HDFC Life’s latest campaign is all about securing life after retirement

The life insurance sector has been posting double-digit growth in new business premiums over the last few years, and is set to continue with the Insurance Regulatory and Development Authority of India’s enabling regulations. After putting in place regulations around products and policyholder protection, the country’s insurance market has matured over the years.

With the industry growing at a healthy rate, public sector players and aggregators are continuing to spend on paid marketing campaigns, and performance as well as brand marketing.

The relatively young HDFC Life Insurance Company is focussing on digital mediums as far as ad spends go. It plans to digitise the overall customer experience by enhancing KYC services, among other things.

It is expanding its proprietary distribution network, and recently acquired EXIDE Life Insurance Company.

"Distribution has got heavily digitised now. In the past, we would think of digital as just a D2C medium, but now, it's about intermediate businesses. Today, it is all about an omnichannel experience, as far as customers go. They have an advisory either at home or the bank or in an office setting. We have enhanced their overall experience, thanks to digitisation," shares Vishal Subharwal, chief marketing officer and head of e-commerce & digital business, HDFC Life.

To understand the brand's campaign, marketing strategies, etc., afaqs! spoke to Subharwal.

Marketing initiatives

Recently, the company came up with an annuity concept in its latest campaign. It aims to create awareness about securing life after retirement, with annuity. The film looks at retirement through the lens of a 50-year-plus couple, who outline their expectations and fears after retirement.

The campaign is based on the insight that after retirement, most individuals don’t get a monthly income. For such individuals, the primary goal is to be able to maintain the same standard of living that they had during their employment years.

Speaking about the initial thought behind the campaign, Subharwal comments, "As a company, we focus on two kinds of risks – risk of dying early, i.e., mortality risk, and longevity risk. The average human age is 80 years. We surveyed people, who are close to retirement, and they said that they were looking forward to their retired life. They were not worried, as they had built assets, their children were independent, etc. Through our campaign, we want to highlight the features of our annuity product."

"What most individuals find challenging is how to manage their retirement corpus. What one needs is a regular, guaranteed stream of income, similar to the salary that one received during their working years. By choosing annuity products, one can secure their income, even after retirement."

The campaign’s media mix is 80% TV, and a bit of print and digital.

The brand’s core belief is 'Sar Utha Ke Jiyo', and it has been following real-life stories in its marketing campaigns.

"We ensure that you transfer risk from your personal balance sheet to our balance sheet. This fundamentally defines our marketing pitch to the consumers," mentions Subharwal.

Another campaign inspired by real-life incidents is 'Adhura Nahi Pura Insurance'.

Bridging the gap

India's per capita insurance coverage is quite low. Buying insurance policies has always been a problem in the country. So, to bridge this gap, various brands are coming up with many initiatives.

Subharwal highlights, "Insurance for all is something we’re striving for. We continue to work on two segments – product innovation and deepening the distribution. We are working on a better claim settlement ratio. There needs to be consistent track records in the form of bonuses that we give to our consumers. This will help in building customer trust. All this will be augmented by our marketing strategies."

As of March 31, 2022, the company’s overall individual premium growth stood at 16%. It had assets of over RS 2 trillion, clocking 17% annual growth.