Insights from google analytics show an 89% growth in search related to insurance and related products
For a long time insurance players have tried to move the interaction completely online — only to be disappointed. Interestingly, the spread of Covid-19 has provided the much needed push with consumers now not only spending time to research about various plans to buy as well as renewing existing plans. “Our digital first consumer mindset has resulted in 31% growth of e-commerce channels during the first quarter (April-May-June) with a year-on-year growth of 37%,” Aalok Bhan, director and chief marketing officer, Max Life Insurance told BrandWagon Online. According to him, insights from google analytics show a 89% growth search about insurance and related products.
Insurance aggregator platform Policybazaar, also claimed to have seen a 60% y-o-y growth in the life insurance business. As per the company, it recorded a 90% growth in the health insurance business during the April-June quarter, when compared to the same period last year. This has further resulted in an increase in ad spends on online. “Our digital spends have gone by about 20%-25%. Additionally we have spent on social media, app marketing,” Sharat Dhall, COO, PolicyBazaar said. The investment on app marketing, as per the company, is on the back of witnessing almost 80% of the traffic on its platform through mobile devices. Infact, the company also claims to have been consistent with TV advertising especially on news channels.
Interestingly, the lockdown has paved the way for insurance companies to explore several new formats of communications such as influencer marketing besides collaborating with OTT and content players. For instance, Policybazaar had tied up with news platform moneycontrol.com, and e-commerce players such as Grofers and Swiggy to showcase its content on the sites and apps. “This has given us an opportunity to connect with an entirely new set of audiences,” claimed Dhall. Meanwhile, ICICI Lombard, too stated that OTT as a medium has become a significant play for the company with more than 50% of the digital ad spends directed to the platform. “Our marketing spends are now more skewed to the digital medium. Our current campaign #RestartRight is being run primarily on online platforms, especially OTT and social platforms,” Sanjeev Mantri, executive director, ICICI Lombard General Insurance stated.