Ubaid Zargar

How Aegon Life’s print campaign uses QR code to engage with consumers

Akhil Almeida, head of marketing, Aegon Life Insurance, talks to Afaqs! about the new campaign, use of QR code and challenges for life insurance brands in India.

To promote its flagship term product iTerm Prime, Aegon Life Insurance has launched a print campaign that features a QR code for better engagement. 

Through the campaign, the brand aims to reach out to self-employed people who, according to Akhil Almeida, head of marketing, are particularly underinsured. 

Conceptualised by consumer experience agency Havas CX India, the campaign harnesses the utility of a QR code, for an unconventional interaction with consumers. By scanning the QR code, customers are directed to a YouTube Shorts video that provides all the necessary information about iTerm and its services.

In a conversation with afaqs!, Almeida reveals that the brand aims to make the entire process of securing life insurance, simple and accessible. He also talks about the dilemma of underinsurance in India, the challenges faced by the insurance companies, and more. 

Edited excerpts:

What’s the campaign’s core insight?

We want to make life insurance accessible to emerging India - the aspirational class of people who need insurance. We knew that if we created a product that is easy to buy, affordable, requires zero documentation and, at the same time, can be tailored to suit a customer’s needs, then we will be able to move many barriers that currently stand in the way of one getting adequate financial protection. 

The campaign adds a musical element to a print ad with the help of a QR code. How was it conceptualised? 

When you look at India today, you think of the average consumer and the financial protection he possesses. India actually has one of the highest financial protection gaps in the entire APAC region. Some people estimate it to be around 83%. One of the major reasons for this is that most consumers find life insurance products to be inherently complex. 

Also, there’s a tedious documentation process that people have to go through, while buying a life insurance policy. The idea behind incorporating a QR code into the campaign, was simple. A consumer should be able to scan the QR code, enter the journey and be done within a few minutes. 

You can actually use a medium like print to not just inform a customer, but actually engage them and put a smile on their face.

What exactly is iTerm Prime?

This latest iteration of iTerm, is actually a product that has been in the market for a while now. iTerm was first launched around 2008 or 2009. It was the first time that term product was sold digitally. 

iTerm Prime addresses the needs of self-employed individuals. Today, your life cover starts as low as Rs 25 lakh. You don't have to get a Rs 50 lakh policy or a Rs 1 crore or higher policy. Sure, you can scale it up to whatever number you want, but you can start from somewhere lower. The entire buying journey is now zero documentation. 

What’s your target audience?

If you think of India's population and map it on a graph, it’s broadly the affluent class and those who’re essentially just trying to make the ends meet. But between these two classes, there is a huge portion of the population that’s emerging. These people have dreams and aspirations. Unfortunately, this segment hasn’t been catered to very well by the life insurance players. These are the people we’re aiming to target.

Are there specific cities that the brand is trying to grow its relevance in?

We’re running a pan-India campaign. For something like iTerm Prime, we’re focussing predominantly on urban centres. 

For the rural population, you need different types of products, because the customer needs aren’t necessarily the same. So, we look at the basic critical customer-first approach. We identify a segment and design a product that’s actually going to cater to those needs. 

How does iTerm Prime stack up against other Aegon services?

iTerm Prime is just one example of how we're going to address financial unawareness in India. We will be designing and releasing many more products that are specifically tailored to audiences and segments who’re currently underinsured.

What’s the campaign’s media mix?

We’re taking the customer-first approach. We have a mix of both traditional channels, like print and radio, as well as digital.

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