New York Life Insurance Company is launching a campaign focused on the elusive Millennials, who get a bad rap for pushing off adulthood by living with their parents for longer than previous generations and for not planning for the future.
Despite their laissez-faire attitude, as Generation Y starts experiencing major milestones such as parenthood and homeownership, the insurance company believes these “rebels without causes” need proper, expert guidance to secure their financial futures.
The campaign, “Be Good at Life,” features actor/comedian Demetri Martin. It aims to empower Millennials to manage their finances with the help of New York Life so that they’re free to enjoy what matters most in life and in a way that speaks to them in a ways they can relate to.
This marks a shift in focus to a new, younger target demographic, maturing Millennials, ages 25-34, says Kari Axberg, vice president, head of brand marketing, New York Life.
“We are increasing our spending to effectively reach consumers in their daily lives,” Axberg tells Marketing Daily. “Data is the backbone of our plan and we have a robust media plan in place that will capitalize on our consumer’s passion points and be hyper-relevant to who they are and what stage they are in their lives – such as preparing to buy their first home or having a baby.”
Agencies involved in the effort include Anomaly, New York (creative), MediaVest Spark (media planning), Weber Shandwick (public relations), Code and Theory (digital) and The Strategic Agency (sports partnerships and experiential marketing).
The integrated campaign, which launches Sept. 17, includes 60-second, 30-second and 15-second TV spots, digital media, outdoor advertising and a reimagined company website, www.NewYorkLife.com.
“Our current media plan will take us through the next year, but we see ‘Be Good at Life’ as a longstanding platform for New York Life moving forward,” Axberg says.
The campaign is the first time the company has pecifically targeted this demographic.
“While the core of our current business is still Baby Boomer and Gen X customers, the life insurance industry is facing the arrival of a new generation – Millennials – with different financial priorities and understanding,” Axberg says. “We need to make sure we’re establishing a relevant dialogue with this important new audience, especially as they’re entering the life stage where life insurance traditionally becomes a consideration.”
The goal of this marketing is to inspire and enable people to live better lives by helping them take control of their finances.
“Through the campaign, we’ll seek to alleviate America's crisis of underinsurance by redefining the role life insurance plays in people's lives, and aligning New York Life with evolving consumer attitudes about money and happiness,” Axberg says. “Our campaign is based on the insight that people feel that being smart with their money is a key ingredient for living well, but for many Americans making sense of their finances can be overwhelming and intimidating.”
This is especially true for maturing Millennials who came of age in the global financial crisis and are struggling with record levels of college debt as they establish families and careers, Axberg says.
“We believe that financial security is
attainable and liberates you to be good at life,” Axberg says. “This new campaign is an evolution in the way we’re communicating these facts, with an optimistic approach that is
especially relevant and interesting to our growing base of Millennial clients.”