 "Fresh round of talks likely to take place for insurers")
On June 19 which will be celebrated as Father's Day, SBI Life Insurance will use augmented reality to engage customers. It will have a game in a shopping mall in Mumbai and Kolkata where father and child will be engaged in virtual games to understand protection and security.
Sriparna Sinha, Head, Brand & Corporate Communication, SBI Life Insurance, said that through this, they aim to bring alive the brand promise of providing planning, protection and security to its customers.
Here, SBI Life is trying to bring out the basic concept of father protecting his child from the uncertainties of life.
The insurer SBI Life will be setting up an augmented reality space in malls. The anchor will invite father-son/daughter visiting the mall to engage in virtual games. It will be 40-50 seconds game, in which, the child will be shown images of his future aspirations such as education from esteemed university or an aspiring job. In between the opportunities, the child will also be exposed to certain risks like inflation, job loss, critical illness, sudden death, among others.
These roadblocks will try to overshadow the child’s inspirational goals. At this point, the fathers will mask the role of a warrior and kill all the risks and protect their children.
This is aimed at bringing out the brands messaging of planning, security and protection.
Insurance companies are now going beyond traditional advertising to bring out the brand value proposition to both customers, as well as employees. While advertising campaigns still continue on print and electronic media, the focus is to move to new ways of engaging with their core stakeholders.
Even employees are not left behind. At IDBI Federal Life Insurance, to develop an organisation that encourages work-life balance, the company introduced a five day week policy, flexi working hours, and work from home options for their employees.
Also, the company runs a ‘You Said, We Did’ initiative where employees are allowed to voice their opinion or submit various ideas that make IDBI Federal a better place to work.
One of the most commonly voiced opinions was to wear what you want. Alongside a number of IT, services and operational initiatives to simplify lives for our employees, the company has done away with a dress code. Now, IDBI Federal employees can flaunt smart business casuals all week long.
The company said that as a young organisation, this was a natural transition for the company. Having travelled the world, one thing can be deduced is that a dress code does not define one’s ability to work, according to the insurer.
Further, under Employee Suggestion Scheme, they also give monetary incentives to employees who come up with successful business ideas which are taken up for implementation. If the idea is successful, the rewards are higher.
Sinha of SBI Life said that life insurance being a complex concept to understand, they are using initiatives like this to engage with customers.
According to her, apart from customer engagement, this activity will also give the company an opportunity to interact directly with its customers and potential customers.
For insurers, it serves a dual purpose. It not only helps in brand building but also helps in customer retention. Hence, activities which are close to their value proposition are usually chosen.
CignaTTK Health Insurance, for instance, is looking to motivate people to not only buy health insurance but also stay fit. For this, the company will offer redeemable reward points to customers who maintain healthy habits.
According to Sandeep Patel, CEO and managing director, CignaTTK is working on ways to provide incentives to policyholders for fitness-related activities. For instance, those who walk an additional distance on a particular day could get a discount on their health insurance premium. The company will soon approach the insurance regulator for approval to launch these initiatives.
With insurance still being a push product, sector experts said that these new initiatives will help connect on a more informal level with customers and help build a more stronger base in the business.
