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Our focus is on digital: Karthik Raman, CMO, IDBI Federal Life Insurance

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Our focus is on digital: Karthik Raman, CMO, IDBI Federal Life Insurance

Doubling its gross written premium in the last three years, IDBI Federal Life Insurance has bolstered growth not just financially but also in terms of carving a successful brand identity for itself. It might be a life insurance company but definitely doesn’t operate like one, given its unconventional approach to marketing through sports. Their recent Young Champs marketing initiative is yet another example for this. On the same, we spoke to with Karthik Raman, Chief Marketing Officer, IDBI Federal Life Insurance.

Raman revealed how the idea of promoting badminton at the grassroots level first came up. “To promote badminton, we have a current crop of champions. We believe that there is a huge opportunity for the sport in India and started thinking that we have to start targeting talent at a very young age,” he said.

When we quizzed on how this helps the brand, he said, "A lot of branding opportunities exist because when the young champions we train become big trophy winners, they will speak about IDBI’s programme that has helped them.” Speaking of the activities and accomplishments for 2017, he said that the year has been very positive for IDBI Federal Life Insurance. “So last year, we have been consolidating the properties that we have which are the four marathons apart from the ‘Quest For Excellence’ program. We have been building our larger marketing campaign around that. Besides that, we also launched our social media campaign’ Baby Got Plans’ for educating people to start saving early for their child which has been very successful, he opened up. Raman contended that their unconventional approach to marketing through sports has helped the brand grow and gain customer confidence.

“We are very visible in terms of the sports properties we have as we have four marathons across the four largest markets in the country which helps us reach thousands of people. This has helped us gain a lot of visibility and brand recall as well, he asserted. “The gross written premium, we closed at for 2016-17 has been a whopping Rs 1565 crore,” he revealed, citing an example of how it has fetched the brand success. He disclosed that digital becomes a fairly big area for the company’s spends. 

“If you look at the last two years, our focus has been on digital. The outdoor ATL activities, hoardings or any of the other activities are there but it doesn’t reach the kind of population that we want to. Today, digital access has become very easy and common. So it’s an absolute no-brainer that you’d want to look at the digital and social media cause its reach across the length and breadth of the country is phenomenal. Our focus is on digital and it is a preferred choice for us,” he explained. When we asked him about his priorities for 2018, he said it would entail consolidating programs, educating people about life insurance and more. “For 2018, we will be consolidating the programs that we have. We will also be going ahead with talking about products and more than products, we will be educating people about life insurance,” said Raman. He also revealed that some high decibel campaigns that will run on social media are in the pipeline.

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