What’s the campaign’s core insight?
We want life insurance to be accessible to people in emerging India. This is the class of people who have aspirations to get insurance. We knew that if we created a product that is easy to buy, affordable, requires zero documentation and, at the same time, can be tailored to suit a customer’s needs, then we will be able to move many barriers that currently stand in the way of one getting adequate financial protection.
A QR code adds a musical touch to the print ads. How was it conceptualized?
India is a country that has a lot of financial protection. India has the largest financial protection gap in APAC. It is estimated to be at least 83%. The main reason is that many consumers consider life insurance products too complex.
Also, there’s a tedious documentation process that people have to go through, while buying a life insurance policy. It was easy to incorporate a QR code in the campaign. Consumers should be able scan the QR code and enter the journey within minutes.
Print can be used to engage customers and bring a smile to their faces.
What is iTerm Prime?
This is the latest version of iTerm. It’s actually a product that’s been on the market for a while. iTerm was launched in 2008 or 2009. This was the first time a term product was digitally sold.
iTerm Prime is designed to meet the needs of self-employed people. You can get life insurance starting at Rs 25 Lakh. It doesn’t matter if you want a policy worth Rs 50 lakh or one worth Rs 1 crore. It is possible to scale it up to whatever amount you desire, but you could also start with a smaller number. There is no documentation required for the entire buying experience.
What’s your target audience?
If you think of India’s population and map it on a graph, it’s broadly the affluent class and those who’re essentially just trying to make the ends meet. But between these two classes, there is a huge portion of the population that’s emerging. These people dream big and have high aspirations. Unfortunately, this segment hasn’t been catered to very well by the life insurance players. These are the people we’re aiming to target.
Is there a specific city where the brand wants to increase its visibility?
We’re running a pan-India campaign. For something like iTerm Prime, we’re focussing predominantly on urban centres.
For the rural population, you need different types of products, because the customer needs aren’t necessarily the same. We look at the customer-first principle. We identify a segment and design a product that’s actually going to cater to those needs.
How does iTerm Prime compare with other Aegon Services?
iTerm Prime, one of many examples of our efforts to reduce financial unawareness in India, is only one. We will be designing and releasing many more products that are specifically tailored to audiences and segments who’re currently underinsured.
What’s the campaign’s media mix?
We’re taking the customer-first approach. We use a combination of digital and traditional media, such as radio and print.