Digital is a more cost effective way of building a brand: Pradeep Pandey
“If you have a very disruptive product or idea then you can even do campaigns only on digital and still be successful,” says Pradeep Pandey, CMO, Future Generali Life Insurance
Future Generali Life Insurance has been working on its digital initiatives as it prepares itself to meet demand from a swiftly changing consumer base. Heading the initiative is its CMO Pradeep Pandey, leading product, brand & corporate communication areas as also the online channel initiatives.
We caught up with him to understand more about how the life insurance major views the digital domain and what is planned for the future.
Tell us something about the new website.
We have launched a new website which is in sync with changing times. One of the challenges that we faced was how to make it less complicated and more inviting. What we have done is created something which is very different from other financial, especially, insurance websites. For example, it is one of the few websites with scroll down or a floating navigation bar. We did a user test after the revamp and before the launch. Our pre-test score was 7.3; while the new score after the revamp was 8.1.
What kind of improvements have you seen since the re-launch?
We have seen the bounce rate, which is usually 50 per cent and up for BFSI, drop to around 35 per cent. We do not have online offering but we still have an average time spent of 3 minutes. Most of our customers (nearly 50 per cent) are in the 25-34 year age group. The core objective is to help consumers buy life insurance policies.
When do you plan to launch an online product?
How would you describe Future Generali’s digital strategy? What are the cornerstones of your digital plan?
Digital is a great way to connect to customers. One of the pillars of our digital strategy is social media; but social for us is not just about getting likes. The question for us is how do we drive a unique experience? How can our visitors and customers plan finances better? We use the digital platform to share knowledge with visitors while making it interesting. The layman does not know about financial terms so we have taken this into account in designing our content.
On YouTube we want to do something disruptive. For example, can we create short videos using Lego to explain financial concepts to our customers? We are looking to create content for YouTube to explain complex concepts in a few minutes. From next financial year, the digital medium will be our main medium for brand awareness.
You said social media was one of your pillars. How do you use it?
We use social and digital media to create buzz and customer service; to provide service on the fly. For example, things like due date of premium, etc. can be communicated easily using social media. We will be building the brand through the use of digital roadblocks, strategic partnerships, etc. Digital is a more cost effective way of building a brand.
You mentioned that digital will be the main medium for brand building for Future Generali. What does your media plan look like for the next financial year?
The challenge is how to balance the ad spends. We will be doing campaigns utilizing mediums like TV but today digital has the potential to be clubbed with mass media channels like TV and getting you required reach. Also, if you have a very disruptive product or idea then you can even do campaigns only on digital and still be successful.
Does OOH figure in your media plans?
As part of the Future Group we are present across 90+ towns. So we look at leveraging this presence. It is almost as good as outdoor hoardings. We look at OOH on a need basis and use it more tactically.
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