New York Life
Challenge: Changing Brand Perception of a Legacy Product
New York Life Insurance Company, Long-Term Care Division needed to change the perception of buying long-term care insurance, from the inside out. The general public and New York Life’s agents had long considered long-term care insurance “nursing home insurance.” Although there was some validity to this historical view, New York Life had changed its product to be more aligned with its clients’ changing needs — asset protection coupled with a policy that would help care for loved ones that needed long-term care. The New York Life Long-Term Care campaign needed to change agent perceptions, sales techniques and educate the end consumer on a very limited budget.
We interviewed several New York Life agents and their clients who had made a claim. The stories that ensued were captivating. The real-life stories became the cornerstone of our brand platform campaign; simultaneously demonstrating the need for long-term care insurance and the commitment New York Life has to its clients. We developed a brand platform and messaging architecture that culminated in a “memory book” of real stories. These stories help New York Life agents walk their clients through the need for long-term care insurance without telling the “uninsured horror stories.” The book tells the benefits of long-term care insurance from the perspective of the insured, rather than the agent or insurance company. We also created a brand culture roadshow campaign targeting New York Life agents, helping them understand the shift in selling technique and messaging architecture. The campaign launched with a presentation that was shown to all agents ensuring a consistent brand message throughout the sales channel.
The “memory book” was very well received by independent and corporate agents alike. The new messaging architecture and “memory book” completely changed the way New York Life Insurance Company, Long-Term Care Division is viewed by its agents and therefore how it is sold. Sales of long-term care insurance increased by a robust 16% the first quarter after launch and 12% over the first year.