February 2018 marked a significant milestone in the digital insurance landscape. Eddie, Wesurance's CEO, believed he was about to spearhead a transformative campaign. With the proud launch of a cutting-edge insurance app just a few months prior, the next challenge was set: recruit 1,000 new insurance consumers in one week.
The strategy was both bold and enticing. A 5-day travel insurance package offered at an unbelievable USD 1.20, a stark 5% of the typical market rate. Committed to this vision, Wesurance allocated an acquisition cost of USD 10 per customer. With optimism bubbling, Eddie anticipated a swift response. In a marketplace where a product priced at just 5% of its value would be swiftly claimed, this travel insurance deal should have been irresistible.
But as the days of February unfolded, the eager influx of insurance consumers remained distant. The reservation was palpable. The defining moment, however, came with a phone call. A lady, having made the purchase, voiced her unease and requested a refund. She was pondering the idea of paying more for a policy from a trusted, established brand, seeking the comfort of assured security.
The interaction was a lightbulb moment for Eddie. In the vast marketplace, where offering something at 1/10 of its cost often signalled unparalleled value, insurance consumers thought differently. Trust was paramount. Eddie recognised that in the world of insurance, it's more than a mere transaction; it's a pact, a promise.
Reflecting on this unexpected twist, Eddie mused, "Had this been a deal for any other product, our targets would have been hit in mere minutes. But insurance consumers, they command a deeper connection."
Although February 2018 didn’t see Wesurance hitting its numerical goals, it presented a lesson far beyond numbers. This campaign served as a compass, guiding the company's future strategies and highlighting the essence of trust and relationship-building.
Today, Eddie's story stands as a powerful testament to the nuances of insurance consumer behavior, highlighting that the road to success is paved with understanding, connection, and trust.
