In a transformative move, Max Life Insurance has rebranded itself as Axis Max Life Insurance. While this move has been presented as a strategic alignment, it represents a calculated effort to blend legacy and innovation in the competitive insurance landscape.
In a conversation with BrandWagon Online, Prashant Tripathy, managing director, Axis Max Life Insurance, insists that the rebranding was his brainchild rather than a directive from Axis Bank, which acquired a 20% stake in the company in April 2021. “I had to convince both Axis Bank and Max Life management to proceed with this change, and both were gracious to accept it,” Tripathy emphasised.
The year-long research underpinning the decision revealed that incorporating Axis Bank’s brand strength, especially in tier 2, 3, and 4 cities, would bolster Axis Max Life’s reach. Tripathy explained, “Axis Bank’s brand strength in these regions was a key factor.” This synergy aims to amplify both entities’ market presence, even as it seeks to maintain the distinctive identity of Max Life.
Customer-centric enhancements
Tripathy asserts that the rebranding is more than cosmetic. “The rebranding is about repositioning the brand and making it future-ready,” he claimed. Planned enhancements include new products in retirement and health ecosystems, a faster claims process, and a new customer app.
These initiatives are complemented by efforts to engage younger audiences through digital advertising. “We are focusing on Gen Z preferences without compromising the trust we’ve built with our traditional customers,” Tripathy added. While the approach appears well-rounded, its success hinges on execution.
Strategic marketing and brand synergy
The rebranding is positioned as a ‘Double Bharosa,’ combining the trust of Max Life and Axis Bank. “If customers were satisfied with X from Max Life Insurance, they should expect 2X from Axis Max Life Insurance,” Tripathy remarked. The analogy underscores the partnership’s ambition to create a stronger, unified brand identity.
A 360-degree media campaign—from cricket sponsorships to digital platforms—aims to ensure visibility and resonance. By targeting high-impact events and digital channels, Axis Max Life is signalling its commitment to staying relevant in an evolving market.
Customer response
Tripathy is quick to highlight the lack of confusion among customers, with only a handful of inquiries from a base of over 40 lakh individuals. “This suggests customers aren’t confused by the rebranding,” he said. Proactive communication, including personalised letters, has helped reassure customers about the continuity of their policies and services.
Financial implications and long-term growth
The rebranding incurs significant initial costs, primarily in media spending. Tripathy acknowledged that short-term revenue impact may be negligible but remained optimistic about long-term benefits. “A substantial portion of our customers come through digital channels, and the rebranding will likely boost that segment further,” he noted.
Additionally, with 45-46% of sales originating from Axis Bank counters, the alignment is expected to enhance distribution in untapped markets. This partnership’s potential to drive growth in tier 2 and tier 3 cities will be pivotal in determining its overall success.
A strong partnership
The collaboration between Max Life and Axis Bank has evolved from a distribution partnership in 2010-11 to shared branding in 2024. Tripathy described the partnership as synergistic, with Axis Bank’s strategic inputs complementing Max Life’s operational expertise. “This is a board-led partnership that leverages the strengths of both entities while preserving the operational independence of Axis Max Life,” he said.
The road ahead
While the rebranding presents an opportunity for growth, it also sets high expectations. The partnership’s success will depend on its ability to deliver on promises, from product innovation to enhanced customer experiences. For now, Axis Max Life Insurance is poised to redefine its trajectory in the competitive insurance industry.