‘The campaign #HumKarkeRahenge salutes insurance advisors across India’
Abhishek Gupta, CMO, Edelweiss Tokio Life Insurance discusses the brand's new campaign, revenue generated in the recent quarters and marketing strategies for BFSI brands
The pandemic year saw the BFSI category take centre stage and has amplified its offerings for seamless customer experiences. Consumers in this category also skyrocketed as more people kept insurance and the need to invest monthly a priority in their lives.
In addition to the uptake, Edelweiss Tokio Life Insurance has witnessed consistent month-on-month growth in Individual APE which has been an indicator of robust customer demand. Keeping this core insight in mind, Edelweiss launched its new TV and Digital campaign #HumKarkeRahenge. The agencies the brand worked with for this campaign were Left of Centre Marketing to conceptualize the campaign and DDB Mudra for the media planning.
This campaign salutes the indomitable spirit of insurance advisors across India. The 3 ad films, which are central to this campaign, used a family set up to bring out the themes of procrastination, underinsurance and excuses. Keeping with its focus on regional-based content, the ads will are available in 4 other languages, barring Hindi- Tamil, Malayalam, Kannada and Telugu. This campaign is also a departure from the industry-norm of focussing on product-led marketing during a business-critical quarter.
e4m had a tête-à-tête with Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokio Life Insurance on their new campaign, marketing strategies for BFSI brands and the revenue garnered in recent quarters.
Edited excerpts below
Insight and outcome expected from the campaign ‘Hum Karke Rahenge’
Insurance in India has not traditionally been a priority purchase. A large Indian population is currently either unprotected or under-protected, both of which are not desirable scenarios. Insurance advisors have played a critical role in creating awareness and access to this product category for several decades now. Yet, most people do not perceive them in a positive light. We are all guilty of thinking of them as nagging and persistent when selling insurance to us. So, this customer behaviour was the insight behind this campaign. We believe it is important for the industry to fix this perception gap and our campaign is an effort towards that.
Through this campaign, we are simply providing a counterview and letting people view the determination of advisors in providing us with financial protection from a different standpoint. We hope to create a positive aura not only for our brand but also salute insurance advisors across India who play a critical role in enabling people’s dreams and aspirations.
Marketing strategy and marketing mix of #HumKarkeRahenge
This campaign is being carried out primarily on the back of three pillars – TV, Digital, and PR. All of these media have been a prominent part of our marketing strategy in recent years and we expect it to offer robust dividends for this campaign too.
Purely from a spending perspective, TV will form a larger pie as it has been a relatively expensive media. But digital is offering us the advantage of a wider, yet targeted reach. Our view is that a balanced and sustained use of both these media in the medium term will provide us the lift that we desire, both in terms of awareness and consideration.
The advisor community was an integral part of consumers lives during the pandemic
While digitization has been on the rise in the industry, advisors sold primarily through face-to-face interactions before the pandemic hit. The rest of the customer journey may have happened digitally, but the interest generation largely happened through personal interactions. When the pandemic hit, they had to undergo a complete shift in their work culture. They essentially had to figure out a new way of interacting with customers. The rate at which advisors adapted to the digital way of life is marvellous.
Another vital reason they have played an important part in people’s lives this past year is also that they have gone beyond the line of duty. It was an unprecedented event, one that we were all grappling with for the first time. These advisors have not only provided protection but also holistic advice to ensure customers stay on the right financial journey.
How has marketing-supported ETLI’s month-on-month APE growth journey throughout the pandemic?
Edelweiss Tokio Life is the only life insurance company that has registered a consistent month-on-month growth in Individual APE this financial year. Our focus on digitization and technology in the past couple of years really paid off during the pandemic. It provided us with the springboard we needed to quickly change gear and put business continuity plans in effect.
Our focus throughout the pandemic has evolved as per the need of customers and advisors. Early on our focus was on offering the requisite training to our advisors pan India so as to help them adapt to the digital way of conducting business. We created a learning tool called Dial For Success, which saw amazing uptake early on and has been instrumental in this growth journey.
We also built a back-end system called DigiTools for our salesforce to create easy access to a wide array of marketing requirements. It has helped us create standardization across the board and also helped our on-ground salesforce effectively market themselves within the brand framework.
We have conducted multiple recognition programs for our employees, product launches that have received a tremendous response (both, from employees and customers), and several campaigns including organ donation. All these efforts have translated into better reach and consideration for our products and services. I think it is also important to recognize the fact that protection in itself has gained prominence due to the Covid pandemic and that also provided a fillip to the overall customer demand.
We also upped our influencer engagement this year, which added considerably to the brand aura and consideration. We collaborated with macro-influencers like Sonu Sood, Rahul Bose, Mona Singh, Kavin Dave and with micro-influencers like CA Rachana Ranade, and Abhi & Niyu for customer-facing propositions. We are also associated with influencers like Harsha Bhogle, Anand Kumar, and Shiv Khera for offline interactions with our distributors.
Marketing strategies that BFSI brands need to incorporate to stay ahead of the game.
Given how cluttered the digital space has become, content and innovation will be the only way forward. If brands expect to catch the customers’ eye, they need to do something radically fresh, poignant, and innovative to create resonance and relevance.
While customers must remain the focus, brands also need to recognize the importance of creating a personalized experience for their distribution partners, for they also represent your brand to the customer.
Responsible corporate citizenship has become crucial in the post-Covid world as people are themselves assigning higher importance to CSR. Purpose marketing will be a key brand maker in the future.
In the era of ‘trending,’ Be true to your brand purpose. No number of short-term trends can help if your brand purpose doesn’t shine through each communication.
PR is the most underrated weapon in any marketer’s arsenal. Use it to your advantage to create thought leadership and amplify your brand aura.
Strike a balance between targeted marketing and reach for disproportionate brand returns in the long-term.
Revenue generated in recent quarters and expectation for Q4
We have had a strong year, supported by innovative products, agile business practices, and improved demand for financial protection. We expect to close the year on a positive note. As of January, we have posted an 11% year-on-year growth in the Individual APE.
Watch the ad films here:
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