Alecta Promo, Case study MANKIND IS SHORTSIGHTED by Prime

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MANKIND IS SHORTSIGHTED

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Industry Banking & Financial Services
Media Promo & PR, Case study
Market Sweden
Agency Prime
Executive Creative Director Tom Beckman Prime
Creative Désirée Maurd
Released July 2011

Credits & Description

Category: Financial Services, incl. Investor Relations and Corporate Finance
Advertiser: ALECTA
Product/Service: OCCUPATIONAL PENSIONS
Agency: PRIME
Key Account Manager: Carl Fredrik Jaensson (Prime)
Executive Creative Director: Tom Beckman (Prime)
Assistant Account Manager: Elof Hansjons (Prime)
Media Relations Specialist: Charlotte Pataky (Prime)
Media Relations Specialist: Claes Nyströmer (Prime)
Creative: Desirée Maurd (Prime)
Chief Economist: Eva Adolphson (Alecta)
Brand Manager: Jelena Mirkovic (Alecta)
Communications Integration Manager: Katja Rodny (Alecta)
Press And Public Affairs Manager: Johan Anderson (Alecta)
Psychology Consultant: John Airaksinen (Psykologifabriken)
Production Manager: Alexandra Engblom (Prime)
Psychologist: Linda Backman (Psykologifabriken)
Media placement: Smartphone application - App Store - 1 march 2011
Media placement: Facebook page - Facebook - 1 march 2011
Media placement: Website - www.alecta.se - 1 march 2011
Media placement: Webisodes - www.msn.se - 1 march 2011
Media placement: Report - Public seminar - 28 march 2011
Media placement: Political summit - Almedalen - 3 july 2011

Summary of the Campaign
This is a story of a mutual pension fund who took its mission seriously. By integrating public affairs and market communication activities under the concept 'Mankind is shortsighted' it reached 34m people - 4 times the Swedish population - and changed the view on the pension industry.

As a mutual pension fund, Alecta’s mission is to serve the consumers' interests. The management had observed how the pensions industry exploits the consumers’ lack of knowledge and interest. The costs are much higher than they need to be. Parts of the industry also worked for regulatory changes that would in effect weaken the consumers further, leading to increased costs and lower pensions. Alecta realised they had to do something about it but needed a concept that could engage both publicly and business-wise.

The solution was brought from the fact that Alecta is a business constructed to deal with mankind’s tendency to be shortsighted. Shortsightedness was also the key to understand how the pension industry can exploit people. With impact in every single major newspaper and multiple national prime time broadcasts Alecta’s story reached 34m people - 4 times the population. The project was even nominated for the best innovation in the Swedish insurance industry. Alecta’s new perspective on the industry received support from politicians of all sides and gave birth to initiatives to make costs more transparent. In fact, instead of opposing, one of the two dominant pension insurance broker firms has for the first time offered commission-free pension counselling in a procurement process.

The Situation
As a mutual pension fund, Alecta’s mission is to serve the consumers' interests. The management had observed how the pensions industry exploits the consumers’ lack of knowledge and interest. The costs are much higher than they need to be. Parts of the industry also worked for regulatory changes that would in effect weaken the consumers further, leading to increased costs and lower pensions. Alecta realised they had to do something about it.

The Goal
(i) Put focus on the consumer interest in the pension debate and turn the discussion against high-level political ideas of regulations that would (further) strengthen the advice industry on the expense of the consumer.

(ii) A second goal, partly working as a medium to reach the first goal, was to cost-effectively increase awareness of Alecta and its role, among decision makers, customers (the insured) and the public. 35 of the 100 most influential decision-makers and/or opinion makers in these issues should be actively engaged.

(iii) Towards the public, the attention should strengthen Alecta’s association to low costs and fees, serving the consumers’ interests.

The Strategy
The project needed a concept that could engage both publicly and business-wise. We needed an integrated project not just in terms of online, offline and mobile channels, but more importantly integrated public affairs with marketing communication.

The solution was brought from the fact that the pension industry, and Alecta in particular, is a business constructed to deal with mankind’s tendency to be shortsighted. Shortsightedness is also the key to understand how the pension industry can exploit people and make them pay for much more services than they need – without even notice how much they pay. Alecta had the facts to uncover the story and call for greater consumer protection.

Concept: 'Mankind is shortsighted. That’s why there’s Alecta.'

Execution
Joining hands with a team of psychologists, we created a smartphone application based on cognitive behavioural therapy. The app allowed users to single out shortsighted, bad habits they wanted to kick, and to share their progress in social networks. Alecta also documented 4 real-life counselling sessions involving an experienced actor and a certified therapist. 4 typical areas – child-rearing, social awkwardness, sugar cravings and personal finances – were selected to pique the interest of major media outlets. Users could view the counselling sessions in the app’s play function. But Alecta also published the sessions on MSN Video.

To spark public conversation a report titled, 'The Plundering of Pension Savers' was launched in a well-visited seminar that started a debate still defining much of the pension discussion in Sweden. 2.5 months after the first launch, an updated discussion was held at the important political summit Almedalen.

Documented Results
1. Broad and niched media relations activities brought the smartphone application into the top 20 list of the most downloaded applications in Sweden.

2. The therapy sessions climbed the MSN Video charts, remaining there for months, reaching 4.2m and generating traffic for Alecta’s website.

3. The project was nominated for the best innovation in the Swedish insurance industry.

4. With impact in every single major newspaper and multiple national prime time broadcasts Alecta’s story reached 34m people - four times the population.

5. Alecta’s new perspective on the industry received support from politicians of all sides. It gave birth to initiatives to make costs more transparent. Instead of opposing, one of the two dominant pension insurance broker firms has for the first time offered commission-free pension counselling in a procurement process.