‘We have been digital-first even before the pandemic’

ICICI Prudential Life Insurance has been able to create a unique stand in the BFSI sector with its approach towards technology and adaptability of the same. Manish Dubey, CMO, ICICI Prudential Life Insurance, spoke exclusively to exchange4media on the brand’s key learnings. He also spoke on the understanding that different technologies offer while catering to varied services as well as different kinds of audiences. 

“Our brands have been digital-first even before the pandemic. In fact, during the pandemic it was one of the capabilities that helped us to reach out to customers in a drastic fashion. Our marketing plans were not compromised during the pandemic. Social media and digital marketing have been always there for us. Now, we are taking those channels to the next level of experience. For this campaign, we are creating virtual photo and interaction opportunities. With the use of tech, we are building personalised AI-based video ads, which will be delivered to specific audiences,” Dubey shared.

The company has been leveraging WhatsApp as one of its key marketing tools, he further said. “We have an understanding that different types of technologies need to be used for different kinds of things. The second learning is that if you provide the right value to the customer, the customer adapts to the technology and is able to choose what is best for them.”

The company has announced an association with cricketer Suryakumar Yadav to launch a new digital-first campaign - “360° Financial Protection with ICICI Prudential Life Insurance".

Speaking on why sports personalities are a right fit for their brand and especially for BFSI companies, Dubey said, “We also prefer other celebrities. Over a period of time, many BFSI companies roped in various types of celebrities – film and OTT celebrities, as well as internet personalities. However, there is merit in what you say. Sports personalities have their strength. In the recent past, we have seen many examples of BFSI companies opting for such associations with sports personalities. Sports has a pan-India appeal, people admire the traits of sportspersons. For us, the value that any sportsperson brings fits really well with the brand thought.”

“For Surya Kumar Yadav, in his recent matches, he has come out as a very trusted and dependable player, he is also very innovative considering the competitiveness that is there in today's time. We saw a perfect position with the kind of innings he plays, its 360 degrees,” Dubey added.

The Chief Marketing Officer also said that the brand has been doing influencer marketing activities for long, and they have a structured programme for influencer content. “We have a structured programme for influencer marketing and our influencer content is very transparent. We have a plethora of influencers like experts who will help you understand the product. We have influencers in the popular affinity space, and we also do content in regional content. Regional content creators are still growing, it is an evolving space.” 

Commenting on cracking GenZ consumers, Dubey said, “GenZs are very practical in nature. However, they are not keen on buying insurance as of now. But it is also about engaging with the consumers at an early age, not every engagement will lead to a purchase or a brand usage all the time. We are based on many years of experience and learning, and our attempt to connect with GenZ is to a level where they can relate to what they understand. It is only going to be better as we go ahead.”

Speaking on the marketing budget allocation for this year, he shared, “We have migrated a significant amount of our work to digital much before the pandemic and that has been the trend. Our proportion of budget has always been fluid between traditional and digital mediums. More spending on digital as it is easier for us to target.”