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BW Businessworld

Marketing Insurance Is About Creating An Emotional Connect

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In marketing, there is no one-size-fits-all formula. Marketers must tweak their strategy according to the changing dynamics of the market and consumers. Anisha Motwani, director and chief marketing officer at Max Life Insurance and a former advertising professional, shares the secret to using the emotional card to market insurance in India with Hita Gupta

Anisha Motwani believes insurance marketing is the complete antithesis of ‘boring’. “Marketing insurance is not a business of finance or numbers or the dry subject that most people usually associate insurance with. The reason insurance is bought is because it is something very close to human life,” she says.

“You buy insurance for some of the most important things in your life such as your child’s education, marriage, retirement, birth in the family or first job,” she adds. If you market insurance in that fashion then it is about those milestones in life you live and work for.

Besides, insurance is different from other fast moving consumer goods or consumer durables, which are bought for consumption, and hence, the style of selling insurance is different. Selling insurance is more of a direct sale involving personal interaction with the consumer.

“Through marketing, we try to evoke an emotion, and make people buy insurance. The task is then handed over to advisors who explain the product and help consumers with the paper work. It is a hand-held industry,” explains Motwani.

Key Strategy
“Re-marketing is the name of the game. We have a very sharp re-marketing strategy and that is the basis for all our media planning,” says Motwani.
Max Life is also playing the digital media game well. According to Motwani, digital media has an immense scope for all services linked to businesses in India largely because of the ease of transaction and convenience that it provides to users.

And this is the reason why Max Life is investing heavily in digital media. For the current cycle, Motwani has allocated 15 per cent of the total ad spends to digital, but going forward, the spend is expected to increase to 20-25 per cent.
The future of advertising lies in integrating the digital platform with the conventional means believes Motwani. “Integrated and connected marketing is going to become the future,” she says. 

Mobile Connect
Contrary to the popular marketing mantra, Motwani has little faith in the mobile medium when it comes to brand building. Indian marketers are betting big on the mobile story in India and increasingly using it as a medium for all brand-related communication with the consumer, but Motwani remains skeptic. For creating an emotional connect with the consumer, she continues to rely on large format media such as television.

However, mobile is a brilliant route for services as it provides ease of transaction. Motwani expects spectacular growth in mobile as a platform for purchases. She believes insurance too can leverage the mobile media by providing options such as payment of premium, renewal, etc.

But before that, the insurance industry needs to do something about the common perception that insurance companies often mis-sell products to people, which means products are not explained to them properly. Max Life Insurance is already committed to portraying itself as an honest insurance company to overcome the devil of mis-selling in the minds of the consumers. “We want to put it out in public media that our insurance advisors actually give you the right advice, honest advice and do what is right for you. If you find something that is not right then we are there to help you,” Motwani reiterates. 

(This story was published in BW | Businessworld Issue Dated 06-04-2015)

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