Objective - Growing Insurance Penetration in India and drive further adoption with innovative & effective marketing.
To start with we did secondary research about insurance sector in India which consist of 57 insurance companies consisting 24 life insurance and 33 non-life insurance players. Overall insurance penetration (premiums as per cent of GDP) in India reached 3.69% in 2017, showing a year-on-year growth rate of 14.47%. India’s share in global insurance market was 1.92 % during 2018. However, during 2018, the total insurance premium in India increased by 9.3 whereas global total insurance premium increased by 1.5 percent. This helped us to understand the overall growth in this sector and it's scope in future.
Post this we did stakeholder mapping to understand all important stakeholders of industry which could be useful for primary research and identifying gaps.
Post stakeholder mapping we started our primary research by following our core value “Design Thinking” approach.
Empathize
We select a few important stakeholders and start with our primary research. Segmentation was done prior to making a set of questionnaires for these stakeholders. Our focus was to identify the current perception about insurance and expectations of people from company and gaps in current marketing methodology. We conducted face to face interviews , focus group discussion of experts and floated a survey to gather the data.
We analyze the data and came across few important insights based on that -
Unaware about customized policy as per individual needs
Low Rural market Penetration
Lack of use of Technology for Customer Engagement
Define
We then reframe our problem statement as per insights we have after empathizing with customer and define it as “Unavailability of effective & customized communication / marketing strategy for insurance penetration”
Ideate
After defining the problem statement we start with the next phase that is Ideation. We brainstorm , list all the possible solutions keeping the customer at the center. We start eliminating ideas to narrow down for the best possible solution considering user pain points and customer at the center. After lot of iterations our team come up with customized marketing strategy module as per every customers interest.
Prototype & Testing
Lets see how this customized marketing communication works
Customer feels the need of buying Insurance Policy and will look for different available options
We do predictive analysis of customer behavior using data about customer available from various sources during his search
Customers gets a communication based on the predictive analysis result
When customer clicks on particular part of communication it triggers a follow up communication containing infographics
While customer continues to interact with info we send, we learn more about his interest
We understand where he is in the buying process, what are his exact requirements, his interaction patterns and communicate further accordingly
This help him in purchase decision by customizing communication no matter how many twist & turns it takes as every communication is dynamic & tailor made as per his needs at particular moment
With help of a few static wireframes and templates we can deliver thousands potential email versions tailored to our customer's interest.