Summary
An insight-based endearing and relatable story of a pre-retiree couple to drive the importance of Annuity plans via the SALARY AFTER RETIREMENT campaign.
Challenge
Consumer insights/Data understanding – • Today's evolved retirees and pre-retirees who want to lead an independent life even after retirement not rely on their families for financial support. • While most have sufficient retirement corpus, they are anxious about the prospect of running out of the corpus, which impacts their ability to enjoy a dignified and comfortable retirement. • Investments in physical assets like property, gold, etc created an issue of liquidity while managing regular expenses like medical checkups, holidays, etc. • These audiences prefer a steady income source and miss having a "salary" after their retirement. • Most consumers also worry about the wellbeing of their spouse as these feature as a key trigger. Basis these insights, we identified the core thought of "SALARY AFTER RETIREMENT" – The term that we coined was easily understandable to the TG we were targeting and communicated the core proposition of ‘Annuity plans' seamlessly.
Objective
Annuity solutions cater to pre-retirees/retirees who want to live a dignified, financially secure life post-retirement. The TG for this category is 50/55+years consumers. To drive growth in the category, it was critical to have a deeper understanding of this consumer set. Despite India's increasing life expectancy, the years we work have remained unchanged. Our research showed that while many Indians invest in traditional assets to accumulate a retirement corpus, but they worry if it will suffice for their post-retirement life. Hence, there was a definite need in consumers to be able to plan their retirement corpus effectively and live life without any compromise – which was at the core of what Annuity plans offered. However, Indians do not generally view life insurance as an effective retirement planning tool despite its annuity offerings that guarantee a monthly income. Limited knowledge about retirement plans adds to the tough task. Finally, we also wanted to break the clutter by moving away from usual depiction of retirees/ageist tropes in most communication that we saw around us. Therefore, our campaign objective was to educate customers about our annuity solutions with clutter breaking communication, which would focus on appropriate representation of retirees/pre-retirees and drive business growth.
Strategy
Approach towards the Film – We wanted to steer away from the usual depiction of pre-retirees/retirees which are either ageist or over-the-top, by realistic depicting mature couple who have the zest for life and romance, via a heart-warming narrative. Outreach - Ensuring Media reach through correct channels : - We deployed print as an additional focus medium alongside a robust TV and digital plan in order to cater to the TG through relevant mediums. - We also used additional shorter format films to ensure proper product education is also made available for audiences. Ensuring last mile delivery for sales – - We created explainer collaterals in an effort to help sales teams at the last mile. These included newer format creatives like short video messages, ready reckoners with special focus on product/category education.
Data
We amplified the campaign through Direct Marketing channels like Email and SMS in order to nudge them to plan better with our Annuity Plans. With proper segmentation and right pitch we were able to get conversions which had a positive business impact. Impact delivered: 1. Business Metrics – 1.5X intents and 2X premiums 2. Communication Metrics – 2X response (Open/Click rates) across all communication channels
Solution
Results
Business Results: • While the competition in the insurance sector witnessed a 2% growth in premiums received, we achieved a robust 18% growth, highlighting our exceptional performance and outpacing the industry. • Our Annuity Portfolio business grew by 44% over the period of 9 months - 164Bn to 211 Bn Brand Results: Our campaign also delivered notable brand results, strengthening our position in the market: • Annual premium growth reached an impressive 59%, indicating the increasing trust and preference for HDFC Life's products. Media Results: Our media performance exceeded expectations and played a pivotal role in delivering successful outcomes: • We over-delivered in Impressions, reaching more than 18 million potential customers, ensuring that our message reached a vast audience. • Our Click-Through Rate (CTR) outperformed estimates, achieving a remarkable 1.5x better CTR, demonstrating the effectiveness of our campaign in engaging and motivating the audience. • Clicks also exceeded our planned targets, with a 1.7x over-delivery, indicating the high level of interest and interaction generated by our campaign. • Overachieved 117% over target GRPs, Reach overachieved by 4 points @ 3+ Brand KPIs across primary TG improvement : + 8 - Spontaneous recall +7 - consideration Source : Kantar syndicated Brandtrack
