LV= Business Protection product launch

The Challenge

99% of UK businesses are SMEs, and yet only 11% are insured, leaving more than 4 million businesses at serious financial risk.

When LV= launched their Business Protection product, they needed a fresh approach to Business Protection to change the perception amongst financial advisers that it’s complex to sell.

First up, they wanted to get financial advisers that currently sell products in the business protection space to consider LV=’s new offering.

The campaign creative had to be visually identifiable as business protection (a new product area for LV=) without being clichéd.

Research and adviser insight showed insurance providers tended to be out of touch with the structure and needs of today’s increasingly varied types of small businesses. This was reflected in competitor’s marketing materials featuring middle-aged men, suited and booted in corporate environments.

The Moreish Approach

Our creative approach was a humourous, engaging and empathetic way to differentiate LV=’s understanding of today’s businesses whilst differentiating themselves from competitors.

A multi-channel campaign maximised product awareness. Including online banner ads and email campaigns that pointed financial advisers towards dedicated web pages where they could access tools, literature, videos and sales aids.

We developed a whole suite of 5 different online calculators to help financial advisers to simply demonstrate the value of LV=’s business protection products, in what can be a complex subject area.

As well as this, we produced a whole host of marketing materials to support the internal promotion of the product launch, including a caption competition postcard which was a great success at getting everyone at LV= enthused about business protection.

Moreish Results

• 41% of LV=’s Business Protection sales target was achieved in 6 weeks.
• From a standing start, LV= managed to capture a significant market share within a matter of months.
• Our banner ads achieved 10% higher engagement than the industry average and were seen by 14,000+ advisers
• Trade advertising was viewed for a total of 271 hours
• Emails were sent to over 17,000 advisers, achieving impressive open rates of 38% (over 7% more than the industry average)
• The Business Protection calculators were a big success, with high numbers of advisers saving and printing the results
• LV= shortlisted as ‘Business Protection Provider of the Year’ at the 2016 Moneyfacts Awards (trade industry award voted for by financial advisers. The results are announced in September).
• The online tools and calculators were so good that even advisers working with LV=’s competitors were directing people towards them.