Presenting the 2022 Insurance Ad Oscars, our annual look back at the industry’s efforts over the past year, compiled by The Lead Agency’s marketing team
While 2022 has been a year of change for the Federal Government and corgis everywhere, some things remain the same.
As much a Christmas tradition as putting up a tree and Uncle Bob complaining about petrol prices again, we present the annual Insurance Ad Oscars.
We’ve again turned to insurance marketing experts The Lead Agency to find the most effective insurance industry commercials in 2022.
Consumers today have experienced a year of external factors affecting their purchase decisions – from inflation to sustainability, climate risk and diversity – while also adapting to the pandemic’s aftermath.
To succeed with today’s consumers, advertisers must position their businesses in a way that addresses their evolving needs. Insurers have traditionally characterised themselves as the economy’s financial first responders, helping policyholders respond to and recover from some of the most challenging times in their lives.
However, the modern consumer demands more. Consumer uncertainty is at an unprecedented high, and in an unpredictable and ever-changing world consumers are looking for brands they trust.
The inaugural Insurance Ad Oscars in 2017 had NRMA Insurance’s Insurance Confidence campaign (https://www.youtube.com/watch?v=sH7Tsk7BR2c) taking out the Best Overall award for a humorous portrayal of a haphazard superhero in extreme circumstances.
Those were happier days: coronavirus sounded like a beer hangover, Donald Trump hadn’t been impeached and the cast of Friends hadn’t reunited.
In 2022, however, insurers went back to basics. The most effective advertisements of the past year have seen insurers switch to addressing real-life concerns and building trust through authenticity, value, inclusion and cost-savings.
Thanks: AAMI declares support for the Victorian SES
The Milk Crate Challenge Social Issues Award
Winner: AAMI VICSES: https://www.youtube.com/watch?v=kJ4Jwi3MbtA
Businesses have traditionally avoided communicating their values and beliefs due to a concern over being perceived as “political” or even choosing sides. However, there has been a significant shift toward Corporate Social Responsibility and issues-based advertising.
Today’s consumers want brands to take a stand on sensitive issues, and insurers have taken note.
Consumers trust brands that have values and beliefs aligned with their own. They know companies have a platform and opportunity to bring awareness to important social issues and support charitable causes – and they expect that.
Allianz did this well through its I Imagine a World campaign, featuring employees talking about how Allianz has empowered them to achieve their personal goals. QBE’s Enabling a More Resilient Future campaign shows how the company has evolved and its dedication to helping those around it embrace change and build strength.
AAMI demonstrated its focus on social issues through its 20-year-long support of the Victorian State Emergency Service by gifting volunteers a uniform with woven-in Thank You messages.
No regrets: AAMI warns against buying the cheapest cover
The Scotty From Marketing Adding Value Award
Issues-based advertising is undoubtedly effective in brand building and generating awareness.
Delivering added value for customers is about understanding their circumstances, needs and preferences at a specific moment.
Last year, life insurer TAL featured in the Insurance Ad Oscars with its Grief Support campaign. TAL also offers a Cancer Support service, communicating the benefits of both through its emotive Moving Forward Isn’t Always Straightforward campaign.
AAMI articulates its value-added services with a humorous approach. Its Bargain Regret? campaign depicts funny situations where spending less has gone wrong for consumers. The point? To demonstrate to budget-conscious customers that it is worth paying more for AAMI’s better quality (and presumably more expensive) service.
One of AAMI’s targets is Budget Direct, which effectively articulates the value of its services, winning our 2018 award for Best Product-Focused Advertising for its Insurer of the Year ad (https://www.youtube.com/watch?v=7tsBDq4pLgU
In 2022, Budget Direct released a range of ads under the Insurance Solved campaign, which skilfully sends out positive messaging to customers by articulating Budget Direct’s features, awards and accolades while simultaneously entertaining them with humorous execution.
Real deals: Youi taps into consumers’ appetite for savings
The Budget-Conscious Gwyneth Paltrow Award
Insurers have continued to deal with the impact of severe weather events, which has led to increased premiums and reinsurance costs being passed on to consumers. At the same time, the ongoing implications of Covid-19 have driven up the cost of living in Australia, with housing, petrol, and grocery costs at an all-time high.
Today’s Australian consumers are incredibly price-sensitive and looking for ways to spend less across a wide range of categories to buffer the instability in the economy. This is reshaping purchase behaviour across the industry, as consumers downshift to products that are cheaper or considered better value, and seek new product options at a lower price point.
While cost-saving is consistently featured in insurance advertising, it has never been as prominent as it has been in 2022.
Advertisers know that consumers have more choices than ever and will shop around to save money, and messaging has focused on discounts and special offers. Allianz offered a 10% discount when consumers purchased insurance online, and GIO provided customers with a multi-policy discount.
NRMA Insurance’s Help campaign promised a hard cold-cash incentive, with $201 off its home and contents insurance, while Suncorp’s APIA gave customers the chance to win a $5000 gift card with an insurance purchase.
Youi opted for a more subtle approach with its See How Much You Could Save campaign showing real examples of customers shopping around to get a better deal on their home and car insurance.