Content and story-telling will be critical for insurance brands to express themselves fully in front of the audience in 2023, as per Abhishek Gupta, Chief Marketing Officer at Edelweiss Tokio Life Insurance.
Gupta shared more details about the advertising and marketing trends that will be relevant in 2023 for the insurance sector.
According to Gupta, customer experience has become a critical parameter of the overall brand experience and marketers have started building more holistic brand strategies rooted in customer-centricity.
“In the year gone by, a trend that stood out the most was – staying ahead of the curve. We saw content becoming more contextual and local, as customers demand instant gratification. Amid the fast-evolving external dynamics, keeping up with the changes and maintaining relevance with the customers was a priority for brands. As we look forward to 2023, we will see an increased dominance of social responsibility and purpose marketing as brands focus on creating an aura of authenticity and approachability,” he said.
He added that 2022 saw a sharp rise in awareness levels for the product and there were industry-shaping regulatory reforms during the year. There was an increased demand for solutions that offer guaranteed returns over a longer period in addition to protection solutions and an increased demand for hyper-personalisation.
Life insurance marketing trends in 2023
According to Gupta, the life insurance sector will ride on the tide created by IRDAI reforms. He said, the role of marketing will significantly improve as the distribution architecture eases, the industry becomes capital-attractive, and the regulator pushes for customer centricity above all.
“To take advantage of increased cap on tie-ups, life insurance companies will focus on improving their distributor experience and technology architecture that can easily integrate with that of partners. Insurance brands will promote solutions among highly specific geographic groups across India, and adopt a hyper-localised, personalised content approach,” Gupta said.
“Another much-hyped trend is shorter ads. Due to skippable ads and subscription models and attention spans decreasing, ads are getting shorter, and brands are expected to convey their message within a few seconds. However, this trend will not gain much traction within the insurance sector as insurance continues to rely on advisory in India. Marketers will implement storytelling to simplify the product proposition and explain the relevance of insurance in fulfilling dreams and aspirations,” he added.
As per Gupta, 2023 will see marketers continuing to adopt an omnichannel approach. He said brands will look at avenues to integrate channels in a way that leads to a highly consistent and cohesive brand experience.
“Marketing will become more insight-led as brands will try to gain deeper insights into the psyche of their stakeholders to improve the relevance and innovate. Marketers will make social responsibility a key part of their value proposition as Gen-Z and millennials increasingly show a preference for brands that can effectively address social challenges,” he concluded.