In an era where technology and data reign supreme, the landscape of the Banking, Financial Services, and Insurance (BFSI) sector has undergone a radical transformation. The boom in digitization and the surge in MarTech have reshaped the way financial institutions engage with customers, driving innovation and setting new standards of customer-centricity.

To know more about these advancements, exchange4media spoke to Ruchika Malhan Varma, Chief Marketing Officer, Future Generali India Insurance, who shared how technology-based decision-making has been one of the most significant changes in the sector. “Digitization and MarTech, powered by data-driven strategies across the entire customer journey, play a key role in shaping marketing strategies. This is applicable across the entire customer lifecycle - pre, during and post-purchase,” she said.

Varma also spoke on the company’s digital strategies, upcoming initiatives, reaching different demographics and more.

Edited excerpts:

Where does hyper-personalisation stand in the BFSI MarTech stack today?

It is a significant aspect, in terms of offerings and content, and is made possible by advanced data analytics and AI. Each customer is unique, and so are their needs. With these tools, customization can enhance customer experience, making it more tailored and efficient.

This has also impacted marketers' storytelling abilities. It allows messaging to be more impactful and engaging to leave a lasting impression. It helps in cutting through the clutter in a market that has numerous products or services vying for audience attention.

In this context, engaging influencers has played a vital role in BFSI marketing. They establish personalized connections and effectively convey messages.

In this era of personalisation, what impact do you think the Digital Personal Data Protection Bill will have on marketing in the BFSI space?

The BFSI sector will have transformative changes as a large amount of customer data is recorded by banks and insurance companies, and we will have to reassess data practices to ensure enhanced security.

Marketers will have to align with applicable data protection requirements and recalibrate digital marketing strategies. Caution is needed before choosing digital channels for communication to ensure customer trust and privacy. This will certainly impact the overall cost of doing business.

What would you say is an ideal digital strategy for insurance marketers in the current marketing landscape?

One that delivers results across the marketing funnel, and fetches results in terms of business, brand equity and improved customer satisfaction.

One side of the coin is the customer acquisition strategy. Data-driven human insights are the core here.

The modus operandi is to then leverage these insights to develop propositions, run top-of-the-funnel campaigns that build salience and deliver on brand values, create clutter-breaking storytelling, use influencers to drive engagement, and then run targeted campaigns to drive bottom-of-the-funnel metrics and remarket to those who showed interest.

The other side of the coin is keeping the customers not just satisfied but delighted. To achieve this (retention), it’s important to use a mix of human touch and technology to deliver a world-class customer experience.

How have digital channels played out for you?

It is an undeniable fact that India’s internet consumption skyrocketed during the pandemic and continues to rise. The average Indian spends around 7.3 hours per day on their smartphone —one of the highest in the world. As a brand, we focus on reaching out to our customers wherever they are - on Facebook, LinkedIn, Twitter, Instagram or YouTube.

Moreover, we are constantly striving to drive awareness and consideration for protection products amongst a younger demographic to expand the market, which again makes social media and influencers a crucial part of our media campaigns.

Many of our campaigns, launched on YouTube, sparked conversations online and offline. For instance, FGII’s social experiment videos on diversity and bias against members of the LGBTQIA+ community garnered more than 1 million views each. Our OhMyDog campaign (where we took over cricketer Rohit Sharma’s Twitter handle) was one of the hit campaigns on the internet.

The total digital social reach of the OOH campaign featuring LGBTQIA+ couples for the very first time in India was over 15 crores and we had over 8 crore impressions. Overall, we have seen a 59% increase in website traffic and 24% growth in social media followers in FY 2022-23.

How do you woo the youth, and not lose touch with the older cohort of consumers?

The strategy is based on three key pillars: Content, Culture, and Channel.

In terms of content, the company focuses on messaging that is based on relevant needs that cut across demographics. For example, Future Generali was among the first insurance brands to talk about mental health, an issue that affects people of all ages. Similarly, the company bridged a gap for pet parents by offering medical coverage for pet dogs, filling a need that was not demographically driven.

