Q&A with Manulife PH CMO: Making insurance relatable to youths

Insurance has always been regarded as a legacy industry, with the market predominantly filled by an older generation who looks for lasting security. However, the pandemic changed the game, as it made the younger markets more aware of their economic fragility and the need to attain financial freedom as soon as possible.

Melissa Henson, the senior vice president and chief marketing officer of Manulife Philippines, discusses how her industry is stepping up in their game to reach out to and connect with digital natives who are used to on-demand, real-time service fulfillment.

MARKETING-INTERACTIVE: What are the lessons learned to become a top marketer in the insurance industry today?

Insurance is typically seen as complicated and traditional, and remains to be a product that is not very highly nuanced. Marketing’s role is to break through the clutter and help change these perceptions.  

This means, first and foremost, listening to customers -- understanding their needs and sentiments, so we can deliver relevant solutions and messages. The pace and magnitude at which we have experienced disruption and change in the past few years have been unprecedented, so it is critical for us to get a constant read of how our customers’ lifestyles, behaviors, goals, and concerns are evolving.

We need to constantly challenge the status quo and try new methods and media that we may not have used before, so we can more effectively reach our audience. The shift from broadcast media to streaming platforms, the exponential growth of mobile wallets, the rise of virtual meeting platforms – these are some of the trends that have provided both challenges and opportunities, and led us to find new ways to engage with both existing and potential customers.

Finally, we also need to push the envelope in our storytelling, delivering relevant, relatable, and memorable messages that give customers confidence that Manulife is strongly committed to helping them be more financially resilient.

Our mission at Manulife is: Decisions made easier. Lives made better. To this end, our brand initiatives are focused on making insurance simpler, more relatable, and easier to understand. When more people understand what insurance can do for them, it is easier for them to be empowered to make the decisions that are right for them, and that help them live every day better.

MARKETING-INTERACTIVE:  Has the pandemic changed the consumer behavior and preferences of Filipinos when it comes to insurance?  How and why?

In Manulife’s 2022 Asia Care Survey, we found that the pandemic heightened Filipinos’ concerns about their health and finances, leading to increased interest in insurance products. About 86% of Filipinos we surveyed told us they planned to purchase insurance in the next 12-18 months, as the COVID-19 pandemic has lasted longer than expected, and continues to impact everyday life. In addition, 79% shared that the pandemic has negatively affected their finances, such that their savings can only last for a year or less.

Changes in behavior and priorities are more apparent among the younger generation who have accelerated their efforts to achieve financial stability. This is brought by their top concerns, which include financial worries such as running out of money and drowning in debt. Younger Filipinos are more aware of the importance of their physical, mental and financial health, and how these are interconnected and equally necessary to achieve overall well-being. Our 2021 study about Filipino millennials and Gen Z revealed that they are more proactive about achieving financial security, and investing in a variety of financial instruments. Insurance ranks highest among products that millennials (79%) and Gen Zs own (68%), followed by government savings programs and cryptocurrency.

MARKETING-INTERACTIVE:  Which marketing campaign came about as a result of this new behavior?  Which market are you targeting and why?

We developed this FutureBoost campaign to communicate that there is an affordable insurance plan designed to hustle with you and reward you with perks and bonuses so you can secure every stage of your life.

We also wanted to engage more Filipino millennials and Gen Zs, who are taking more proactive steps toward achieving financial independence.

We collaborated with adidas Philippines and organized a limited-time contest where one could get a chance to win adidas UltraBoost sneakers and store vouchers for scheduling a consultation with a Manulife advisor about FutureBoost.

We forged strategic partnerships with podcast celebrities and content creators, who have leveraged their growing platforms to encourage young Filipinos to start taking steps towards financial freedom.

Based on these customer insights, we’ve introduced some additions to our product suite. Manulife HealthFlex provides customers the flexibility to choose the level of critical illness coverage they need, and enhance their insurance plan through a selection of optional add-ons. Manulife FutureBoost is a life-and financial protection plan that offers customers multiple rewards and bonuses to help achieve their goals faster. Customers are rewarded for paying on time and staying loyal.

MARKETING-INTERACTIVE:  Which platforms have you used in the customer journey that’s proven more effective in reaching out to them and engaging them? Why?

We invested in new tools and platforms, so we can deliver a hassle-free experience for our customers.

Our digital marketing presence brings our brand to today’s most relevant platforms. To this end, we work with partners such as Grab Philippines, Shopee, and GCash.

Free public webinars help address some of Filipinos’ most pressing health, wellness, and financial concerns. Industry experts and thought leaders share insights, especially as we cope with the lasting impact of the pandemic. We also launched our Everyday better series on YouTube to provide life hacks that help address everyday challenges and concerns.

Our electronic point of sale (ePOS) enables our Financial Advisors to generate proposals and submit applications without the need for paper forms.

Through our customer self-service portal Manulife Online, our customers can manage their policies, download documents and make cashless payments without having to visit one of our branches or payment partners. Customers may also file claims through our website.

Clients with Manulife unit investment trust funds (UITFs) can track and manage their investments and transact on our Manulife iFunds online platform.

Digital films that leverage the power of good storytelling have been a big part of our campaign. They include Goodbye, Hello, which touches on the importance of learning new things, and turning difficulties into opportunities; Imagine, which says that investments are even more critical to help fulfill financial aspirations, and the film was a reminder of that; and  Now Boarding, which tells the importance of overcoming fears and insecurities, as one pursues their dreams.