Liv: An Insurance Policy for Millennials’s Smartphones

Emirates NBD launched their mobile bank for Millennials, Liv, in 2017. Since then, many partnerships have been announced to rollout additional services.

Most recently, they teamed up with RSA Insurance, on featuring mobile insurance plans for Liv customers (covering devices up to 2 years old). The subscription processes are paper-free, through the Liv app.
Contract management issues and claims are also entirely dealt with from the app.
Customers are protected against:
- Drops
- Breakages
- Liquid damage
- Fire damage
- Out-of-warranty breakdowns
- Theft
Liv also includes a rewards system for insured customers who never file any claims. Liv sends them a 20% cashback on the premium paid at the end of the policy term if they agree to renew their insurance policy.

Key Figures (2018)

150,000 customers

10,000 new customers/month

5 customers out of 6 are Millennials

25 partners end-2018

Designing a wide range of insurance offers. In line with Emirates NBD’s ambitions, Liv’s mobile insurance plan is one example out of a long series of specific policies later to be launched.
Addressing Millennials’ needs. This mobile insurance policy is intended to meet your customers’ needs as, in Liv’s own words, “Millennials can’t live without their phones”.
Securing customer loyalty on a niche market. As their insurance offer also builds on a rewards system, Liv relies on these policies to secure their customers’ loyalty.

Liv launched a year ago and has been growing fast since. It was designed to meet specific needs identified by Emirates NBD among their young customers: reliance on social media to carry out a certain number of transactions (ex.: money transfers), apps for sharing expenses, tracking transactions in real time, customised apps based on the customers’ interests.

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