Top Story

Home >> Marketing >> Article

Bancassurance is a dominant driver of our business: Vighnesh Shahane, CEO, IDBI Federal Life Insurance

08-December-2017
Font Size   16
Bancassurance is a dominant driver of our business: Vighnesh Shahane, CEO, IDBI Federal Life Insurance

IDBI Federal Life Insurance Quest for Excellence and Pullela Gopichand Academy launched #YoungChampsCampaign which is an initiative that aims to promote grassroots badminton and encourage young talent in India to consider the sport as a career. Vighnesh Shahane, CEO, IDBI Federal Life Insurance, spoke to exchange4media on his vision for this new marketing initiative, how the brand’s marketing efforts through sports have helped them and his business goals for 2018.

Excerpts:

How was 2017 for IDBI? How much growth did you record in the individual insurance segment?

We recorded between 35-40 per cent growth in the individual premium sector. The last financial year was extremely strong. When demonetisation happened; mutual fund, banking and insurance witnessed unprecedented increase in business. It went very strong, thanks to DeMo.

What is your vision for this new marketing initiative undertaken by IDBI?

Training under Gopi is one amazing opportunity. Our vision would be that we hope we receive a lot of response for this initiative and I wish our next gold medal comes from here.

How have the marketing efforts through sports helped the brand?

It helped us to create a lot of visibility, as five years back we were like the best-kept secret. We’ve got a clutch of awards and have been voted as one of the top 10 brands. So, there is no direct correlation between top-line growth and marketing efforts but I think there are a lot of intangible benefits to growing visibility as more people know us now.

Speaking about Bancassurance, are you still scratching the surface with it?

I think that Bancassurance is a dominant challenge for a company. For us, every per cent of our business is coming from Bancassurance. Our two banks, IDBI and Federal, have 3,500 branches amongst themselves. Bancassurance for us is a dominant driver of our business.

What are your thoughts on open architecture and do you think that the concept has taken off in India?

Open architecture on face value is a good concept. It gives the customer a choice. It hasn’t taken off in this country because insurance is not a core product for the bank whereas Bancassurance is all about going deep rather than going wide. It’s about selecting the right insurer and going deep with that.

What are your larger business goals for 2018?

One of our larger goals for 2018 would be to maintain a run rate in growing top-line. We have been growing top-line consistently at 35-40 per cent. So, we aim to maintain that trajectory and grow holistically across other parameters like persistency, risk-management, employee, marketing, visibility and digitisation.

The MD of Sai Estate Consultants, Chembur, on their marketing strategy, adopting a carpet bombing approach, response to the Wajood app and why he now allocates maximum of his marketing spends on digital

Prachi Mohapatra on fbb’s latest campaign, one-year after going omni-channel, and its growing reliance on content marketing

The marketing head of Greenpanel on marketing approach and how the company is working towards educating consumer about MDF

BookMyShow, Uber, Chumbak, Viacom18 and Radio City are some of the clients of the company

right
left
KARAN THAPAR & SHEKHAR GUPTA DISCUSS JOURNALISTIC ETHICS AT THE PRINT’S ‘OFF THE CUFF’ WOMEN ECONOMIC FORUM AWARDS 2018 RECOGNIZE WOMEN LEADERS OF THE DECADE THE 6TH EDITION OF IAA AWARDS RECOGNIZES THE WORK OF INDUSTRY PROFESSIONALS 11 INDUSTRY EXPERTS PRESENT  THEIR FAVOURITE DIGITAL CASE STUDIES @AD CLUB’S ‘D-CODE BUSINESSWORLD LAUNCHES 14TH EDITION OF MARKETING WHITEBOOK IN MUMBAI INDUSTRY VETERANS CHEER AS ADMAN AMBI PARAMESWARAN LAUNCHES NEW BOOK SPONG AAAI HONOURS VETERAN ADMAN RAM SEHGAL WITH THE 2018 LIFETIME ACHIEVEMENT AWAR PITCH TOP 50 BRANDS 2018 AWARDS COMPANIES WITH BEST MARKETING PRACTICES TEAM BBDO ORGANIZES AJAI JHALA’S FAREWELL WITH FRIENDS & ASSOCIATES RADIO CITY CELEBRATES ITS 17TH ANNIVERSARY WITH CONCERT, AWARDS AND FUN 5TH EDITION OF TIMES NOW & ICICI BANK’S NRI OF THE YEAR AWARDS GLOBAL INDIANS PITCH CMO SUMMIT BENGALURU SEES TOP INDUSTRY LEADERS AND MARKETERS IN ATTENDANCE DISTINGUISHED JURY COMES TOGETHER TO PICK WINNERS FOR PITCH’S TOP 50 BRANDS PITCH CMO SUMMIT BANGALORE SEES TOP CMOS ACROSS INDUSTRIES IN ATTENDANCE 1ST REPUBLIC TV GULF INDIAN LEADERSHIP SUMMIT & AWARDS HONOUR STALWARTS OF INDIAN GULF BUSINESS COMMUNITY SONY YAY! CELEBRATES ITS FIRST BIRTHDAY WITH PARTY FOR TRADE PARTNERS THOUGHT LEADERS AND TOP DIGITAL MARKETERS SPEAK @ EXCHANGE4MEDIA GROUP’S TECHMANCH 2018 IN MUMBAI EXCHANGE4MEDIA’S IDMA 2018 RECOGNIZES INDUSTRY’S BEST DIGITAL MARKETING CAMPAIGNS REALTY PLUS UNVEILS COFFEE TABLE BOOK AT 10TH CONCLAVE & EXCELLENCE AWARDS @AHMEDABAD EMINENT JURY CONGREGATES TO PICK WINNERS OF INDIAN DIGITAL MARKETING AWARDS 2018

Yoav Tourel has been promoted as Head of Sales for Asia Pacific and Helena Gavros as the Head of Brands and Agencies for Southeast Asia. Also, Anand Makhija has been promoted as the Director of Busine...

Karan Kumar says Fabindia tries to engage with customers only intermittently

In the three months ended June 2018, Hotstar reported Rs 5.69 billion in revenue, compared to Rs 5.71 billion it posted in the 12 months ended March 2018