In terms of culture, we utilize universal cultural cues to connect with customers. We used music as a cultural currency to launch one of our propositions, featuring a rap song sung by Indian rapper Slow Cheetah and Anil Kapoor. The choice of rap was driven by the younger demographic but was enhanced by a popular face that resonated with all demographics.

Finally, coming to channels, we have a strong focus on digital channels, which work well for both younger and older customers. We subsequently differentiate by platforms.

For example, on Instagram, where there are younger audiences, we use reel-based, image-based, quick content backed by a strong influencer strategy. On other platforms such as Facebook and LinkedIn, which help the company engage slightly aged audiences, we use a mix of educational and informational content to drive our messages.

Regardless of age, today’s consumer wants to engage with brands which have a purpose and are not just transactional.

Manipal Global Education Services aims to make the long and tedious journey of medical students easier with the launch of their new app, Manipal MedAce. The app is designed to act as a support system that helps medical students learn better and prep effectively for PG Entrance Exams. The host of innovative ‘Learn’ (Basic Science) and ‘Prep’ (PG Entrance Exams) features coupled with content curated by experts makes the app stand out as that reliable friend every medical student needs.

The campaign was conceptualised by 82.5 Communications, an advertising agency that is known for its ‘Ingenious Indian Ideas’. The 82.5 team realised that friendships formed in medical school are the lifeline of medical students and translated it into a powerful and relatable piece of communication, ‘In This Together’. It was brought alive through a heart-warming brand film that traces the everyday lives of medical students across India, accentuated by an infectious jingle, ‘I got you buddy’. The brand film shall be followed by 7 short films highlighting the state-of-the-art features of the app, showing how Manipal MedAce is every medical student’s new study buddy for MBBS and PG Entrance Exams prep.

Commenting on the association with 82.5 Communications, Preethi Frederick, Head, Product Development and Marketing, Manipal MedAce said, "We understand the pressure that comes with pursuing an MBBS degree and preparing for a medical competitive exam. And the idea of having Manipal MedAce as a friend who helps the students in their journey was brought alive in a simple and lucid manner. We are glad to partner with 82.5 Communications on this. They were able to understand the ordeals and challenges that the medical students face and come up with a narrative that’ll help Manipal MedAce forge new bonds in their lives.”

Bhavaneet Bhalla, National Head – Strategic Planning, 82.5 Communications said, “The profession of medicine is one where competency is perhaps the only constant. Manipal MedAce roots their existence in the right kind of content enabling the students to THINK right, giving exposure to a complete medical all-rounded education enabling the students to BELIEVE in possibilities across, and providing ammunition to aid students to ACE their curriculum. It’s in it together with every medical student to ensure they ace their every next.”

Naveen Raman, Executive Vice President & Branch Head, 82.5 Communications – South said, “We are thrilled to partner with Manipal Global Education Services, a leader in the field of education, on this journey. After deep-diving into the lives of the students, we were able to cull out insights that gave us the hook in coming up with a narrative that resonates with everyone. We hope this effort bears fruit and Manipal MedAce becomes an integral part of every medical student’s journey.”

Sangeetha Sampath and Ravikumar Cherussola, Executive Creative Directors, 82.5 Communications – South elaborated on the process, “Talking to medical students helped us understand the challenges they faced every day. But what was more interesting was how their friends made the tedious journey a little better. So, ‘In This Together’ is an ode to all the wonderful bonds people make in medical school. We wanted to let them know that now they have a new buddy they can rely on to get through this journey.”

Casagrand announced its latest association with actor Andrea Jeremiah to endorse a community project, Casagrand Primrose. Located 10 minutes from Tambaram, the project is the largest gated community of the location.

 In line with this association, the company has rolled out a refreshing 360 degree campaign titled “Surprise Ku Ready-a” , spotlighting the unique features of the all-in-one community, which is a one-stop destination for homebuyers of all segments, who are looking at purchasing properties across varied segments of housing. The campaign highlights the location and price advantage of the property with a tagline ‘Tambaram Pakkathula, Indha Price , Semma Surprise’.

