Teachers Life creates a life insurance brand for millennials

Nowly aims to simplify and incentivize getting coverage for an under-insured demographic.

Fraternal insurance company Teachers Life is launching a new brand for millennials that aims to address what it sees as an issue of misperception.

“Canadians as a whole are under-insured,” says Martha Turner Osborne, chief marketing and sales officer for Nowly, the new brand. “Millennials are more hesitant to purchase life insurance as they see it as a product that only gives them something when they die. But Nowly insurance gives them world-class, ‘living healthy’ benefits as soon as they sign up.”

Those living health benefits are provided primarily through Nowly’s “virtual wellness program,” powered by Virgin Pulse, which provides group health challenges, healthy habit trackers, digital coaching and learning opportunities. The insurer also offers a once-annual $50 rebate to members that can be put toward any health and wellness program, app or gym membership.

That emphasis on immediate benefit has been baked into the Nowly brand, which was designed by creative agency Good & Ready.

“The younger demographic has a live-in-the-moment mindset, so selling life insurance to them is a bit harder. The key was to convince them that there is an immediate benefit to buying insurance from Nowly,” explains Terry Drummond, co-founder and creative at the agency. “We made a point of not using fluffy language – the way insurance was marketed to their parents. There is no mention of ‘buying security for your loved ones’ future.’ Our tone is much more frank and playful.”

The brand is launching digitally and has an evolving media plan, Drummond says. Early assets liken the process of getting insurance with Nowly to familiar activities such as ordering food using a delivery app – the goal is to make the brand feel simple and light-hearted, allowing it to stand out in a crowded category, particularly with the target audience.

“Our biggest insight is that millennials are used to things being quick and easy to do. So we use easy to understand language and make sure they understand that getting insurance is super simple,” he says. “[Nowly] is a brand that has been created from scratch. It is designed to behave differently. It’s as effortless as using a food app. It’s friendly and straightforward.”