Challenge
Fulfilling Family Promises MarketVision helped create and launch a new brand, ValoraLife, which was inspired by Latinos but made it easy for everyone to buy life insurance online. Life insurance is a basic financial safety net for what people value most: their families. But, many people, especially Latinos, told us they think buying life insurance is too complicated, expensive and time consuming – even though they believe it is important for their families’ futures. So, they put off the purchase. Many middle-income families lack roadmaps to show the way forward to financial security. MassMutual asked MarketVision to help respond to a need for financial education among Latino and other middle-income millennials who were not being adequately reached by traditional financial services companies or organizations. Latinos we talked to said that life insurance seemed complicated and wasn’t a priority because of other financial responsibilities. Those talks inspired creation of ValoraLife, a new, simple way to get life insurance online – one that fit their lives and budgets, with customer service help available when they needed it. MarketVision helped MassMutual by creating ValoraLife as a way to connect life insurance with moments that matter (fulfilling promises to family). In other words, we showed how to make fulfilling promises simple!
Solution
MarketVision started with research, having conversations with Latino and non-Latino middle-market families, which revealed insight that lead to the development of the “ValoraLife” (valuing life) brand platform. We brought the brand to life through an online/mobile experience (designed in collaboration with IDEO) and created all website content, including simple educational video stories to empower users. ValoraLife was the first ever of its kind web/mobile experience that enabled customers to learn about and purchase life insurance in as little as 20 minutes. We launched the brand with a “Family Moments” promotional program and online/live event at the Houston Museum of Natural Science with celebrity host Mario Lopez. The ValoraLife Facebook page, featuring educational and family-relevant content, social influencers and paid digital/social ads all worked together to drive traffic to the website. Local grassroots events and PR provided community outreach and raised awareness for the brand.
Results
Developed a ground-up new business and brand platform inspired by Latinos but made for all middle-income families. Conducted a pilot marketing program in Houston, Texas to test, learn and iterate before scaling the marketing activity. Launched first-of-its-kind online platform to learn about and buy life insurance in as little as 20 minutes.
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