Budget 2019 highlighted the government’s efforts to boost the insurance economy of the country. The life insurance sector in India is growing at 11% to 12%, the growth rate for health insurance stands at 35% per annum. Insurance companies have thereby rolled their sleeves to provide unique customer experience by capitalizing on product improvisation and integrating new age technologies like AI to boost the growth.
While television still rules the roost for insurance advertising in India, digital has paved its way into the marketer’s media mix. Edelweiss Tokio Life Insurance launched a campaign to promote its new term product Zindagi Plus.
In conversation with Social Samosa, Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokio Life Insurance sheds some light on the campaign, influencer marketing in BFSI, ad spends in 2019, and more.
What was the idea behind the Zindagi Plus campaign? What was the brief given to the team?
Based on customer insights, we recognized a gap in the current market offerings and designed this benefit to address that limitation. If you are to buy Zindagi Plus with Better Half Benefit, the product provides a life cover to not only the policyholder but also the spouse following the primary policyholder’s death without any future premium requirements.
People, as a force of habit, have the tendency to create back-ups even for their back-ups. For instance, you will carry plug-in chargers for your smartphone as well as a portable charger, you will have an e-ticket for your travel but also carry a print nonetheless just as a contingency. When you are willing to take such small safety measures in your daily life, then why not with life? This is exactly what we banked on and it has given us an opportunity to reach our audience in a very simple and light-hearted manner.When we spoke to our creative and production teams, the brief was very clear – keep it simple and relatable. Let’s not be preachy and morbid.
Please share the media mix for the campaign. What are the key highlights of the campaign?
With these two TVCs and related activations, we have entered the second leg of our campaign. The first phase of this campaign began in August, with the launch of this product. Until December, we have relied heavily on the Digital medium with intermittent cinema activations. In all, we created 8 films during the period. Together, these films have received over 15 million views on Facebook, YouTube, and other platforms, with over 35 million reach. We have garnered more than 1,06,000 engagements and about 11,050 shares. We also experimented with new affiliates, OTT, and apps for this campaign and have garnered promising results.
Considering the last quarter of the year is a crucial period for life insurers, we decided to up the ante and launched our mass media campaign with these two TVCs. While our focus on digital remains, TV, and OOH will form a considerable portion of this phase.
Through TV, we want to influence the influencer that is the woman of the household. While the purchase decision is more often made by the man, we believe women play a pivotal role in determining that decision. We are also targeting male, between 30-40 years, who is likely to have young kids and is at the right juncture to buy a term plan. OOH supports brand visibility around our 121 branches across India and augments any sales-led activations in the region.Through digital platforms, we are primarily looking at targeting millennials, who are typically always on the go and mobile/internet is where they consume most of their information.We are also leveraging memes as content for creating buzz on the digital platforms. The idea is to use comical moments from both the ads to create relatable stories and invite people to comment on these memes. At a later stage, we might look at creating a platform that facilitates user-generated content.
From television to mobile, media consumption has evolved dramatically. As a BFSI brand which platform has managed to yield the maximum results for the brand? And why?
Although consumption of videos and content on the digital platform is increasing, TV continues to offer the highest reach. As per the latest Broadcast India Survey (2018) by BARC, there are now 197 million TV homes constituting to around 835 million individuals, while smartphone penetration is still at 300 million. So, as a relatively younger player in the industry, TV is an effective medium for us to achieve a vast reach that we desire. For us, digital is more about performance. It allows us to create personas and reach out to those audiences specifically. It helps us in two ways – being present for people who are looking for products (intent of purchase) that I have to offer and secondly, allows us to identify and target potential customers (better segmentation and targeting) for the future.It is about effectively using both traditional and digital media in synergy, harnessing their individual strength to create an effective and efficient campaign.