Q] BFSI brands are under pressure to win attention, but insurance also demands trust. How does ICICI Lombard balance the two?
Being a regulated industry, BFSI has clear compliance guardrails, but it is a fallacy that you cannot build virality without compromising on trust. Great marketing can drive engagement, conversation and buzz while building credibility.
Insurance is unique because consumers pay a premium upfront without knowing when or how they may need the product. The real moment of truth is when an unforeseen event occurs and the insurer has to deliver on its promise. At ICICI Lombard, we have catered to over 500 million customers and settled over six crore claims across health, motor and SME insurance. That is ultimately what builds trust.
Our ‘Achha Kiya Insurance Liya’ advocacy campaign was built around this idea, using quantifiable industry data to make people understand why insurance is a necessity rather than a needless expense. Our brand philosophy, ‘Nibhaye Vaade’, is at the heart of our customer experience and communication.
Q] With insurance becoming a price-comparison category, what makes consumers choose ICICI Lombard?
Price will naturally be part of the consideration, but trust, experience and convenience also influence the decision. Our technology and customer experience are important differentiators. We were among the first insurers to move our core computing to the cloud and are using AI for customised offerings and conversational health and travel journeys. Our IL TakeCare app has over 20 million downloads and helps simplify policy information and access to services. We have also introduced ILT to Hire, our hospital-based support teams that help customers and their families navigate admission, documentation, discharge and claims during an already stressful situation.
We are also looking beyond insurance towards prevention and well-being. The app offers health scans, step-tracking, doctor consultations, mental health practitioners, dietitians and nutritionists. In motor insurance, telematics allows customers to pay based on how they drive, with safer driving rewarded through better premiums.
Q] You have used AI, gaming and Gen Z-focused communication extensively. How do you keep insurance relevant to younger audiences?
We do not believe in one-size-fits-all communication. We look at cohorts and customise both products and communication for them. Our ‘Game of Life’ campaign used gaming metaphors, avatars, energy bars and gaming mechanics to explain health insurance, and its hook step generated organic participation among Gen Z and millennials. We also used an AI-generated song to communicate our TripSecure travel insurance product through radio and Spotify. More recently, we launched Vibe, a product aimed at Gen Z, with its product identity and communication designed around the way this audience speaks and consumes content.
Q] With IRDAI placing greater emphasis on accurate and non-misleading communication, how do you retain digital appeal while maintaining transparency?
Transparency is non-negotiable for us, with zero tolerance for mis-selling across communication channels. We simplify information through RIA, our chatbot, conversational journeys and WhatsApp services. Policy documents clearly state inclusions, exclusions and claims processes, while we work towards simpler, regional language. We track customer satisfaction at board level through NPS and grievance resolution.
