The epidemic has expedited digital change, which has pushed the BFSI business to new heights. This has influenced the way these companies market and communicates with their customers. The emphasis on vernacular content has shifted as new platforms have evolved. Amaresh Jena, Executive Vice President, and Head – Of marketing & Digital, Exide Life Insurance, spoke with e4m about his company’s marketing strategy, the BFSI business, and how the pandemic has impacted communications. He also talked about the brand’s wildly successful “Apno Ke Liye Do Kadam Aur” campaign.
People in India are known for going above and beyond for their loved ones, and Exide Life is no exception when it comes to our policyholders. We place a high value on customer centricity, which is reflected in our company metrics such as our claims settlement ratio (99.09%) and the annual bonus we’ve given to our customers since our founding. We ensure that our client’s interests are protected. Life insurance is more than an investment for people in India; it is a symbol of trust. As a result, the ad is centered on stories of people going above and beyond for their loved ones.
Wunderman Thompson was the creative agency for this campaign, and Universal McCann was the media agency.
When it comes to consumer interaction and marketing communication, how has the Exide Life Insurance brand developed over time?
Our strategic aim from a marketing communication standpoint has been to ensure a personalized relationship with consumers rather than a one-size-fits-all approach since our start and as a brand.
What is your multi-channel marketing strategy? Extend the scope of your marketing pie.
We educate individuals about the importance of carrying life insurance using a combination of digital and traditional media through various marketing and public relations efforts. Before deciding on a combination of digital and conventional media platforms, we carefully consider our audience and demographics. A given media platform can only assist in fulfilling a portion of a campaign’s overall goal. For a product like life insurance, the one-size-fits-all strategy has its limitations.
What is the state of your media and marketing budgets in light of the current market and economic conditions? Please provide specific examples of pre-pandemic and post-pandemic comparisons.
For numerous insurers, notably Exide Life, the pandemic has brought a new dimension and strategic imperatives. When the Covid-related restrictions went into effect, organizations that had invested in future technology before the epidemic had a smooth ride. We benefited as a company from the change we made a few years before the pandemic to e-sales and e-learning platforms. We’ve also been encouraging our consumers to use online transaction options for their life insurance policy payments and maintenance.
Given that we have built a mix of both digital and conventional media, our media spending has been quite constant since the outbreak.
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