Strategically positioned on 200 ft road, Casagrand Primrose is an expansive 9.14-acre gated community project that caters to homebuyers from all walks of life. This ambitious venture offers a wide range of housing options, including affordable, mid-segment, luxury, and ultra-luxury residences, housing a well-balanced mix of 932 units, including 2 and 3 BHK high-rise apartments and uniquely planned spacious 4 BHK sky villas.

Committed to delivering a luxurious living experience that's accessible to everyone, the property offers the convenience of being only a short 10-minute away from Tambaram and easily accessible from key destinations like Perungalathur, Vandalur, Chrompet, Pallavaram, and Mudichur making it an ideal destination for residents of all age groups, ensuring their convenience and comfort. The property is 20 minutes from Chennai International Airport, 7 minutes from the upcoming Metro Station and Mofussil Bus terminus.

Encompassing a vast 7-acre landscaped area, this stunning high-rise enclave provides access to more than 95 world-class amenities and facilities. These include a Cafeteria, mini theaters, virtual reality game zones, state-of-the-art fitness centers, a serene sunken barbecue area, a clinic for residents' convenience, arcade basketball, snooker and foosball tables, and a plethora of swimming pool amenities, such as an island seating area and an aqua gym. These extravagant offerings make Casagrand Primrose the perfect investment opportunity for homebuyers seeking a harmonious living experience that seamlessly combines luxury and affordability. The property also boasts a lavishly planned 28,550 sq ft clubhouse and vehicle-free podiums, fostering a serene environment amidst the bustling city.  Furthermore, Casagrand Primrose prioritizes open spaces and natural light, with 77% of the community dedicated to green, open spaces and 49,000 sq ft of meticulously landscaped podiums. The Vaastu-compliant homes are designed with a zero dead space concept, ensuring maximum functionality and comfort.

Commenting on this special occasion,  Vimesh P, Senior Vice President of Marketing at Casagrand, said, "We are delighted to announce our collaboration with the renowned and highly acclaimed South Cinema singer-actress, Andrea Jeremiah for our special project Casagrand Primrose. In line with our established legacy, we take immense pride in introducing Casagrand Primrose, an all-inclusive gated residential community crafted not only to provide our customers with a secure sanctuary but also to enhance their lives with the utmost convenience and luxury. We look forward to an enthusiastic response from discerning homebuyers eager to embrace the unparalleled lifestyle we provide”.

Freedom Healthy Cooking Oil launched an advertising campaign, ‘Dhyaan se Lijiye’, with a key focus on the importance of making careful choices, particularly while buying Sunflower oil. The campaign with brand ambassadors Yash & Radhika by Freedom Cooking Oil is designed to sensitize the customers to purchase their preferred edible oil with caution and be sure of the quality of edible oil they consume. It has reached over 14 million+ views across the digital and other platforms.  

The campaign revolves around brand ambassadors Yash and Radhika, who convey the core message of making thoughtful selection in refined sunflower oil. The portrayal of Radhika's character initially leaning towards cheap refined sunflower oil is smartly influenced by Yash towards the 100% pure sunflower oil brand – Freedom Refined Sunflower Oil. The Brand effectively communicates the campaign's central message: not all sunflower-themed oil pouches or yellow-coloured oil pouches contain authentic and pure sunflower oil. Imitated product packs closely resemble genuine ones, posing a risk to consumers who may unknowingly purchase fake oil pack. It's crucial to choose wisely, rely on the trusted brand from sunflower oil for your health.

 The central idea of ‘Dhyaan se Lijiye’ aligns with Freedom Cooking Oil's ethos that even small choices can lead to significant transformations in one's health journey.

According to P Chandra Shekhara Reddy, Senior Vice-President of Sales & Marketing, Freedom Healthy Cooking Oil, said “Freedom Healthy Cooking Oils are known for the quality and trustworthiness in the cooking oil market. With our range of products known for the purity and health benefits, the brand has successfully established itself as a reliable choice for health-conscious consumers. The ‘Dhyaan se Lijiye’ campaign with our brand ambassadors the rocking couple ‘Yash & Radhika’ is an initiative to contribute to the health and wellness of consumers. Freedom Refined Sunflower Oil, as brand leader in the category aims to inspire people to be cautious while picking the brand of sunflower oil. Consumers need to check the brand credentials and not be fooled by the use of yellow colour or an image of sunflower on the pack. They need to carefully check the brand name of their choice to be sure of the cooking oil being purchased. A mindful choice will help them prioritize health and be safe.”

