Q] What was your vision behind the ‘Boodhe Hoke Kya Banoge’ campaign?
At a forum on wealth management, I noticed how financial priorities shift with age—EMIs in your 30s, children’s education in your 40s, and legacy planning in your 50s. Yet, the critical phase between 60 and 80 is often overlooked, despite rising health costs and increased longevity. This period should ideally be the best years of life, with work behind you and fewer responsibilities—if well-planned. We partnered with Hyphen Brands to bring this vision to life. We flipped the familiar childhood question, ‘What will you be when you grow up?’, to ask adults: ‘What will you do in those (retirement) years?’ Collaborating with Sunil Chhetri, we highlighted the importance of financial preparation to live well in the later years. And the timing matched since he was retiring at the time. After that, we refined it into a campaign featuring children asking parents about their plans. With smaller families and longer lifespans, annuities are becoming vital for India’s ageing population, projected to grow significantly by 2050. Wealth is important, but market volatility shows that stable income is essential. Our focus is to ensure people plan for a secure, fulfilling life between the ages of 60 and 80 years, and that’s what we highlighted in our campaign.
Q] To spark curiosity, the campaign also had a 3D display strategically placed in a high-traffic area. Could you shed some light on this?
We conducted an internal dipstick survey, asking people about their future aspirations. The responses were fascinating—some wanted to be DJs, others to return to study—creating a rich repository of dreams. We then used AI to bring this idea to life. People uploaded selfies, and the tool projected how they might look at the age of 60, customised to their chosen aspirations. For example, as a fitness enthusiast, I saw myself as a gym instructor, complete with a matching physique. The results offered a striking glimpse into the future. This inspired us to create an interactive billboard. Users could engage, answer a few questions, and receive their personalised future image via WhatsApp. Many people loved it and even made these images their WhatsApp display pictures. It’s an intuitive, engaging concept that works in office environments and could be extended to corporate spaces or public billboards. People, especially those over 45, loved seeing a realistic vision of their future selves.
Q] What was your marketing mix for this campaign?
We decided on outdoor advertising as it allowed younger individuals to envision and showcase their future aspirations, which gained significant attention. To reach regional markets, we targeted smaller towns through local newspapers, posing thought-provoking questions about their ambitions. We also utilised interactive kiosks, placing them not just on billboards or in public offices but within corporate spaces like lunch areas and office floors. The technology was adaptable, making implementation easy. Television also played a major role in the campaign, focusing on news channels and financial programmes, as the product targeted a financially literate audience. Overall, our media mix consisted of roughly one-third for each channel, with a slightly heavier emphasis on television.
Q] Reports suggest that Aditya Birla Sun Life Insurance plans to double its business in the next 3 years. Could you share the key strategies you’re implementing to achieve this goal?
Over the past three years, we have doubled our business, and our goal is to continue doubling every three years. This requires annual growth of about 25–26%. As of the first half of this year, we are growing at 33%, exceeding expectations. This success stems from a combination of innovative products and robust distribution channels. For instance, we recently launched ‘The Income Suraksha Plan’. Traditional term insurance provides a lump sum to nominees, but we discovered this approach often leads to challenges—nominees may lack financial expertise or face poor advice from others. Instead, our plan ensures a steady annual income (e.g., Rs 10 lakh per year for 15–20 years), offering financial security and stability. Our distribution network is another strength. We collaborate with 11 major banks, operate a direct sales channel, and have 50,000+ agents nationwide. Together, our products and strategies enable us to achieve sustained growth and meet our doubling goal.
Q] We assume that our urban population is more financially savvy. But how is rural India faring in comparison to urban areas?
Rural areas are showing higher growth, while urban areas have better insurance penetration but lower value policies. Urban customers often start with small policies at 30–35 and realise the need for higher coverage by the age of 45, when premiums rise. This creates opportunities to sell higher-value policies in urban markets. Rural areas, however, are seeing faster new customer growth. Currently, 55% of our business is urban and 45% rural, but rural growth is expected to rise significantly. While urban policies will always be higher in value, rural markets will drive incremental growth and help achieve the ‘insurance for all by 2047’ target.
