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HOW ICICI PRUDENTIAL IS HARNESSING THE POWER OF DIGITAL

BY Anjana Naskar

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Q] What was the insight behind ICICI Prudential Life Insurance’s new campaign?
As India is coming to terms with the various stages of the lockdown and the subsequent unlocking, consumers are taking multiple measures to protect themselves from the risks arising out of COVID-19. Consumers have also become aware about financially securing themselves by taking an insurance cover. This is reflected in their online search behaviour around life insurance. The campaign uses these two insights to nudge customers with the thought that while they are doing so much for safeguarding their present, they should also think about safeguarding their future. For doing so, they can consider the comprehensive term insurance plan from ICICI Prudential Life. Hence, the campaign is designed keeping these behavioural changes in mind and our larger goal of serving customer needs by being the brand they can trust in these uncertain times.

Q] What media mix was used for the campaign?
We follow a philosophy of an ROI based allocation of the media. Accordingly, our media mix adapts to the need of the hour and can vary with each campaign. We are open to all media vehicles and have used them selectively for our past campaigns. For our current campaign, our media mix largely includes TV, Digital and Outdoor.

Q] How has the pandemic changed the consumer’s behaviour? What impact did it have on the insurance sector?
The pandemic has resulted in a positive change in sentiment towards life insurance. Consumers are enquiring and wanting to know more about it. The pandemic has also accelerated the adoption of digital behaviour in general and this applies to the life insurance industry as well. More and more customers have shown willingness to evaluate and service their life insurance purchase through various digital modes. At ICICI Prudential Life, we are always listening to our customers at various touch points. This has helped us adapt our services to the emerging needs of customers. Our services are available digitally through WhatsApp, the company website, mobile app and LiGo – our digital assistant. We have also informed our customers that their existing policies cover all COVID-19 related life claims.

Q] What are some of the emerging marketing trends you’re observing this year in the life insurance industry especially with changing consumer behaviour and priorities?
To maintain an edge in today’s demanding marketplace, life insurers are leveraging the power of real-time data accessed through digital platforms to quickly gain insights to design more personalised, human experiences in an agile manner. Brands have also realised the importance of having empathy for customers while designing a marketing campaign, especially in current times. This shows that the brand relates to the emotions of customers and stands with them in tough times. Life insurers are expanding their partnerships, and looking for new ways to create ecosystems that can benefit both the customers and the business. Customers expect customised solutions for their requirements, and as a result, life insurers are steadily moving towards tailoring their solutions and policies exactly in line with customer requirements. Sachet insurance products are also something that are now gaining traction. The idea of a cost effective and simple life insurance plan is very appealing, especially to the millennials and the gig economy workers.

Q] How has the pandemic opened up new arenas in the branding and marketing domain?
We are living in extremely dynamic times. This has only been accentuated owing to the pandemic. Customer needs and emotions are changing constantly and this has opened up new opportunities for marketers. For our brand, one of the key communication themes has been to provide assurance to the customers that our protection offerings provide cover against COVID-19. Another theme has been to help customers interact with us at their convenience through our digital platforms.

Q] ICICI Prudential Life was ranked No.1 in terms of digital ad spenders. How are you harnessing the power of Digital to reach Gen Y and Z?
In today’s digital world, it isn’t enough to be a first mover, but a fast mover. Brands must respond early to new trends to stay relevant in the changing times. A lot of our communication elements are aligned to the way the younger generations consume content and media. Our aim is to catch their digital foot-prints based on the interests and affinities that they have and to be present there in the most contextual way. Accordingly, we use new-age content on social and professional networking sites, influencer platforms, e-commerce sites, review sites, Q&A platforms, OTTs, news, business and finance sites/portals.

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Tags : interview Anjana Naskar Manish Dubey ICICI Prudential Life Insurance