Short term insurance company MiWay.co.za is looking to crowdsourcing platform, Idea Bounty and its community of creative brains to help come up with new ideas to raise awareness around their brand and the insurance category in general. The brief, now open to the public, calls for “ the next online gadget, game or viral email involving MiWay that everyone sends around to their friends”. Miway has placed $3000 bounty on the table for the person who comes up with the best Idea.
By way of context, MiWay is a direct, short-term insurer that focuses on motor and household insurance. The MiWay brand has a fun, slightly offbeat personality without being silly – a perfect fit for the crowdsourcing project. MiWay is the new kid on the car insurance block and was started by Rene Otto, who is also one of the co-founders of OUTsurance. Miway promises rewards for doing things “my way”. They have a loyalty package that rewards members for being low risk clients. Miway has released four financial products – short term insurance, home loans, creditlife insurance and extended motor warranties. They have successfully built their business and brand on four key principals – innovation, online insurance that is intuitive and easy to use, rewarding customers through their MiRewards program and delivering the best service to their clients that they can.
MiWay are the first insurance brand to post a brief on Idea Bounty, which is testimony to the brand upholding its principal of pursuing innovation and new ways of doing things. Along with brands such as FNB and Capitec Bank MiWay is proving that the financial services category in South Africa is up to exploring the benefits of crowdsourcing and engaging with their consumers on a deeper level that just a competition or ad campaign.
Idea Bounty is based on the concept of crowdsourcing – the idea that the creative power of the crowd can be harnessed to accomplish tasks that could only previously be done by the specialised few.
According to Jeff Howe, author of “Crowdsourcing — Why the Power of the Crowd is Driving the Future of Business, “crowdsourcing activates the transformative power of today’s technology, liberating the latent potential within us all”.
“It’s a perfect meritocracy, where age, gender, race, education and job history no longer matter; the quality of work is all that counts; and every field is open to people of every imaginable background,” Howe writes. “If you can perform the service, design the product, or solve the problem, you’ve got the job.”
Idea Bounty, founded by Cape Town digital advertising and marketing agency Quirk, employs crowdsourcing to address briefs submitted by big businesses.
Companies approach Idea Bounty with a specific marketing problem they need solved. Idea Bounty then produces a brief, which is published to the Web, soliciting ideas from people around the world. The best ideas are then scrutinised by Idea Bounty’s clients, and the best idea is then paid a bounty, or prize money, which is usually in the region of between $5000 and $15000.
Daniel Neville, MD at Idea Bounty, emphasises that they is not interested in receiving finished design material; all it takes to qualify to win is an idea that can then be executed by an advertising ordesign agency.
“Most of the ideas we receive are no longer than an A4 page and we get input from everyone – from students to stay-at-home moms to people who work in ad agencies and PRcompanies,” Neville says, “We want those fresh ideas that happen when you least expect them and can strike just about anyone.”