The insurance industry is undergoing a seismic shift with trends like immersive experiences, powered by augmented reality (AR) and virtual reality (VR) and micro-moment marketing redefining the landscape.
In this dynamic environment, Axis Max Life Insurance Ltd., previously known as Max Life Insurance Company Ltd., has officially incorporated ‘Axis’ into its name after receiving all necessary corporate and regulatory approvals. With this change, the company has been rebranded as Axis Max Life Insurance—an important step forward in its ongoing brand evolution.
Alongside the revised corporate identity, the company has introduced a new logo reflecting both the Axis ‘A’ and its signature burgundy hue, integrated with the long-standing Max Life blue.
To further capitalize on the above industry trends, Rahul Talwar, Executive Vice President and Chief Marketing Officer, Axis Max Life Insurance (erstwhile Max Life Insurance) talks about how social commerce, Gen AI and virtual influencers are reshaping the insurance industry.
Edited excerpts:
What were the key highlights for you and your teams in 2024?
At Axis Max Life Insurance, our integrated marketing strategy is crafted to prioritize customers above all. We understand that trust (Bharosa) is of paramount value to them, so we make efforts to demonstrate it in the most tangible ways possible through our brand positioning.
We focus on these key areas:
Bharosa Of Claims Settlement
We recognize that before consumers buy our policies, they must buy into our promise of ensuring financial security. This commitment is reflected in our claims paid ratio or ‘India Ke Bharose ka Number’, which reached 99.65% in FY24, surpassing the 99% benchmark for the fifth consecutive year.
Bharosa Of Securing The Financial Future
In addition, our product marketing strategy always lands at the ‘Bharosa’ narrative, emphasizing guaranteed returns, lifelong income, and comprehensive health and wellness solutions. To embody this promise, we’ve partnered with real-life couple – cricketer Rohit Sharma and his partner Ritika Sajdeh, who resonate with Indian families and embody the values of trust and reliability.
By showcasing their journey, we aim to inspire our audience to plan for a secure financial future. Our product offerings, such as guaranteed return plans and lifelong income solutions, are designed to provide financial security and peace of mind.
Bharosa For Every Generation
To effectively address the diverse needs of our customers, we’ve integrated a generational marketing approach in which we tailor our initiatives and campaigns, tailored to each generation. For instance, for Gen Z, we focus on digital channels, using social media and fin-fluencer partnerships.
An example of this is Max Life’s collaboration with India’s first youth-driven content platform Yuvaa for ‘Gen Z Gets Real with Money’ in which young influencers from diverse backgrounds talked about their financial journeys.
Similarly, through initiatives like ‘She is the Difference’ and collaborations with shows like ‘What Women Want’ we depict influential women icons like Kareena Kapoor, Alia Bhatt, and Neena Gupta talking about their financial decisions and show how women can truly make a difference by taking charge of their financial future.
Furthermore, leveraging the insights from our proprietary survey platforms, India Protection Quotient (IPQ) and India Retirement Index Survey (IRIS), we’re unlocking the secrets to India’s financial future. By analysing vast amounts of data, we’re able to identify emerging trends and gaps in protection and retirement planning. This data-driven approach enables Max Life to deliver innovative products and services that truly resonate with our customers.
What defining trends stood out for you in 2024?
2024 was a year marked by seismic shifts in the digital landscape, reshaping the way brands connect with consumers. Several key trends emerged, recalibrating the boundaries of marketing, media and consumer behaviour.
Purpose-driven marketing is gaining prominence, with brands aligning their messaging and actions with meaningful social and environmental causes. Consumers are increasingly drawn to brands that demonstrate a genuine commitment to making a positive impact on society and the planet.
A very good example of this is Max Life’s foray into the Women’s Premier League as Mumbai Indians’ life insurance partner signifies a pivotal stride in promoting inclusivity within the realms of both sports and insurance.
In today’s fast-paced digital age, consumers are constantly seeking instant gratification. Micro-moment marketing, a strategic approach that leverages these fleeting moments of intent, has emerged as a top trend in 2024. By understanding and anticipating these micro-moments, brands can deliver timely, relevant content that resonates with their target audience.
Immersive experiences, powered by augmented reality (AR) and virtual reality (VR), are revolutionizing the way brands connect with consumers. By transporting audiences to extraordinary virtual realms, these technologies create unforgettable brand interactions that drive organic word-of-mouth marketing. As these technologies continue to mature, they will become essential tools for brands seeking to stand out in an increasingly competitive market.
