Q] You have onboarded, Rajkummar Rao, a Bollywood personality as your brand ambassador. How do you bridge the gap between finance and Bollywood, which are two very different dimensions?
Today, consumer attention spans are shrinking, so it’s crucial to create content that is not only relevant but also delivered by the right person or medium to convey the message effectively.
When it comes to choosing a popular face, there are many options available. The key is to identify someone who resonates with your core audience, aligns with their values, and feels believable and trustworthy while delivering the message. We conducted a thorough evaluation to understand what matters most to our audience and which voice would connect with them authentically. After shortlisting several names, we decided that Rajkummar Rao is the perfect fit. He aligns with our brand’s values and can effectively communicate the message we want to share with our customers. This decision was made with the confidence that Rajkummar Rao could help us deliver our brand narrative in a compelling and relatable way.
Q] With technology becoming a driving factor in most sectors, how does Kotak Life Insurance leverage digital for customer acquisition and customer engagement?
We are primarily digital-first in our marketing communication. Over the years, most of our campaigns have focused on digital as our main playing field. Digital offers significant advantages, especially in segmenting customers. For life insurance, our audiences range from Gen Z to retirees, and digital allows us to target them with sharp, tailored messaging based on geography, language, and demographics. We’ve always believed in the power of digital and have developed tools and platforms that leverage machine learning and, at times, AI to enhance our understanding of both the medium and our consumers. This approach has significantly strengthened our marketing efforts over time.
Q] How does Kotak Life Insurance place itself in such a competitive market in terms of product offerings?
Our product offerings cover a comprehensive suite designed to cater to every life stage, from Gen Z to retirees. We provide a comprehensive range, including saving plans, term insurance, and unit-linked products, ensuring we meet diverse life goals and needs. Customers also have the flexibility to create combo plans, addressing multiple life goals simultaneously.
While the insurance industry largely operates with product parity, we’ve focused on introducing innovative, industry-first products. For example, our Gen2Gen term insurance allows benefits to be passed across generations, and our TULIP product combines term insurance with returns to address the common barrier of no payout in term plans. It also earned Product of the Year under the ‘Life Insurance – ULIP’ category at the 16th Edition of the Product of the Year (POY) Awards.
We’re constantly listening to consumers and developing solutions, like lifelong income plans and strong guaranteed products, to address the dual needs of equity investment potential and security in volatile times. Customer preferences are ever-evolving, and through continuous research, we’re refining our products and propositions to deliver maximum value.
Q] How do you educate your consumers about your insurance offerings such as the Gen2Gen & ULIP products?
Finance, especially insurance, can be a complex subject for consumers in our country. Our role in marketing is to simplify it and deliver value by making complex concepts easy to understand. For example, our Tulip ULIP plan, traditionally seen as complicated, was simplified to highlight what matters most to the consumer: its key benefits. It offers up to 100 times coverage compared to the usual 10 times, along with the potential to grow wealth through market investments.
We’ve developed the concept of “LIFE” to explain the product with clarity. “L” stands for living too long, and “E” for early death, with “IF” in the middle symbolising life’s uncertainties. If you live too long, the product helps you grow wealth to support your goals. If an early death occurs, the insurance benefit supports your family. This relatable narrative connects with consumers because it answers the fundamental question: “What does this product do for me?”
Our job is to craft simple, impactful narratives that make complex products easy to understand. By speaking in a language the consumer relates to, we ensure they grasp the value without being overwhelmed by technicalities.
Q] Insurance penetration is quite low in India. So, how does Kotak Life Insurance raise awareness in rural and semi-urban areas?
Raising awareness about insurance cannot be achieved by a single company; it requires an industry-wide effort. The IRDAI has initiated several programs, such as Bima Bharosa, Bima Vistaar, and Bima Sugam, to promote awareness. Additionally, the IRDAI mandates that each insurer adopts a specific state or city to drive awareness, with Tamil Nadu being our focus. Various activities are organised in cities within the state to educate consumers. The regulators and the government have recognised the need for collective action and are proactively introducing measures to open up the insurance sector, with the aim to achieve for “Insurance for All” by 2047. These initiatives indicate significant activity and progress in this space.
Q] What is the future focus of Kotak life insurance?
At Kotak Life, our focus is on two key aspects: customer experience and product innovation. We serve two types of customers—external (end consumers) and internal (employees and agents). For external customers, we aim to deliver a seamless and rich experience across all touchpoints, whether through agents, partners, or digital assets. For internal customers, we prioritise empowering agents and employees with the right tools and experiences to ensure they can effectively serve end consumers in this B2B2C model.
Product innovation is another priority. Through continuous research, we uncover customer needs and priorities, crafting solutions that address them effectively. Additionally, we are expanding our reach via partner and agent networks. These three pillars—customer experience, product innovation, and customer outreach—are the core drivers of Kotak Life’s strategy.
