At a CPIEC presentation to members at RGA UK’s offices at Tower 42 in London, Zed Media joint managing director Paul Constantine said the group will need around £5m to fund a major campaign to raise consumer awareness of their protection needs. The CPIEC hopes its advertising campaign will launch in March 2010. In the first year of the campaign, the group expects a 3 per cent uplift in sales of protection products, totalling £27m and equating to 62,000 new accounts.
If divided equally between the 22 insurers and reinsurers which have signed up to fund the project, each firm would contribute around £227,000 in total, with £150,000 due on October 30 to fund the next phase of the campaign’s development costs.
Constantine said £3m would be spent on a TV ad campaign, £250,000 on press advertising, £280,000 on search engine marketing, £50,000 on search engine optimisation, and £220,000 on online advertising.
Production will cost £568,000 while management and research costs will total £150,000.
He said: “TV advertising is incredibly strong in financial services. It is off the scale in terms of association, meaning that it is the medium where people expect to see financial services advertising and are more likely to take in the messages.
“There will be a £1.25m burst spent on TV advertising in March next year, followed by £600,000 in April and a further £1.17m in September.”
Media Sense director Graham Brown says: “If you are going to do this properly, there are no short cuts. We have to develop a creative proposition and identify how we are going to talk to these consumers and change their behaviour.
“We need to understand much better than we do now about how we actually reach these consumers and how we segment them in the media so we need a more robust view on how and where we are going to spend this money to engage with consumers to deliver the messages.”
Brown says the £150,000 due from each firm by the end of October is needed if the group is to meet a TV booking deadline of January 5 to secure adv- ertising slots in March 2010.