Q] The insurance and investment space actively targets the younger generation so that they can start their financial journey at an early age. What steps is HDFC Life taking to target millennials and Gen Zs?
Life Insurance is a product that runs from the cradle to the grave and even after. India is a young country, and HDFC Life has been focusing on the younger generation because there’s a demand for the product. With the help of our campaigns, we try to bridge the gap between demand and offerings to young customers. That’s something that we have been doing for many years.
Q] Your campaign attempts to encourage parents to make preparations for their children. What was the thought behind it, and how did you take it forward?
Our goal was to target families with teenagers, and we wanted to get deeper into Tier II and III markets because of their strong growth. The commercial showcases the doubts of a father regarding his kid’s future, but to his surprise, his kid builds a digital brand for his small enterprise, attracting a deluge of customers. We tend to underestimate our children at times, therefore, through our film, ‘My Child, My Pride’, we wanted to reaffirm the belief in children while informing them that we have the right investment options for them.
Q] Could you tell us about your marketing mix and the mediums you use for your campaigns?
The bulk of our campaign is going to be on TV and Out-Of-Home. Our campaign is also digital because we want to target the Tier II and III markets. Not to forget, the ad is in about 7-8 languages. Our brand is well-known in the Tier I market, and the aim was to move up our consideration and awareness in other markets. As part of our attempts to formulate a stronger presence, we opened around 75 branches this year, with work simultaneously happening to support the distribution side.
Q] Not long back, HDFC Life launched a guaranteed benefits product Click 2 Achieve. Could you please talk more about the product and its features?
We recently launched a guaranteed benefits plan called HDFC Life Click 2 Achieve, and as the name suggests, the plan curates a structured system of payments based on the customer’s aspirations. The plan is very flexible and permits you to customise your payouts. There’s a student variant of this scheme, under which we ensure that if something happens to you as a parent, we continue to pay the premiums on your behalf so that your child’s goals are not compromised.
Q] How do you ensure that your communications resonate with your target audience?
We are trying to move to the tier II and III markets, shifting the focus from salary segments to self-employed segments. Even our commercial sets its foot in this socio-economic milieu. India is a large geography; therefore, we must possess a strong ground presence. While Digital is important, it is also important to strengthen the physical presence to build confidence, consideration and recall. The first step to widen the reach is to create awareness among customers. Once you are in their consideration set, it becomes easy for the distribution and sales teams to go out there and convince the customers. I believe that marketing and distribution, in some sense, move hand in hand, and that’s something we will be working on in the future. There will be a lot of conversations with customers, both directly and through our marketing campaigns, around our unique features.
PROFILE
With diverse responsibilities such as Brand & Consumer insights, Digital Experience, Performance Marketing, Customer Funnel & Value Management, Technology Integrations, Business operations & Underwriting, and Corporate Social Responsibility, Vishal Subharwal not only carries independent P/L responsibilities but also supports multiple organisational growth initiatives. In his previous role as Head of Strategy & Business Insights, he was responsible for crafting and ensuring the successful implementation of organisation strategy, until the company’s IPO in 2017.
ABOUT THE BRAND
Established in 2000, HDFC Life Insurance Company Limited is a leading listed long-term life insurance solutions provider in India, offering a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment, Annuity, and Health. The Company has more than 80 products (including individual and group products) and optional riders in its portfolio, catering for a diverse range of customer needs.
FACTS
Creative Agency: Leo Burnett
Media Agency: Zenith
PR Agency: Ketchum Sampark
