Mission

Statement

Plan a marketing strategy

to build awareness

regarding the benefits of

life insurance that should

result in new customer

acquisition

Jayesh Gawde

MICA , Ahmedabad

Bharti AXA Life Insurance Jeevan Suraksha Ka Naya Nazariya

Integrated approach

Combined expertise of AXA & Bharti

Greater relationships with customers

Less penetration in rural India

Small agent base

Poor image of Insurance sector -lacks trust

Growing rural market

Growing E-commerce sales

Empowered Urban women

Increase in FDI

Stringent govt policies

Croweded market with similar products

Higher Inflation rate

Consumer

Truth

Brand

Truth

BIG IDEA

Want to save

money

Want to take

independent

decisions

Gives newer

approaches

to solve life

insurance

problems

Empowering Women to

conserver their own wealth

SWOT

After looking at current market status and SWOT

analysis one can say

1. The current market is overcrowded and

apart from Top 3 Giants every other

company has a very small share of the

pie.

2. To create an impact in this sector we need

to identify new TG

Target Audience Urban women have experienced a new kind of

financial freedom in last 2 decades thus

empowering them in taking financial related

decision for themselves and their families.

This TG usually belongs to Age group 25 to 55 and

classified as NCCS A1, A2, A3, B1.

So out of total Indian population around 33 %

stay in urban in area and out of which around

16 % falls into our TG. Making our universe

to 66 million females.

Positioning

Our audience buys insurance for reasons like

Security of future, Higher returns,

Status/Prestige, Better living Pleasure and

Tax benefits.

While reasons for not purchasing life

insurance are Lack of Need, Perceive

Expensive, Lack of knowledge, Not the right

time.

To mitigate all this problems and bank on

their current thought process we develop a

host of products revolving around “Helping

conserve female wealth“ with our program

called StriDhan.

Aegon Religare Life

Insurance Co.1%

Aviva Life Insurance Co.2%

Bajaj Allianz Life Insurance Co.

7%Bharti Axa Life Insurance

Co.1%

Birla Sunlife Life Insurance Co.

6%

Canara HSBC Life Insurance

Co.2%

DLF Prameric

al Life Insuranc

e Co.1%

Edelweiss Tokio Life

Insurance Co.0%

Exide2%

Future Generali Life Insurance Co.

1%

HDFC Std Life Insurance Co.

17%

ICICI Pru Life Insurance Co.

17%IDBI Federal Life Insurance Co.

1%

India First Life Insurance Co.

2%

Kotak Mahindra Old Mutual Life Insurance Co.

3%

Max India Life Insurance Co.

9%

Metlife India Life Insurance Co.

3%

Relianc Life Life Insurance Co.

5%

Sahara Life Insurance Co.0%

SBI Life Insurance Co.

15%

Shriram Life Insurnce Co.

1%

Star Union Dai Ichi Life

Insurance Co.1%

Tata AIA Life Insurance Co.

2%

2014-15*

Promotions

Since we are market challengers we focus on

highest sales contributing markets, from

current scenario we see majority of business

is coming from urban areas i.e. tier 1 and tier

2 cities of India, hence we focus more on

strengthening our footprint in our current

markets.

After selecting our target audience and doing

market prioritization we select media

channels to amplify our communication.

Media can be further divided as Paid media,

Owned media & Earned Media

Paid Media:- Paid media will spark interest

and ensure your owned media is discoverable

We shall use Advertising on TV, Radio,

Women’s Magazines, SEM, Savings Seminar,

Retargeting, Paid Influencers & SEO

Own Media:- Own media drives engagement and

understanding of life insurance products here we

use Website, Agents, Tele marketers, Offices

Earned Media :- Earned media will build

advocacy and favourability, loyalty and

recommendation for the brand. PR activities,

Review sites and leveraging on social media will

help in this.

Consumer Journey

Discovery

Creating awareness or addressing a felt

need in our TG we use Media to maximize

reach and building frequency.

Generally Indians declare investment at the

beginning of financial year but actually

invest for tax saving in the last quarters.

The campaign shall begin one month before

Diwali.

Video ads will be made with the theme

logical comedy to have a high recall value

of the ads.

The content of this ads shall focus on life

insurance benefits for women and tax

saving options available and would

encourage women to take their financial

decisions themselves rather than depending

on male head of the family.

Ads shall be displayed on TV channels (with

genres like Lifestyle, News, Prime spot of

top five GECs) with a target of 1000 gross

rating points for television.

On YouTube channel content shall be

curated about life insurance and its

benefits. Curated content shall be in the

form of animated rather than being

preachy.

Next steps shall consist of print ads in

women’s magazines and billboards near

highways and corporate offices. This ads

shall include telephone numbers of our tele

marketers who shall give free advice and

information about tax saving options

available.

Discover

invovle

Act

Share

On similar lines on digital front financial

gurus shall promote our tips and act as

influencers for us.

Involve

Involve through interactive media,

experiential marketing

After the wave of ads Savings Seminar shall

be conducted for free in various housing

societies on weekends and office premises on

weekdays. Again the focus would be how the

whole family can save money using women

related government laws and multiple

benefits for women with 1-policy.

Collaborating banks will provide life insurance

schemes to their female consumer and they

will be given a priority status.

Act

After initial engagement it’s important to

maintain a dialogue with TG else they might lose

interest in our product. To create opportunities

for dialogue and feedback.

For this stage own media like website, sales

agents and social media would be used to clear

any doubts our prospective client may have

about our policies. Special women

representatives would also be trained to increase

the interaction with customer.

Ecommerce portal act as facilitator and would

have one click process where details would be

taken directly from Facebook account or any

bank account.

Share

Generate WOM by encouraging consumers

to talk.

All the queries of consumers and claim

settlements would also be solved online via

simple message on Twitter or Facebook.

Big ticket women customers and their

daughters would be given complementary

credit cards of collaborating banks to give

them more financial freedom.

They be also given a paid mobile app

“StriDhan” for free which would help them

maintain account of their cash flow and

would also provide tips to save maximum

out of their earnings.