In a time where technology and data reign supreme, the Banking, Financial Services, and Insurance (BFSI) sector has seen a profound transformation. The surge in digitization and the rise of MarTech have fundamentally reshaped how financial institutions interact with customers, driving innovation and establishing new standards of customer-centricity.
To gain insights into these developments, exchange4media interviewed Ruchika Malhan Varma, the Chief Marketing Officer at Future Generali India Insurance. Varma emphasized the pivotal role of technology-driven decision-making in the industry, stating, “Digitization and MarTech, supported by data-driven strategies throughout the customer journey, are pivotal in shaping marketing approaches, spanning pre-purchase, during purchase, and post-purchase stages.”
Varma also discussed the company’s digital strategies, upcoming initiatives, and their efforts to reach diverse demographics, among other topics.
Here are some edited highlights:
**1. Where does hyper-personalization fit in the BFSI MarTech landscape today?**
Hyper-personalization is a crucial aspect in terms of tailoring offerings and content, made possible by advanced data analytics and AI. Every customer is unique, and these tools allow for a more personalized and efficient customer experience. Additionally, hyper-personalization has significantly enhanced the effectiveness of marketing messages, enabling them to stand out in a competitive market with numerous products and services vying for attention. Influencers have also played a vital role in establishing personalized connections and effectively conveying messages in this context.
**2. In the era of personalization, how do you anticipate the Digital Personal Data Protection Bill will impact BFSI marketing?**
The Digital Personal Data Protection Bill will bring transformative changes to the BFSI sector, given the vast amount of customer data collected by banks and insurance companies. There will be a need to reassess data practices to ensure enhanced security. Marketers will need to align with data protection requirements and adjust digital marketing strategies accordingly. Caution will be required in selecting digital communication channels to ensure customer trust and privacy, potentially impacting the overall cost of doing business.
**3. What constitutes an ideal digital strategy for insurance marketers in the current marketing landscape?**
The ideal digital strategy should deliver results across the marketing funnel, including business outcomes, brand equity, and improved customer satisfaction. Customer acquisition strategies should be data-driven, focusing on human insights. Leveraging these insights, marketers should develop propositions, create top-of-the-funnel campaigns to build brand recognition, deliver compelling storytelling, utilize influencers to drive engagement, and run targeted campaigns to drive bottom-of-the-funnel metrics. For customer retention, a combination of human touch and technology is crucial to deliver an exceptional customer experience.
**4. How have digital channels performed for your organization?**
India has experienced a significant increase in internet consumption, especially during the pandemic. Future Generali India Insurance has focused on reaching customers across various digital platforms, including Facebook, LinkedIn, Twitter, Instagram, and YouTube. Social media and influencers have played a critical role in expanding the market, particularly among younger demographics. The organization’s campaigns on YouTube have generated substantial online and offline conversations, and their innovative campaigns have garnered millions of views. There has been a notable increase in website traffic and social media followers in the fiscal year 2022-23.
**5. How do you engage both younger and older consumers?**
Future Generali’s strategy is based on three key pillars: Content, Culture, and Channel. In terms of content, the company addresses universal needs that cut across demographics, such as mental health and pet care. In terms of culture, they leverage cultural cues that resonate with all customers. For example, they used music as a cultural currency in one of their campaigns, featuring a rap song by an Indian rapper and Anil Kapoor, appealing to both younger and older demographics. Regarding channels, they employ digital platforms tailored to the preferences of different age groups, using reel-based content for younger audiences on Instagram and educational content on Facebook and LinkedIn for slightly older audiences.