How did the rise of AI and generative AI impact your industry this year?
The insurance industry is undergoing a radical transformation, driven by the power of artificial intelligence (AI). From underwriting to claims processing and customer service, AI is reshaping every aspect of the insurance landscape.
Consequently, AI-powered underwriting is an innovation that is revolutionizing the way insurers assess risk and underwrite policies. By leveraging advanced algorithms and machine learning, insurers can now analyse vast amounts of data to make faster, more accurate, and data-driven decisions.
Our partnership with Swiss Re and the integration of Digital Health Underwriting (DHU) solution automates underwriting processes, resulting in quicker turnaround times and improved customer satisfaction.
Furthermore, AI and machine learning are the driving forces behind predictive analytics in the insurance industry. These technologies enable insurers to process and analyse large volumes of complex data, identifying patterns and trends that would be difficult, if not impossible, for humans to detect.
Today, chatbots and virtual assistants can provide instant support, answer queries, and guide customers through complex processes like claims filing and policy applications. A great example of such an AI-powered UI is Max Life’s Gen Ai chatbot ‘Mili’ which offers multilingual support, self – service capabilities, and seamless agent transition. Similarly, another Life Insurance company’s chatbot enables customers to buy policies or address queries 24/7, offering seamless, real-time support.
Moreover, Gen AI’s ability to analyse and react to real-time data brings a dynamic aspect to content creation. It can adjust elements such as messaging, visuals, and calls-to-action based on real-time engagement metrics, ensuring that the content remains relevant and effective throughout its lifecycle. This real-time optimization capability ensures that marketers can continuously improve their content strategies and achieve better results.
What disruptive trends will take the spotlight in 2025?
While micro and nano influencers have become a staple in marketing strategies, the emergence of virtual influencers is poised to redefine the industry.
These digital personalities, created through CGI, offer a unique opportunity to connect with audiences on a personal level, unconstrained by the limitations of traditional influencers. By aligning seamlessly with brand values and remaining available 24/7, virtual influencers present a cost-effective and impactful solution for marketers.
Furthermore, the integration of generative AI into search engines is fundamentally reshaping the digital landscape. Gone are the days of relying solely on traditional SEO. Now, we must ensure that our brand’s voice is accurately represented in AI-generated responses because that will deeply impact consumer choices.
Apart from Gen AI, sustainability is playing a key role. Consumers, especially generations like millennials and Gen Zs, are increasingly prioritizing sustainability and ethical practices. By integrating sustainability into our marketing strategies, we can not only attract environmentally conscious customers but also build a strong brand reputation.
I view voice search as a game-changer. With the rapid adoption of voice-activated devices, consumers are increasingly turning to voice commands to search for information and make purchases. This shift in user behavior presents a significant opportunity for brands to connect with their audience in a more natural and intuitive way to enhance customer experience, increase brand visibility and gain competitive edge.
Finally, social commerce which is poised to revolutionize the insurance industry. By seamlessly integrating social media platforms with e-commerce, insurers can directly connect with consumers, simplifying the purchasing process. This trend will enable real-time engagement, personalized recommendations, and instant customer support.
What is your New Year’s resolution on a professional and personal front?
Professionally, I’m looking forward to delving deeper into AI technologies and exploring emerging marketing trends in the coming year. I aim to not just understand but to master the nuances of AI, from generative AI to predictive analytics. By staying ahead of the curve, I want to empower our team to create innovative and impactful campaigns. I firmly believe that by staying curious and embracing this technological shift, we can position brand Max Life as a leader in the digital age.
On the personal front, I pledge to embark on a journey of holistic wellness. True wealth is good health, so this year I’ll prioritize combining nutritious eating with regular physical activity. Beyond physical health though, my intention is to nurture my mental and emotional health by cultivating mindfulness and practicing gratitude. In our hyper-connected age, it’s easy to get lost in the digital labyrinth, so I want to create pockets of solitude for myself during which I can reconnect with my inner self and my loved ones.
I truly believe in the power of rest – whether it’s a digital pause, spiritual retreat, sensory escape, or a social sabbatical. Only through these moments of rejuvenation can we truly bring our best selves to work and life.