Q] Axis Max Life Insurance has long anchored its brand around the idea of ‘Bharosa.’ How has your communication and marketing strategy evolved over time, and what consumer insights have shaped this journey?
The life insurance category has long faced a trust deficit due to product complexity, deeply personal financial decisions, and a history of seller-driven conversations. Building trust therefore became central to our communication strategy. While life insurance advertising has traditionally relied on fear-led narratives linked to death and financial uncertainty, we consciously chose a more positive, purpose-led approach centred on Bharosa. Over the past 25 years, our campaigns have evolved with changing consumer needs. ‘Karo Zyada Ka Irada’ reflected aspirational India, ‘Sachchi Advice’ addressed concerns around honest financial guidance and mis-selling, and ‘Aap Hi Ho Bharosa’ celebrated individuals and family breadwinners. More recently, ‘Double Bharosa’ and ‘Bharosa Tum Ho’ have helped us deepen our presence in Tier-II and Tier-III markets while keeping trust at the core.
Q] What were the key objectives behind ‘Bharosa Tum Ho’? How has the campaign fared so far, and what made cricketer Rohit Sharma and wife Ritika Sajdeh the right choice for it?
With ‘Bharosa Tum Ho’, we sought to address the trust deficit in the life insurance category through a more consumer-centric lens by positioning individuals as the true source of bharosa for their families. The campaign was also designed to strengthen our presence in Tier-II and Tier-III markets, particularly in the South. Sharma and Sajdeh emerged as a natural fit because they combine credibility with relatability. While Sharma embodies trust and calm leadership, Sajdeh brings emotional warmth. Rather than leaning on Sharma’s sporting persona, we focused on their everyday partnership and family dynamic.
Through the films, we aimed to portray life’s uncertainties in a positive light rather than through fear-based messaging. The campaign delivered a 5–7 per cent uplift in brand consideration, while customer acquisition costs on digital platforms declined by nearly 25–30 per cent over time.
Q] How are you driving financial education in Tier-II, III and IV markets, and how do these consumers differ from their metro counterparts?
We have seen a significant improvement in life insurance awareness across Tier-II and Tier-III markets, though ownership levels still lag. Consumers increasingly understand the importance of life insurance but often hesitate when it comes to making the final purchase decision. As a result, our focus remains on driving awareness, education and trust. The transition from Max Life Insurance to Axis Max Life Insurance has further strengthened our credibility in these markets by bringing together the trust associated with two financial institutions. Beyond communication, we are expanding our on-ground presence through regional initiatives such as ‘Aarohan,’ recognising that face-to-face engagement continues to play an important role. We are also supporting the government’s ‘Insurance for All by 2047’ vision through awareness programmes in states including Uttar Pradesh and Arunachal Pradesh.
Q] How does Axis Max Life Insurance divide its marketing investments between traditional and digital channels, and how has the media mix evolved over time?
Our media strategy is built around a consumer-first, screen-agnostic approach. For top-funnel brand-building, we continue to invest in traditional channels such as television, print and OOH, which remain critical for driving scale, trust and credibility in a category like life insurance. Cricket, GEC and news continue to be key content genres for us. At the same time, digital is an always-on component of our strategy, particularly with our D2C business growing. While the mix varies based on campaign objectives and consumer intent, the traditional-to-digital spend ratio typically ranges between 1:6 and 1:10.
Q] With AI-driven interactions and WhatsApp-based servicing becoming more common in BFSI, how is Axis Max Life Insurance rethinking customer experience?
The life insurance journey has evolved from being entirely physical to a more phygital model. While AI and digital tools are improving efficiency, accessibility and convenience, life insurance remains a high-touch category, particularly during sensitive moments. From product discovery and query resolution to policy servicing, Axis Max Life Insurance uses AI and WhatsApp-based servicing to simplify customer journeys. We have also introduced multilingual chatbot services such as Mili to provide real-time support.
At the same time, we recognise that technology cannot fully replace human interaction. That is why we continue to prioritise human-led support during critical moments such as claims, while AI largely enhances backend efficiencies. Our focus is on balancing technology with empathy—a philosophy reflected in our strong NPS scores and our ranking as the top Indian insurer for customer experience in a Hansa Research study.
Q] India’s insurance penetration remains at around 3.7%, significantly below global averages. How do you see marketing bridging the gap between awareness and actual purchase behaviour?
Life insurance penetration in India remains relatively low at 3.5–4 per cent of GDP, creating significant growth potential. One of the biggest challenges is product complexity, which is why we are focused on simplifying offerings and creating more segment-specific propositions. Since life insurance is a long-term commitment, often spanning 20–30 years, building confidence through transparency, engagement and financial reassurance remains critical. Delayed gratification, particularly in term insurance, is another hurdle, making innovations such as return-of-premium plans increasingly relevant. Marketing also has a role in normalising conversations around protection and financial planning. Through initiatives such as the India Protection Quotient and India Retirement Index Survey, we are driving awareness and education. At the same time, we are focusing on underpenetrated segments including women, Gen Z and self-employed consumers to support the vision of ‘Insurance for All by 2047’.
Q] Looking ahead, how do you see life insurance marketing evolving, and what key priorities will shape your strategy?
One of the biggest shifts in the category is that growth is no longer confined to metros and Tier-I cities. Tier-II and Tier-III markets, along with segments such as Gen Z, students and working women, are emerging as important growth-drivers. Another key focus area is improving efficiency and reducing acquisition costs through Gen AI-led solutions. We are already leveraging tools such as voice-to-text models to better understand customer concerns and develop more relevant marketing propositions.
Watch the full conversation here:
