integrated campaign followed the launch. AXA divided this between targeting existing contacts and developing awareness in the wider market via media advertising.
An email to existing brokers directed them to the MLP web page on AXA’s dedicated adviser, which included product information, a downloadable version of the brochure and inserts, a stylised YouTube video viral explaining the product proposition and an overview of the launch night via Flickr.
A two month media campaign within broker communications involved securing leader board and skyscraper banner placement on the homepage of Insurance Times, and full-page adverts in Insurance Times and Post Magazine. As the most popular broker specific magazines for the insurance industry, it was imperative that the launch advertising appeared within them, to maximise credibility and exposure. The adverts also featured in insurance media including Insurance Age and broking publications Willis Network, Lucas Fettes and Broker Network. The adverts aimed to increase awareness, position AXA strongly within this new market, and direct brokers to the website.
Timescales of the campaign
- August – October 2010 – Research and planning
- October – November 2010 – Print development
- November – December 2010 – Internal soft launch and digital development (phase one)
- Brochure and inserts
- Comparison chart
- Email template
- Website – AXA Connect
- Email campaign
- Advertising – on and offline
- Launch event
- March 2011 – External launch (phase two)
Results
ROI/Pipeline
The campaign quickly established AXA as a leader in SME Management Liability with over 500 policies written, generating more than £500k income since March 2011.
Over £2m income has been committed by 12 key brokers for the next 12 months and there are ongoing discussions with key suppliers to increase this. Revenue is expected to grow to approximately £10m by end 2012 and £50m over five years.
Sales v Competition
AXA has won three tenders with Lucas Fettes, Berkeley Insurance Group and E R Shaw against more than 20 competitors and is fast becoming recognised as a leading new entrant.
Banner advertising
Insurance Times homepage: 46,017 Impressions (average 15,000-25,000)
Click through rate: 0.21% (average 0.17% – 0.19%)
Launch email
- 6,247 emails despatched.
- 25.7% open rate
- (Average for insurance emails is 20.91%, Ref: www.mailchimp.com, 15.12.10)
Microsite traffic 16/2/11 – 16/4/11 (Minus Internal Traffic)
881 total unique views
YouTube video viral
259 views
Client testimonial
“AXA wanted to create a stir within the industry. Columns came up with launch creative that stood out within a busy marketplace and quickly became our most recognised creative and requested brochure within AXA Commercial.”
Hayley Hesketh, AXA Commercial Marketing Manager
“The concept created by Columns for AXA’s MLP launch was exactly what was required. Unlike other insurance products, the creative made the reader want to pick up our literature and read more. We have received considerable positive feedback from key broking customers and our brokers are now using our literature as a key promotional tool.”
Callum Taylor, Head of Management Liability, AXA Insurance