Summary
Unlearning Insurance
Challenge
SBI life faced insurmountable challenges. They entered a highly evolved market, where the market leader commands over 60% of the market share. It had the following challenges to tackle: Talking like conservative pessimist Better Investment options in market No connection with their current audience Insurance is not attractive. Insurance category was repelling millennials with morbid reminders of responsibility Shift in consumer mindset OUR CHALLENGE: To break the ‘safety-net' perception of insurance category & celebrate ambitious Indian millennials. To increase the value of new business by at least 15% as compared to previous FY.
Objective
We live in a society with certain norms. The undisputed fact is that the primary wage earner is constantly under pressure to provide for their family. A category which has not shied away from using this ‘responsibility to provide' to instill a sense of fear to further their products has only shown Insurance in a bad light over the years. In this, SBI Life decided to turn the narrative and challenged the category cohorts.
Strategy
Our main aim was to create maximum noise and engagement with this campaign. We achieved this by the following activations. 1) Intriguing Teasers: Initiated campaign with captivating teaser posts on social media, grabbing immediate attention. 2) DVC #SapnaHaiTohPooraKaro Promotion: Extensively promoted the DVC #SapnaHaiTohPooraKaro across prominent social media platforms like Facebook, Instagram, YouTube, and LinkedIn. 3) OTT Amplification: Amplified reach by integrating the DVC on Sony LIV OTT platform, strategically placed within popular shows such as "Rocket Boys" and "Shark Tank India." A co-branded promo video with "Rocket Boys" showcased on Sony LIV OTT. 4) Strategic Banner Inventories: Deployed effective banners with compelling CTAs on relevant websites and platforms including Spotify, PayTM Money, Inshorts, and Samsung TV. Integrated branding for maximum impact. 5) Media Partnerships: Collaborated with major platforms - Sectoral sponsorship for Union Budget on Money Control, Associate Sponsorship on CNBC TV, and News18. 6) Innovative Rich Media Banners: Enhanced visibility through rich media banners on platforms like Adbeyond, Momentos (Native display), and Daily Hunt (poll banner), effectively reaching finance and Daily Hunt (poll banner), effectively reaching finance and news audiences. 7) Digital OOH at Airports: Achieved widespread exposure with digital OOH banners displayed at key domestic airports in Mumbai and Delhi. 8) Real Life Real Stories: Showcased three real-life passion stories, tailored for different zones, emphasizing the pursuit of passion while maintaining balance Apne Liye. Apno Ke Liye. 9) AI-Powered Passion Pledge: Integrated AI technology by creating a microsite powered by ChatGPT. Users generated personalized passion pledges, enhancing commitment towards their passion. The pledges were converted from text to audio. 10) Influencer Collaboration: Teamed up with 10 accomplished influencers from diverse fields. They shared personal journeys and motivated others to become Responsible Passion Chasers by asking them to take part in #IndiaKaPassionPledge
Data
We launched the idea with the narrative, which challenged the perception that risk-takers are selfish, when in reality the intent behind those actions are always in the best interests of their family. The campaign celebrates the concept of "Responsible Ambition," featuring individuals who've ardently pursued their passions while caring for their families. As our narrative was against the grain of the insurance category, so was our media choices. Along with the use of traditional media, we employed latest technical tools to push our narrative forward. SBI Life ignited the passion conversation online, which pumped up people to take the #passionpledge.
Solution
Results
The campaign for SBI Life saw a 37% increase in new business value from the previous fiscal year, aiming to enhance the company's perception as a reputed company and enabler of dreams. The campaign improved brand perceptions, particularly in terms of "A brand helps me to achieve my goals" and "Associated with a reputed bank". Post-campaign, there was a significant growth in spontaneous awareness and consideration for SBI Life. Radio campaign reached to 8+ Mn listeners across markets X Trending Success: #IndiaKaPassionPledge trended at the top position on X during the 24-hour pledge-a-thon, creating significant online buzz. We saw users on X posting their personalised pledges generated on the microsite and asking their followers to take part. The campaign also generated significant digital engagement, reaching at least 510M impressions and reaching 162M. The campaign also seeded the life insurance category in the minds of millennials through an AI-backed passion pledge endeavor, securing a Guinness World Record.
