Getting young people under the age of 24 to be excited about insurance is not easy. With less than 20% of people under the age of 24 taking out health or life insurance, many do not see the incentives or benefits, and this creates a challenge for insurance brands to market to them effectively.
Most young people struggle with their daily living costs, especially those living in busy cities like London and therefore spending hundreds of pounds per year on health or life cover is not exactly a priority. Many will already by paying for car insurance which for young people under 25 is already significantly higher than the national average, typically at £1,000 per year – or more.
Speaking to youth marketing brands such as ZAK Agency, insurance brands need to market differently to young people to win them over, which we discuss in further detail below.
Admiral and Marmalade
Admiral and Marmalade advertise heavily to young drivers, offering incentives such as no claims discounts, cover before and after you pass your test and black box technology with no curfews, which is a big selling point to younger drivers who value a social life.
The black box that you insert into your car’s dashboard is a huge money-saver for young drivers. Using GPS, it monitors the quality of the driving, time of day, speed, braking etc and can offer discounts of up to 20% for safer drivers that turn, brake and accelerate more carefully.
In terms of branding, you will notice that Marmalade has bright colours of orange, images of young people, creative fonts and large slogans to gain interest.
Vitality is one of the most well-known life insurance brands in the UK which attracts young people and all generations through its discounts for members. Policyholders can save money on cinema tickets, gym memberships, supermarkets, credit cards and more.
This is certainly popular for cash-strapped students and young professionals and their marketing is usually endorsed with well-known ambassadors including athlette Jessica Ennis and rugby player Maro Itoje.
One of the UK’s newest life insurance start-ups, yulife offers company life insurance with access to discounts and rewards for carrying out physical and mental wellbeing tasks.
Customers can earn yucoin via their app for every mile they walk or completing tasks such as breathing, meditation and yoga.
The branding is on point to show youth, health and fun, with brand ambassadors such as Dr Rajan Chatterjee (wellbeing expert) and Deliciously Ella. The use of the giraffe as their company mascot is warm and friendly – more approachable than many power symbol corporate branding, highlighting that it is indeed a different type of lifestyle brand, focusing on mindfulness and a healthy work-life balance.
The start-up runs wellbeing classes, breakfasts and encourages participation of young people through their app. This isn’t just life insurance, it is something closer to life coaching and that is what gives yulife a defining edge, an instant recognition factor, in the insurance marketplace.