Elite Risk Acceptances is a specialist provider of bespoke wealth asset insurance and personal risk management solutions to high-net-worth individuals, and is a wholly owned subsidiary of Old Mutual Insure. MSL had a longstanding relationship with Elite’s Managing Director, Christelle Colman, who immediately approached us when she needed to acquire the services of a capable Cape Town PR agency to help her launch her new brand into the highly competitive insurance market.
The below case study highlights the strategic mix of tactics used to position Elite as the premier specialist insurer for wealthy South Africans among its target audience – brokers. The launch campaign resulted in superior business growth in the first year and the campaign earned a Gold PRISA PRISM Award in the Financial Services Category.
In a recessionary local environment (June to December 2018) and with a limited marketing budget, Cape Town-based PR agency, MSL was tasked with launching insurance start-up brand, Elite Risk Acceptances (Elite) into an extremely saturated – and risk averse – South African market. MSL’s challenge was to positively impact two key markets: wealthy South Africans and influential brokers, persuading them both to move away from established – and significantly larger – specialised high-net-worth (HNW) insurance underwriters, by demonstrating that the brand offers something truly unique from both a product innovation and bespoke service perspective.
Through an integrated mix of HNW insights-driven content across traditional media and social channels and direct engagements, Elite closed 2018 with, among other achievements, significant brand awareness among key audiences, policies underwritten of 20% above target – and a significant increase in annualised premiums on its book.
- Position Elite as an innovative, forward thinking start-up under the OMI brand, South Africa’s oldest insurer’;
- Differentiate Elite from its well-established competitors in the HNW space (a market that is traditionally established and is often averse to switching financial services brands);
- Highlight and make relevant its product content offering, which was initially being positioned as more ‘advertorial’ and not editorially thought provoking;
- Attract influential brokers.
- Always-on brand awareness, sharing curated luxury lifestyle content and engaging with audiences via social media (Facebook, Twitter, LinkedIn, Instagram);
- Editorial profiling, creating and sharing educational, but authentic, thought leadership content – subtly showcasing expertise and product offering:
- Launch media release announcing the launch of Elite to South Africa’s HNW market,
- Ongoing profiling of CEO during Women’s month
- Media content on Elite’s transformed all-female board
- Educational media releases highlighting HNW risks and Elite’s expertise and relevant offering(s)
- Activations at industry broker events to gain brand equity with primary target – brokers and financial advisors;
- Securing relevant HNW brand sponsorships and access to upwardly mobile client databases:
- FIA Summit Activation in partnership with Jaguar South Africa and a social media competition to win a Jaguar for a month and a VIP experience for two – tied in with the launch of the new All-Electric Jaguar I-PACE – rated as of one of South Africa’s top (and most aspirational) vehicles in 2019
- In total 124 media clippings were achieved across Tier 1 print, online and broadcast channels in South Africa (including key business, insurance trade, financial, HNW consumer mediums)
- Total AVE (1:1) value achieved of R5 201 497,00
- Total PR value achieved of R15 604 491,00
- Increased broker force to an increasingly competitive base
- Exceeded underwritten polices target by +20%
- Feedback from Elite’s broker distribution partners: “The Elite brand launch and innovative positioning has reflected positively on Old Mutual Insure, changing perceptions to that of Old Mutual Insure being ‘back in business.”
- Exceeded target annualised premiums significantly
Winner 2019 PRISA PRISM AWARD (GOLD) in the highly competitive Financial Services Category. Campaign: Launch of Elite Risk Acceptances to the local insurance market as the premier specialist insurer for wealthy South Africans.
Looking for a PR agency to assist you in taking your start-up brand to market? Contact us – email@example.com today.
MSL Group South Africa operates nationally from Cape Town and Johannesburg and is part of a unified global communications network.