NN Hungary wants to create relevant products that help customers secure their financial futures. Based on customer insights, it recently launched a proposition for families with children.
According to research conducted by NN Hungary, 81% of Hungarian parents believe it is crucial that their children achieve financial independence as soon as possible. And three out of four parents believe it is important that their children attend university in the future. However, only 19% of parents regularly set aside money for their children’s futures. Further, only a third of parents claim to have life insurance coverage to provide for their children. Based on these findings, NN Hungary launched a proposition in April that combines savings and protection elements.
The core of the product is a regular premium investment (unit linked) life insurance through which parents can help their children embark on their adult lives. When purchasing the product, parents shall decide when they would like to access their investment. An extra, optional layer of protection is provided by a rider that waives premiums, for example in case of the death or disability of the parents - if they are the insured persons. This service is of high importance for customers, according to NN research.
The product offers four types of optional coverage for children: critical diseases, hospital stay, accidents, and common children diseases. The insurance of common children diseases is unique in the Hungarian market as none of NN’s competitors offers anything similar. Through this coverage, NN Hungary can help families in case of common diseases such as chickenpox and pneumonia. Some of the protection coverage comes with assistance services that are tailored to children's needs.
The product launch was supported by a large-scale marketing campaign that included television commercials, press activities and special platforms targeting parents. The need for such a product is clearly validated by the fact that within one month from the launch, more than 1,000 families chose the product to help their children secure their financial futures.