Marketers Yet To Unleash The Potential Of Digital, Tech, Analytics: Chandramohan Mehra, Bajaj Allianz Life

The pandemic has evidently expedited digital adoption in the insurance sector, signalling an increase in insurance penetration rates, and triggering awareness and demand for protection products. Customers are now seen preferring digital modes that cater to their insurance needs faster and conveniently. In fact, agents' ease with using digital tools is also on an upward trajectory.

Not to forget, the government has also played a significant part in augmenting the sector's growth with initiatives like PM-JAY, PMFBY, PMJJBY, PMSBY etc. 

Speaking more on the overall sector and the brand's engaging initiatives to captivate its audience, Chandramohan Mehra, CMO, Bajaj Allianz Life, spills some interesting beans. 

Excerpts:

Q. You have been the man behind several consumer engagement initiatives at Bajaj Allianz. How would you describe the consumer of today? What have been some of the irreversible changes, post-pandemic, in terms of their purchase intent?

Beyond the conventional superior functional benefits, it is becoming obvious that consumers are rewarding and resonating with brands that authentically demonstrate and live by the purpose to make a larger societal impact. As consumers embrace digital, brands that can deliver a frictionless experience through the entire purchase journey are gaining a huge advantage over peers.

Q: With shifts in consumer behaviour and trends, how has that impacted the overall insurance sector? Has the appreciation towards the sector grown in the past few years?

There is an increased awareness that life insurance caters to multiple financial needs encompassing, protection, guaranteed savings and wealth creation to meet varied life goals, at multiple stages of life. Digital adoption has shifted post-sales consumer behaviour to almost digital. Without physical intervention or assistance from distributors, customers are finding it convenient to self-service the policy through digital assets including apps, chatbots or WhatsApp services. At the pre-sales stage, the role of the advisory or human touch is still comforting for customers. Keeping this need in mind, Bajaj Allianz Life pioneered a co-browsing digital initiative – Smart Assist, which allows customers to interact with an expert without the need to physically meet.

Q: How would you describe your marketing approach to engage with consumers effectively and achieve the requisite business goals?

In the context of perceived complexities and technical jargonisation, the challenge faced by BFSI brands in general, and insurance in particular, is to build an ecosystem of right engagement initiatives that customers find meaningful, easy and fun to interact with brands. An illustration of that is our Child Education Tool, which allows parents to assess the child’s dominant strength and thereby understand the potential career pathway, courses, universities, eligibility criteria, financial implications, etc. and then proposes suitable products.

Q: What are some of your recent marketing initiatives to better serve consumer demands and aspirations?

Our marketing initiatives are directed toward the common goal of enabling customers to achieve their life goals. We recently launched an educational initiative under the theme ‘Life Goal Mantras’ where we collaborated with content creators to simplify personal finance and insurance concepts amongst the newer generation of investors.

‘Superstar After Retirement’ was another initiative designed to encourage retired senior citizens to rediscover their talents and explore a world full of possibilities and freedom. We launched the world’s first music video created entirely by retired seniors showcasing their creativity and fulfilling their life goals. Further, we conceived the ‘Ye Bhi Sahi Hai’ initiative to create awareness among consumers about balancing investment portfolios with less risky, guaranteed products.

In a bid to promote holistic health and fitness among consumers, we have been conducting the high-engaging ‘Plankathon’ initiative since 2018. We created history by breaking the Guinness World Records title for ‘Most number of people holding the abdominal plank position. Beating the earlier record held by China, this year 4,454 people held the plank for a minute together at the Bajaj Allianz Life Plankathon event held in Jawaharlal Nehru Stadium Delhi.

Q. What would be your quick advice to fellow marketers aiming to win the consumers of today, especially since festive time is around the corner?

I continue to be a student of Marketing. Tech is enormously changing the way we conduct business, and consumer experience brands and buy products. I am learning from my fellow marketers and am a firm believer in experimentation.

Q. With more than two decades of experience, how has the overall marketing landscape in India evolved? What are your expectations from 2023?

Performance marketing combined with long-term branding is enabling brands to win mind share and market share. The role and task of delivery of the brand message have been shifted to the customer from the marketer. As marketers, we are yet to unleash the potential of digital, tech and analytics to tell more compelling stories that will help us to make deeper and meaningful connections with our customers.