2022 Winners & Shortlists

Why is this work relevant for Media?

Marshall McLuhan said, “Medium is the message”. At NASCO we knew the value of grateful messages from a life well-spent. There is a lot left unsaid in our lives from “Thank-you” to “I love you”. With sudden deaths, people lose their lives and their last words too. “Last Words Insurance” is a free-of-charge add-on to every life insurance policy. Using technology to create a medium for last words to be preserved and providing closure to loved ones, we transformed the very experience of engaging with life insurance, driving 35% increase in opt-ins and 67% increase in inquiries.

Background

Life insurance offers financial protection and helps to de-risk our lives. However, in the Gulf countries, life insurance uptake is low, accounting for just 0.21% of GDP, versus an average of 4.5% in OECD countries. Each inhabitant of the GCC spends just over $60 per year on life insurance, compared to an average of about $1,800 annually in OECD countries. This situation puts everyone at a higher risk and boosting life insurance uptake would be a win-win situation. The challenge is this: there is a big deficit in awareness, in understanding and in incentive. Gulf societies often expect the government to step in and help when a family is faced with financial peril after a loved one’s loss. This collectivist mindset doesn’t connect with today’s realities and government’s limited action. How could NASCO change this dynamic and give a personal incentive for people to act now and take life insurance?

Describe the creative idea / insights (30% of vote)

When people pass away unexpectedly, not only are their lives lost, but also their last words. This was most evident in the pandemic. A life insurance larger than life A policy that preserves what no other can: Hope I Gratitude I Love Last Words Insurance – a free of charge add-on to every life insurance policy which customers could choose to take or not.

Describe the strategy (20% of vote)

When people pass away unexpectedly, not only are their lives lost, but also their last words. This was most evident in the pandemic. Marshall McLuhan said “Medium is the message”. At NASCO we knew the value of grateful messages from a life well-spent. There is a lot left unsaid in our lives from “Thank-you” to “I love you”. With sudden deaths, people lose their lives and their last words too. “Last Words Insurance” is a free of charge add-on to every life insurance policy. Using technology to create a medium for last words to be preserved and providing closure to loved ones, we transformed the very experience of engaging with life insurance. A life insurance larger than life A policy that preserves what no other can: Hope I Gratitude I Love

Describe the execution (20% of vote)

Introducing “Last Words Insurance” – a free of charge add-on to every life insurance policy which customers could choose to take or not. Customers who opted in were invited to record their last words for their loved ones in a studio and these videos were safely stored in NASCO’s secure Cloud. For every video, an NFT was created, linked and owned by the policy beneficiary. These confidential NFTs are not visible to the public, and have no commercial value, only to be released when the policy is claimed. The NASCO sales team was able to have more profound and meaningful conversations with their customers – talking about the impact of death not just from a financial perspective but also an emotional one.

List the results (30% of vote)

No one enjoys thinking about one’s death. We need to consider palliative care, organ donation, funeral directives and life insurance policies. ‘Last Words Insurance’ shifted this conversation. It allowed people to look beyond the administrative and legal complexities, and think about what they wanted to say to the people they love. It created a deep shift in how insurance agents approached the sales conversation about life insurance, driving a 35% increase in opt-ins and a 67% increase in policy inquiries. Despite the painful topic, +85% of customers felt very positive about the initiative and sign ups keep pouring in. More than anything, the ‘Last Words Insurance’ will allow families to find closure, to heal from the loss with more peace thanks to both; the financial support of the life insurance and the important words shared from beyond the grave by their loved ones.