Six in 10 consumers express trust in brands they are familiar with when buying insurance, says Rahul Talwar, chief marketing officer, Max Life Insurance.
Talwar strongly believes that insurance, fundamentally, is a leap of faith. “Consumers entrust us with their financial security, making trust a non-negotiable element in our industry,” he says.
Keeping this as the centre of focus, Max Life Insurance has roped in cricket icon and captain of the Indian men’s cricket team, Rohit Sharma, along with his spouse and entrepreneur, Ritika Sajdeh, for its new ad campaign. The campaign conceptualised by FCB Interface will be shown on Linear Television (LTV), Connected Television (CTV), and mobile platforms.
In an interview with Storyboard18, Rahul Talwar, chief marketing officer, Max Life Insurance, shares the strategies behind the making of the brand’s new ad campaign, plans for the festive quarter and artificial intelligence (AI).
What is the marketing strategy behind Max Life Insurance’s new campaign featuring Rohit Sharma and Ritika Sajdeh? What is the media mix like?
Our marketing strategy for the new campaign featuring Rohit Sharma and Ritika Sajdeh is rooted in a consumer-centric approach. We believe in placing the consumer at the heart of our brand. To achieve this, we’ve chosen to portray relatable, everyday moments from the lives of a couple, who, despite their celebrity status, are likened to an everyday couple.
“You Are The Difference” i.e., ‘the customer is the difference in their loved ones’ lives’ is the communication tool that advances the brand message throughout the funnel. Our central message revolves around the concept of bharosa, which translates to trust. Ritika and Rohit are the ideal voices to convey this idea. They perfectly capture the dynamics of cooperation and trust, a relatable journey that runs parallel to Max Life’s philosophy.
We’ve strategically chosen to leverage a blend of media channels. Our media mix encompasses Linear Television (LTV), Connected Television (CTV), and mobile platforms. This multi-channel approach ensures that we reach our audience across various touch points, maximising the campaign’s impact.
Additionally, we’ve taken a regional approach, targeting audiences through vernacular content on regional media assets in six languages- Tamil, Telugu, Kannada, Malayalam, Gujarati and Marathi. This localised approach helps us connect with our diverse customer base more effectively.
What were the consumer insights that went behind the making of the ad campaign?
The consumer insights are deeply rooted in the insurance industry’s dynamics. We understand that consumers prioritise trustworthiness when considering life insurance. According to recent research, almost six in 10 consumers express trust in brands they are familiar with when buying insurance. Insurance, fundamentally, is a leap of faith. Consumers entrust us with their financial security, making trust a non-negotiable element in our industry. We recognise that before a consumer buys our policies, they must first buy into our promise.
Therefore, this year, we’ve embarked on a thematic campaign that not only emphasises the ‘what’ but more importantly, the ‘why’ behind choosing us.
On the strength of bharosa – trust, we want to position Max Life Insurance as a one-stop shop for all our customers’ financial protection needs, a fact backed by our solid product suite. We deliver on the promise of bharosa through an impressive claims paid ratio (99.51 percent).
Whether it is securing our customers’ financial stability with guaranteed savings options, ensuring a worry-free retirement with guaranteed life-long income, or prioritising their health with wide-ranging coverage and a suite of comprehensive well-being solutions, each of Max Life Insurance’s products embodies the essence of bharosa.
What is your expectation from the festive quarter and the upcoming cricket World Cup? What is in plan for Max Life Insurance?
Our brand advantage is driven by product differentiation, which is then disseminated via integrated campaigns across the funnel and lent credibility via evocative content partnerships across the board. We continue to stay true to our motto of always-on storytelling with a play of social engagement and occasion/moment-based marketing.
The festive quarter in India is traditionally a time of heightened consumer activity and spending. We anticipate this quarter to be a significant opportunity to connect with our audience on a deeper level. Our plan is to leverage this festive spirit to reinforce the values we stand for – bharosa, reliability, and the importance of securing one’s family’s future.
Max Life has a long association with cricket and cricketers that have championed its brand philosophy of “You are the Difference”. Our association with cricket is a natural one, and one which has seen a wide range of manifestations. Whether it was our association with Indian Premier League’s Royal Challengers’ Bangalore franchise or our association with Women’s Premier League’s Mumbai Indians, which showcased our commitment to strengthening diversity, equity and inclusion at large, we continue to be a part of the sport’s marquee initiatives wherein we see a natural brand fitment and philosophy alignment.
Our focus during the upcoming festive and cricket season will be on telling compelling stories. We are committed to delivering impactful campaigns and innovative solutions to meet the evolving needs of our customers during these exciting times.
BFSI is a sector that is an early adopter of AI. What’s your take on AI? How is Max Life Insurance using AI, especially in marketing?
Over the past decade, technological advancements have evolved the way we live and work. The BFSI (banking, financial services and insurance) industry embraced tech to enable customer engagement right through and post the pandemic.
AI will continue to grow in influence as we move forward and enable BFSI as an industry to deliver experiences that delight and differentiate themselves to their consumers. We are leveraging analytics and using various modules for improving our customer engagement. The incremental progress of mobile technologies, QR, and code-based servicing has become an integral part of customer journeys.
When it comes to marketing, our campaign is breaking new ground with AI- powered advancements. With cutting edge AI integration, the campaign sets its sights on unlocking personalisation and accessibility by enabling opportunities of limitless content creation with Rohit Sharma at the heart of it all.
The fusion of Rohit Sharma and AI will enable content development for us at Max Life aimed at elevating consumer experience across the board with videos that cater to our customers’ specific requirements across different touch points in their journey with the brand.