Life insurance company MiPlan is taking a dramatically different approach to solving the prevalent problem of underinsurance of Australian families by engaging students to market their product on Facebook.
The company has enlisted post-graduate RMIT Master of Marketing students to run a 4-week campaign to create awareness of the brand’s mission to protect Australian families from unexpected financial strain. “A recent study found that Australians are among the most underinsured people in the developed world” says personal risk specialist Stephen Handley, founder and CEO of MiPlan.
miPlan was created to change the style of conversation about Life Insurance. Working with the RMIT students is an extension of this initiative. "Social media is still in its infancy. There are no rules. No experts. Working with students who use these platforms daily is a great way to try new things. I've had a great time meeting all the students. Their innovation and energy are contagious." Each team is given a budget to use during the campaign. miPlan has also developed a Facebook App which allows users to get instant quotes and apply for up to $1 million in Life and Disability Insurance online.
One campaign, titled ‘Live and Let Live’, aims to address a specific demographic of new mums, particularly between the ages of 28 to 35. “Our objective is to effectively engage and communicate with new mothers who seek independence and empowerment”, says group member Philippa Varney. “This segment consumes Facebook socially and are also seeking advice and information through the medium”.
“Life insurance is seen as a non-essential spend”, explains Caroline Bommes, in her second year of the Masters program at RMIT University. "We are enjoying the opportunity to implement a real campaign which tries to change this view"
Through the use of inspiring and motivational imagery, the team behind Live & Let Live want to address underinsurance of Australian families. The Facebook campaign kicked off on 16. September 2013 and can be viewed at www.facebook.com/LetLive.MiPlan
Securing Dreams. Simply. MiPlan Online is a registered trading name of BHA Financial Solutions Pty. Ltd. MiPlan offer online life insurance quotes, comparisons and support services.