Summary
Max Life has always wanted to establish itself as a thought leader and have a vision of thinking beyond the Brand. And we set out to achieve the Objective beyond measures by driving 1.Format Innovation: The Study demonstrates innovative use of Data and Analytics to drive a thought leadership that is set out out from the category 2.Results and Effectiveness: he campaign delivered outstanding results and achieved its objectives effectivel 3. Social Impact and Industry
Challenge
The Business Objective and Challenges were challenging in itself, as its was not only Max Life but the entire Insurance Segment as a whole which faced : 1) Low Awareness and 2) Low penetration of Women Life Insurance ownership. Our purpose was to drive a thought leadership by taking a stance for the entire segment
Objective
Pandemic had been a truth-or-dare situation for most of us, People went from Dalgona coffee to saving up monies as death and grief gripped everyone. Not only was it an eye-opener but a strong understanding of how India and Indians were not ready to face adversity. However, the research indicated that India's Protection quotient was at 60% with women at an all-time low, and even lower was the awareness of it. After the campaign, it was observed that the IPQ became one of the longest-running surveys in the insurance sector showing the progress of insurance awareness and action in India. India's Protection quotient has seen itself in the 5th Year and the Campaign has nudged the Consumer and thus Improved India's Protection quotient from 35 to 43
Strategy
We actioned an Innovative solution on the back of Data, Research and Analytics, empowered by Kantar which evaluated the consumers readiness based on 3 parameters of Knowledge Index, Ownership level, Security level through an online survey. The survey helped Max lifers understand the sentiments and the readiness that we need to do to educate our consumers.Our solution thus came with hard hitting data collected through a rigorous process of Research,Publication-of-Report and Dialling up with media Ramification.This led to the birth of the fire called IPQ,spotlighting it by debates amongst key opinion-leaders and experts which further got cascaded to our audience The results indicated that India's Protection quotient was at 60% with women at an all-time low and thus awareness campaign had to be bigger this time. We chose eminent personalities as our biggest bet, this names were carefully handpicked on basis of a first party survey.We leveraged the credibility of Rajdeep Sardesai to discuss the gravity of the situation by panelling a Debate and discussion spread through a 19-series of Telethon, Insurance-Pathshala and amplification which further hosted b Key influencers like Neha Dhupia, Boman Irani and may-more. We understood, a financially secured India will be unstoppable in becoming a global-leader.
Data
The audience is aged between age 25-55 with a 70:30 ratio of Male to Female, geographically belonging to 25 cities within 6 metros, Tier1 and Tier 2 This is only for the stats, actually, the entire Indian population was our consumer India's Protection Quotient talked about setting change to the category for this The platform needed to Bigger and Massier. Our Selection of the Celebrity Leaders like Rajdeep Sardesai, Neha Dhupia, Key financial Influencer and Micro influencers in Partnership with India Today Group set the Media to a different stature
Solution
Results
This wasn't a competition with Brands but a though leadership and change Max Life wanted to create in the Industry there by changing and Bringing up the India's Protection Quotient which befitted the Competitors as well Brand consideration score to 71% in FY'23 up from 69% in previous quarter. Life-Insurance ownership within women has grown to 71% vs 67% Max life as "Brand-I-trust" increased by 8-PP The IPQ becomes one the longest running survey in insurance sector showing progress of insurance awareness and action in India. The Campaign was a first of its kind which brought together the Industry acknowledgement and Befitted the Competitors. This was to bring up the awareness and the need of protection within the consumer
