In a new episode of Pitch BrandTalk - a video series that engages with the senior management of brands to churn out innovative insights - Pitch had an insightful conversation with Ashish Nair, Chief Marketing Officer and Head of Customer Value Management, Kotak Mahindra Life Insurance. Cricket and financial security might seem like an unlikely pairing, but Kotak Mahindra Life Insurance is aiming for a home run this Indian Premiere League (IPL) season with their partnership with Royal Challengers Bangalore (RCB).
"We see the IPL as one of the biggest events in the country, it's a part of our culture now”, says Nair while talking about this collaboration. Nair highlights the surprising connection between the two seemingly different worlds: "There are very similar tracks between cricket and life insurance," he explains. "The core of life insurance is protection. If something goes wrong, the money is there to take care of the family. In cricket, when you go out to bat, the wicketkeeper reminds you to wear your guard. You protect yourself first, then you can go out and play freely."
By leveraging the immense popularity of the RCB and IPL, Kotak Mahindra Life Insurance hopes to reach a vast audience including many who might not consider life insurance a priority. "Insurance is a low-involvement category and hence the awareness is low," says Nair. "The lower the involvement, the less people want to know more. This low awareness leads to low penetration of life insurance. People find it complex and stay away. That's a challenge in our country”, he adds.
To bridge this gap, Kotak Mahindra Life Insurance is creating engaging content featuring RCB players, making financial protection relatable and exciting. They're also diving deep into data analytics. Nair explains, "We've done studies and partnered to segment our customer base. We're understanding the different groups within our company and who we're selling to." This data-driven approach, coupled with the star power of the RCB, positions Kotak Mahindra Life Insurance for a winning season - one that gets people thinking about their future and the importance of having a financial guard in place, just like a batsman with their protective gear.
However, Insurance has become a crowded space with multiple players joining the segment. According to Nair, for Kotak Mahindra Life Insurance to differentiate itself building trust and providing exceptional customer service is paramount. He highlights, 'Customer experience is something that we're holding very close to our hearts and we think that is going to be the differentiator for us in this space.' By focusing on understanding customers' needs and delivering a seamless experience, Kotak Mahindra Life Insurance aims to not just raise awareness about financial security but also become a trusted partner for their policyholders.
