Birla Sun Life Insurance has been able to cut through the clutter via some innovative marketing and advertising strategies. As the company’s CMO, Ajay Kakkar, said, “When the world is going zig, you zag.” The Birla Sun Life Insurance case study was the second presentation at the Mumbai leg of the Pitch CMO Summit 2009, held on December 17.
Speaking at the Summit, Kakkar said, “Our vision is to be a leader and role model in a broad based and integrated business. We like our stakeholders to call us as an integrated player.”
Speaking about the global slowdown trends, he added, “There is cautious optimism everywhere in 2009-10. For financial services, it has been a rollercoaster ride.”
On Birla Sun Life Insurance, Kakkar said, “We are among the Top 5 players in the mutual fund and insurance space. We are recognised for our consistent performance. However, the journey has just begun for us and there is so much more to do.”
He further said, “The market penetration is only 5 per cent. We are committed to expanding this reach. Our aim is to make the industry simple and relevant. We have elevated pitch propositions for each of our products, be it retirement solutions or protective solutions.”
According to Kakkar, “We need to practice a customer first strategy. When the going is unbelievably good, be cautious. When the world is going zig, you zag. Stay connected in good times, bad times and risky times. If the competition is lying low, increase your visibility through ATL and BTL activities, product marketing, consumer insights, corporate communication, etc. Why reinvent the wheel, feel the freedom to adapt. Invest a separate budget for brand building. Our only constraint is our imagination.”