A recent advertising campaign from ANZ may have assisted financial advisers in making a dent in Australia's burgeoning underinsurance problem.
Recently promoting its life insurance offering as 'love insurance', ANZ flipped the traditional insurance advice script and provided advisers and branch staff with an alternative means of approaching the life insurance conversation with clients.
While official analysis is still underway, ANZ general manager of financial planning and head of direct distribution Shez Ford says anecdotal evidence suggests adviser/client conversations around life insurance doubled during the campaign's run.
"Life insurance is such a challenging conversation to have at so many different levels. We really thought about how we could create an avenue for people to have this difficult conversation and the result was this campaign - the idea being that ensuring your loved ones are provided for if something happens to you is really the ultimate recognition of devotion and care," Ford said.
Described as 'perhaps the most romantic gesture you will ever make', the love insurance campaign likens ANZ's product solution to the customary romantic gestures of flowers, chocolates and candlelit dinners; and, while it's still the same product, Ford says the emotive campaign saw phenomenal engagement from both advisers, and customers of all walks of life.
"Advisers have told us how it's given them a whole new means of communicating with clients which has made their jobs a lot easier, and it's so eye-catching that it's really drawn people in and driven them to find out what it's all about," she said.
"Interest hasn't been gender-specific or age-specific either, because these days everyone has someone that's relying on them. Society is changing and the traditional applicant for life insurance is changing too."
Ford says forcing Australians to think about life insurance in regards to the life they're living now, as opposed to viewing it as something they may or may not need somewhere down the track, has assisted ANZ in explaining why life insurance is so important.
"Generally, initiating these kinds of conversations has been a big hurdle, but reshaping the way we think about and sell this solution has really helped us in achieving our objective of making a significant difference to our customer's lives," Ford said.