AEGON N.V.: New insurance company established in Germany
The challenge:
- The Dutch insurance company AEGON N.V. plans to enter the German market to sell unit-linked life insurance products. A public limited company under German law shall be established, using direct distribution.
- AEGON is unknown in Germany.
- Unit-linked life insurance products are not known very well by German consumers.
- The majority of German savers are afraid of investments in equities.
- Insurance companies in Germany do not yet sell complex insurance products via direct distribution.
The solution:
- Build-up the AEGON Lebensversicherungs-AG in Düsseldorf.
- Sell insurances with a brand strategy as common in consumer marketing. Product brand (MONEYMAXX) established.
- One-product strategy (only one life insurance product).
- Sell exclusively with the methods of Direct Marketing.
- Hardly any investments in image campaigns to increase the brand awareness.
- Campaigns and communication are developed for the mass market.
- Extension of the sales channels: Multi-Channel
The result:
Within 8 years the new insurance company sells 150.000 policies (premium written € 1.5000.000) and belongs to the Top-5 suppliers in this market segment.
