Post COVID-19, there has been a notable surge in awareness about the importance of both term and health insurance. This awareness trend is expected to grow steadily, according to Sai Narayan, Chief Marketing Officer of Policybazaar. Today, the insurance marketplace’s product mix is about 55-60 percent protection insurance, incorporating health and term insurance. On the savings side, it accounts for about 25 percent of its mix, while motor insurance contributes roughly 15 percent. While motor insurance is growing, the rest of the business – health and life are growing at a much faster pace, highlights Narayan. And that’s partly because of Policybazaar’s intensified focus on these areas, reflecting its goal to provide comprehensive and impactful solutions to customers’ evolving needs.
Marketing and advertising strategies in the sector have had to change as fast as the consumers’ needs, habits and preferences. Insurance brands today have moved beyond just the use of ‘fear’ to get people to buy insurance.
Brands are finding more creative, precise and effective ways to tell their stories and reach their consumers. In this CMO spotlight, Narayan breaks down the insurance marketplace’s media and marketing approach, stating that a healthy mix of TV and digital platforms offers the brand targeted reach, measurable results and dynamic engagement opportunities.
Read on.
What is the crux of Policybazaar’s marketing and advertising strategy this year and specifically now around IPL and election season?
Our marketing strategy remains laser-focused on emphasizing the importance of protection insurance, which is health insurance and term insurance. These instruments serve as a vital safety net, safeguarding individuals from the financial repercussions of unforeseen illnesses or accidents. Additionally, we highlight the value proposition for car and two–wheeler insurance buyers nationwide. We firmly believe that engaging in topical events like election season and sports marketing during IPL prove to be highly effective, given their widespread public appeal. This strategic approach not only enhances brand visibility but seamlessly helps us to maximize demand and adoption of insurance products, particularly in tier-2 and tier-3 cities of the country.
As a marketer how are you seeing and responding to this season that is packed with two mega events – IPL and elections? How are you planning to leverage these?
As a year-round advertiser, our category typically experiences its peak performance during quarter 4 of the financial year. Despite this trend, we recognize to maintain momentum around the next couple of months. We do leverage our presence during events like the IPL and elections and deliver content in a balanced approach that truly speaks to our audience, raising interest and engagement towards safeguarding their financial stability and securing their family’s future with a comprehensive health and term insurance plan.
What are the key campaigns you have running across media and how are they faring? What is their objective and how and what are you measuring in terms of their effectiveness?
Our campaigns primarily focus on protection products, showcasing how Policybazaar simplifies insurance purchases to make them more transparent, seamless, and affordable for our customers. We have run several campaigns recently, like “Apka Apna Saathi Policybazaar,” that highlights the emotional journey behind every insurance claim and the profound impact it has on people’s lives. Policybazaar’s commitment to providing streamlined claim assistance, particularly when the customer needs it the most, is the word we want to spread through these campaigns.
Majorly, all our campaigns show strong consumer response evidenced by a notable increase in website traffic and specific product inquiries. It’s heartening to see how our message resonates with customers, reaffirming our mission to empower individuals with accessible and reliable insurance solutions.
What is your media mix currently and where are you investing?
The lion’s share of our marketing budget is allocated to television and digital channels. It is our strategic choice and we anticipate to maintain it in the foreseeable future as well. This allocation towards our media mix reflects our commitment to reach audiences through both traditional and modern mediums, ensuring maximizing impact across diverse demographics.
Within television and digital, which genres are you investing in?
Our advertising strategy spans across a wide array of genres, incorporating news, movies, GEC and sports channels, among others. Our diverse and thoughtful approach enables us to reach audiences with varying interests and demographics, ensuring that our brand maintains visibility and resonance throughout India.
In the media mix, where do you see the most ROI and effectiveness for your brand and business?
We have observed particularly strong ROI and effectiveness from television and digital platforms. These channels offer us targeted reach, measurable results, and opportunities for dynamic engagement with our target audience.
A few months back we integrated the brand into a poignant moment, leveraging the popular daily soap Anupama’s widespread popularity. In a scene, the show’s protagonist emphasized the importance of term life insurance, particularly for young individuals who often prioritize spending on fashion and dining. Notably, the scene included a mention of PolicyBazaar, showcasing the brand’s advantages. During the show’s airing from 10 to 10:30 p.m., customer leads increased 4X in the 10 to 11 p.m. time slot. We witnessed a significant surge in customer leads indicating that viewers were highly influenced by the message and were motivated to take action. Their level of engagement was evident as they took the initiative to visit our website and fill out a form to compare term insurance quotes from different insurance companies.
By striking a balance between traditional and digital channels, we maximize our overall impact and ensure that our message fosters financial literacy.
Break down your influencer marketing strategy. How critical is it in your scheme of things? Who do you work with and why? What are the key learnings in terms of what works and what doesn’t?
We collaborate to work with influencers in the finance space. This has been a cornerstone of our marketing strategy, particularly in reaching consumers seeking information about insurance products like health, life, and term insurance. Additionally, we leverage language and region-specific influencers that can help our audiences in tier-2 and tier-3 regions establish awareness in this category because people in India still procrastinate their insurance purchase decisions unless triggered by an unfortunate event.
Over the years, this partnership has proven highly effective, enabling us to showcase Policybazaar as an essential resource in consumers’ insurance journey. We highlight how Policybazaar empowers individuals to compare products from various insurance companies, facilitating informed decisions and maximizing value for customers. This approach not only enhances brand visibility but also reinforces our commitment to providing accessible and transparent insurance solutions tailored to the needs of every consumer.
Influencers in the financial services space have come under greater scrutiny from the government. How has that affected your plans and what measures do you have in place to ensure your brand’s trust, integrity, and safety?
We are very particular and lay great emphasis on the accuracy and reliability of the information disseminated across all our marketing channels, including our influencer collaborations. Our approach involves carefully selecting credible influencers and rigorously vetting the content to ensure its accuracy and credibility. We prioritize transparency and authenticity, aiming to foster trust and confidence among our audience.
What is your strategy on CTV? What are the advantages and disadvantages of CTV as it currently stands for advertisers?
CTV has been fundamental to our media strategy for an extended period, and its significance continues to grow progressively. CTV is an important avenue for connecting with digitally savvy customers, particularly those who prioritize premium content consumption. Its immersive nature and targeted approach offer unique opportunities for us to engage with our target audience effectively. CTV makes an increasingly valuable channel of our marketing strategy.