Niva Bupa Health Insurance Company (formerly Max Bupa Health Insurance) has unveiled a campaign targeted at millennials to drive adoption of health insurance. The campaign specifically promotes a new product offering Aspire, an insurance product curated for the young.
The product has been created to address a gap between the number of people under 35 years searching for a health insurance policy (40 pc) and their share of health insurance purchases (15 pc).
According to Niva Bupa’s commissioned consumer research, youngsters today have a long-term view of things but still want to maximise the present. They want to be in control and make independent decisions. They are concerned and proactive about their lifestyle including health and prioritise physical fitness, mental well and spiritual wellbeing. However, this increased consciousness around health does not transalate into health insurance purchase, informed a company statement.
According to the research, key barriers to purchase in their view were:
- Lack of urgency: The need for Health Insurance is linked with the possibility of hospitalisation, which the younger generation believe is not happening anytime soon as they are not likely to fall sick, given their younger age.
- Return on Investment mindset: Youngsters today are financially savvy and look at their expenses with return on investment mindset. Since the utility of health Insurance kicks in later in life as per them, they believe purchasing today would be a waste.
A digital film urges consumers to ‘Start Young’. The film has been released on Niva Bupa’s social media channels.
The film is set in a matchmaking discussion between two families including the prospective bride and groom. When someone says that Anupama will take the final call from the girl’s side, the groom’s side expects that it would be an elder. It turns out to be the prospective bride’s younger sister, the youngest person in the room. She has been put on the pedestal by the family, it is revealed, because she is financially savvy and picked up a health insurance policy with her very first salary. She goes on to spell out the many benefits of Aspire. Learning that the prospective groom too has purchased an Aspire policy, she greenlights the match.
Nimish Agrawal, EVP and Head of Marketing, Niva Bupa, said, “Earning the respect of your family is a powerful insight especially when that happens at an early age. There’s nothing more attractive and smarter than being ready for whatever life throws your way. With Aspire, Niva Bupa attempts to redefine the category codes and celebrate the decision that every youngster should make. This film’s innovative approach to a traditional scenario highlights how Aspire’s industry-first benefits are reshaping the conversation. The product is a solution for the ever-evolving needs of Gen Z and millennials. It’s not just about protection; it’s a proactive, forward-thinking approach to health and well-being for the young population of our country.”
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