‘We reach out to customers on channels where they populate’

As brands pick up on new habits in the new normal, ICICI Prudential Life also looks at newer areas around going all in when it comes to digital. Concentrating on the present-day needs of ‘digital interactions and no-contact purchase’, the BFSI brand has diverted most of its marketing resources to being available online and around the clock for their customers.

Manish Dubey, Chief Marketing Officer, ICICI Prudential Life talks to e4m on how a lot of their communications elements are aligned to the way the younger generations consume content and media.

Excerpts:

Tell us a little about the impact of Covid-19 on consumer behaviour?

The current pandemic has set a new precedence for customers and businesses alike. Covid-19 has forced a significant shift in customer behaviour today. There are many elements of this shift. We have seen increased demand and consideration for life insurance. Customers are searching for life insurance plans, wanting to know more about them. Many customers who are interested in buying are looking for digital interactions and no-contact purchase. Our existing customers also want to stay connected through digital platforms for their service interactions. Thus, whether it is initial interest, active interest for service requirements – people are keen to interact. Everywhere, digital is the preferred medium of interaction. Uncertainty created by COVID-19 has led to people embracing the comfort of familiarity. This has customers gravitating towards brands that they can trust.

What is your response to the change? How are you changing your communication accordingly?

In such times, our aim has been to serve each need of the customer. We have taken steps to facilitate digital purchasing and servicing. Communication is of prime importance in all this. We have taken various steps to reach out to customers pro-actively and regularly during this period. Using a multi-media approach, we have focused on content that is relevant and contextual in nature. One of our first steps during the pandemic was to assure our customers about the Covid coverage provided by our protection plans. There is an emphasis on communicating messages beneficial to customers during such times such as coverage of Covid-19 death claims by our life insurance plans, quick claim settlement processes, 24x7 digital assistance, availability of branches, addressing concerns around market volatility and the benefits of staying invested. We have also engaged with our customers by helping them cope with the current times – by generating content around tips to stay productive, parenting, mental health, and fitness and so on.

You are reaching Gen Y and Gen Z through digital platforms. Tell us a little about your digital initiatives.

In today’s digital world, it isn’t enough to be a first mover, but a fast mover. Brands must respond early to new trends to stay relevant in the changing times. A lot of our communication elements are aligned to the way the younger generations consume content and media. Our aim is to catch their digital foot-prints basis the interests and affinities that they have and to be present there in the most contextual way.

Accordingly, we use new-age content on social networking sites, professional networking sites, influencer platforms, e-commerce sites, review sites, Q and A platforms, OTTs, news business and finance sites.

Our customers are provided with 24*7 digital servicing options offered through WhatsApp, LiGo – our digital assistant, Mobile App and website. We have invested in a speech recognition and conversational AI tool to serve the digital customer better. For financial transactions, a plethora of digital payment options like Google Pay, UPI, Amazon Pay, Paytm, PhonePe, BillPay, Bharat Bill Payment service have been provided.

There has been a significant jump in the usage of our digital servicing channels since lockdown, with the highest increase in usage for WhatsApp (7X increase).

 Why did you decide to divert the majority of your ad budget to digital? What are the new campaigns you are running? What is the media mix you use to promote these campaigns?

The need to stay protected – mentally, physically and financially in order to face uncertainties is now at the forefront for most people. There’s an enhanced value for life today amongst our customers and correspondingly, this has shown an increase in the need for term insurance plans. There is also an increased need for saving due to the uncertainty of income.

Taking this into consideration, we ensure to be present and engage with customers throughout their purchase journey to provide positive disposition around our term and savings plans. Being engaged helps us build a continuous rapport and provide any assistance they need in their journey of securing their life. So, we reach out to customers on channels where they populate – social media platforms such as Facebook, LinkedIn, Instagram – focus on creating content which is relevant to customers and platform-centric.

Through our influencer programme, we collaborate with influencers to create content that is reliable and which resonates well with customers.

Our campaigns explain the relevance and the importance of protection plans and goal- based savings through real-life scenarios. In a highly digitally-enhanced scenario like today, reviews and ratings have become an influential part of the customer’s purchase journey.

Therefore, we also focus on having a positive online footprint across review platforms to resolve any queries they have around the product or the category.

What next? What is the plan ahead to improve/enhance communication with customers?

We are living in extremely dynamic times. This has only been accentuated owing to the current pandemic. Customer needs and emotions are changing constantly. In times like these, it is extremely important for a brand to closely connect with customers and their needs.

As marketers, our aim is to always stay on top of the latest trends, watching data for insights, and understanding new customer behaviours which help to drive successful conversations moving forward for both prospects and existing customers. We are always listening to our customers at various touch points. Through a structured regimen we look at engaging with customers in a way which will help build better relationships, loyalty and trust.

Personalization and customization is the key. It is important not to bombard customers with messages, delivered at the wrong time or on the wrong channels. Moreover, less is more, deliver less communication but relevant communication. Machine Learning (ML) plays a big part to aid this.

In a nutshell, the key lies in understanding customers and gaining their trust first, to create and reinforce a positive customer experience. The idea being — creating compelling messages (selling the right products, communication around health, safety, financial preparedness etc.) that speaks to the customer’s emotions and delivers it at mass scale with a human and personal touch. The time to change is now.