Hong Kong’s insurance category has been battered by months of external shocks, from the social unrest to Covid-19.

In 20201H, the category recorded the worst slump since the 2008 financial crisis with a 34.4% drop in new product sales. Unlike most markets, Hong Kong relies heavily on mainland visitors for growth but as borders closed, Hong Kong insurers experienced a drastic 87.6% YoY decline in premiums from Mainlanders. The biggest drop was critical illness (89.6%).

The sharp decline in mainland visitors had competitors focus back on domestic business, intensifying competition in an already small, saturated market. Yet the local sentiment wasn’t any better. The fear and economic uncertainty forced consumers to reassess their spending, tighten purse strings and focus only on the daily essentials.

Against this challenging backdrop, Manulife launched a new critical illness product, ManuBright Care 2, with the ambition to drive brand awareness, consideration and double-digit sales growth.

The creative strategy proved to be effective, achieving stellar results at every level.

Business Results: Beyond Expectations

The campaign delivered 66% growth in Annual Premium Equivalent (APE). While key competitors recorded double-digit drops, Manulife achieved a double-digit on-shore APE growth of 10%. In 2020, Manulife leaped ahead of competitors to No.1 positioning in market share.

Message Impact: Driving Prompt Action

From Manulife’s post-campaign survey: 64% of respondents felt the campaign was easy to understand, 66% liked our ads (34% more than our biggest competitor), 55% were prompted to start preparing, and intent to purchase grew by 8%.

Brand Impact: Climbing Higher

Our campaign had a halo effect over brand affinity. Post-launch, 59% stated an overall better brand impression and brand consideration jumped to No.1, surpassing our biggest competitor.

And today, people are now more prepared with an average of 1.6 CI plans owned per person.