Consumer tech brand Crossbeats has roped in ace cricketer Suryakumar Yadav as the brand ambassador for its smartwatch category. This is the first time Crossbeats has signed a brand ambassador since its inception.

Suryakumar Yadav (SKY) will be the face of the brand’s existing and upcoming range of smartwatches. The collaboration promises to be a game changer for Crossbeats as it will open doors for the brand to penetrate the new market.

Archit Agarwal, Co-Founder of Crossbeats said, “We are thrilled to collaborate with SKY and extend a warm welcome to him into the Crossbeats family. His consistency as a match-winner reflects Crossbeats' energetic and dependable persona”.

On this association with Crossbeats- Suryakumar Yadav, who is exclusively managed by RISE Worldwide, said, “I have always believed in innovation, style and walking the extra mile for excellence. I am excited to partner with Crossbeats for their smartwatches category, which also pushes boundaries to strive for performance, design, aesthetics and technology.”

Crossbeats has always been the industry leader, however, this collaboration promises to be a game changer as it will open doors to penetrate the new market. With this new development, the brand is looking at redefining the smartwatch experience for the new generation and rigorously pushing its smartwatch segment in India. It is set to tap into new audiences and take the world of smartwatches by storm.

Stay tuned for what promises to be a game-changing inning in the world of smartwatches.

After coming across Tennis player Sumit Nagal’s heartfelt confession, Gatorade® came forward to support Sumit by welcoming him to the Gatorade® family with a 3-year association. 

"With a vast history of supporting athletes across the world, Gatorade® has believed in enabling athletes to achieve peak performance. This move by Gatorade® underscores its commitment towards helping athletes. In addition, Sumit will be assisted on his recovery and nutrition needs under the guidance of a team of experts at the Gatorade® Sports Science Institute (GSSI). Gatorade® Sports Science Institute help athletes optimize their health and performance through research, innovation and education on hydration and nutrition science which is key element for sportspeople," said the brand. 

Ankit Agarwal, Associate Director, Energy & Hydration, PepsiCo India adds on the association, “Gatorade has always believed in supporting sportspeople to achieve peak performance. Sumit is a role model for the new-gen athletes of India with his career being a true example of hard work and sweat that makes talent shine. As a brand that is dedicated to supporting athletes in removing barriers to sporting success, we are delighted to welcome Sumit to the Gatorade squad. We wish him the best as he represents the nation, and we hope to empower the next generation of athletes with this association as they continue to pursue their dreams.” 

Tennis Player, Sumit Nagal said, “I am deeply moved and grateful to join hands with Gatorade. This association comes to me at a pivotal time, and I am thankful my hard work and passion is getting recognized and appreciated. With Gatorade by my side, I am sure I will reach new heights and give it my all both on and off the court.”

BATTLEGROUNDS MOBILE INDIA (BGMI)has announced a new collaboration with cricketer Hardik Pandya.

This collaboration will soon bring exclusive in-game items inspired by Hardik Pandya's style and personality, such as outfits, helmets, skins, voice packs and cricket-themed emotes. BGMI players will be able to enjoy these items and express themselves in the game with Hardik Pandya's flair and charisma.

Sean Hyunil Sohn - CEO, KRAFTON India, expressed his enthusiasm on the collaboration, stating, "We are delighted to launch this collaboration with Hardik Pandya. Embodying the spirit of grit, skill and survival, he is a dynamic force in the world of cricket, and his passion is something that BGMI players can relate to. This collaboration is a celebration of this shared spirit, and we're excited to bring a fusion of cricket and gaming to our players. We look forward to working with him and creating memorable moments for our players."

Hardik Pandya, who is exclusively managed by RISE Worldwide, expressed his enthusiasm for the partnership, saying, "I have always enjoyed seeing the passion and fire of BGMI players, which has made it one of the most unique and popular games in the country. I am excited to be part of the BGMI family and can’t wait to see the players sport their cricket-themed avatars, emotes, and gear.”