Earlier this year, Prudent Insurance Brokers had launched a new year film titled ‘Risk: The Unsung Catalyst of Growth and Opportunity’. The aim was to challenge conventional beliefs about risk and positioning it as a powerful driver of growth, innovation, and success.
The film introduced Risk as a mascot, portraying it not as a source of fear but as an empowering force through captivating visuals and engaging storytelling. The narrative showcases how calculated risks, when taken with confidence and guided by the right expertise, can unlock unprecedented growth, transformative opportunities, and unparalleled success. It aims to challenge businesses and individuals to step out of their comfort zones, embrace bold dreams, and turn uncertainties into blueprints for growth.
Medianews4u.com caught up with Alok Bhargava, Chief Marketing Officer, Prudent Insurance Brokers
Q. From a marketing perspective, what are the priorities and focus areas for Prudent Insurance Brokers this year?
In an Industry like corporate insurance broking, differentiation is tough. People want to work with and for companies they believe in. It is interesting to know, not many Indian broking houses have a purpose that defines the reason for their existence and connects with the clients and the stakeholders alike.
Today, the role of a corporate insurance broker is not limited to providing insurance solutions. It has undergone a paradigm shift to be now known as a dynamic partner for growth.
Hence, it is imperative to have the right positioning for your organisation in the market. For the past 12 months, we at Prudent, have been actively working on our core—our Purpose—which pushes corporates to focus on “building a risk culture to unlock greater value.” This year, we are poised to take this thought-provoking proposition to the market with a view to changing the way Indian corporates look at their risks.
The other priority is positioning our tech capabilities as a core differentiator in how we deliver insurance solutions to our clients. We are not just an insurance broker – we are a tech-enabled risk partner. This means showcasing how our platforms, tools and digital solutions enhance convenience, efficiency, and decision-making for the clients across their insurance life cycle – from onboarding to claims settlement.
Q. How did the idea for the campaign launched earlier this year that challenges conventional beliefs about risk come about?
Corporate India has operated for ages out of a risk-averse culture. However, we operate in a polycrisis world where risk is inherent to growth. Therefore, a healthy relationship with risk is key to business success. Hence, we believe that cultivating a risk-embracing culture can un-limit the potential of business.
Every new year, we see individuals, leaders, and corporates committing to new resolutions. With these two references in mind, our team came up with the idea of conveying the message to corporate India to start looking at risk as a growth lever. Risk is not just compliance, rules and regulations. It’s about people, decision-making, and the culture (day-to-day working) of the organisation.
Our objective through the campaign was to bring risk to the front and centre of the organisation and link it directly to business outcomes. To think of risk culture as a business best practice and not just a contingency plan.
Q. Could you talk about the various legs of the campaigns, the TGs and markets being targetted?
As a B2B brand, we focussed primarily on digital modes to reach out to our target audience – the key decision makers of corporate India, spread across all metros and Tier-1 cities in India. We aided the reach through emailers, events and PR.
Q. The campaign seeks to inspire a mindset shift. Could you talk about the brainstorming that happened with the creative agency to try and ensure that this happens?
With a one-line brief – “We need to build a culture that embraces risk”, the team burnt their midnight oil crafting the concepts that stand out amidst the clutter. The team took the challenge (risk) and the campaign was entirely done in-house. From thought to creative presentation to articulation, and finally to development. In fact, for VO, too, we used our in-house talent.
It is evident that calculated risk-taking leads to meaningful and positive outcomes.
Q. What other marketing innovations can we expect to see from the company in 2025? Insurance marketing is thought of as often being dull and boring. Is more creativity starting to be seen in this sector?
In India, insurance is still a “push” product. The industry, with a few exceptions, has historically relied on the notion of a positive and happy life post-purchase to promote insurance. However, the irony lies in the fact that an insurance product is called upon to be used only in an “unfortunate event”.
Brands will need to continually evolve their messaging in the most creative ways to communicate the message for a product which no one wishes to use – neither the buyer nor the seller.
Q. Is securing one’s future going to be a key theme in the company’s marketing message in 2025?
‘Security’ is integral to an insurance product. It is a given when you purchase insurance. However, the key is understanding the risks that can be covered and insuring them. The peace of mind that comes with the coverage allows you to embrace risk as a growth lever/facilitator.
The old saying goes, ‘No risk, No gain’. The higher the risk, the greater the gains. Therefore, we assert that “building a risk culture is imperative to unlock greater value.”
Q. Hyper personalisation is an important theme across categories including BFSI. What are the company’s plans in this regard through things like an app, using AI chatbots?
Through AI, Prudent is looking at buying behaviour of diverse generational cohorts. This not only includes the claims history but also the willingness of employees for salary contribution towards purchasing plans that matter to them.
Using the data, Prudent is not only able to design relevant plans for the clients but also create the right communication and in-built tools to create appropriate recommendations.
Q. Is marketing in 2025 going to be year-round activity or are certain periods like Diwali, Jan-March more important?
Corporate insurance is complex and high- stakes. Clients don’t choose brokers because of festival greetings or a push during renewal periods. They choose partners they see consistently, trust deeply, and hear from regularly.
Further, B2B sales cycles are long and multi-touch. Year-round marketing helps you nurture leads, reinforce value, build credibility, and stay at the top-of-mind when the decision moment arrives.
Q. What role is AI playing for the company in areas like identifying market gaps, boost operational efficiency?
Prudent leverages AI to build competitive advantages within the company and to provide our clients with increased personalisation. By leveraging AI, Prudent is able to better understand the needs of its customers, identify similar customers, and market trends, and provide better advice to keep its customers ahead of the market.
At Prudent, we have developed BenchmarkPro, a tool that harnesses the power of AI. It enables organisations to assess how their employee benefits and compensations compare with industry benchmarks. We analyse data across various parameters, including industry benchmarks from 18 sectors on insurance plans, retirement benefits, and more, drawing from a client database of over 3600.
BenchmarkPro helps uncover areas where companies may be falling short or overspending. With BenchmarkPro, businesses can fine-tune their benefits strategy to attract and retain top talent, enhance employee satisfaction, and reduce costs by aligning offerings more closely with market expectations. This provides a strategic edge in workforce management.
Q. Is WhatsApp once mainly a consumer-to-consumer medium starting to become an important marketing tool for the company and for the Insurance sector?
WhatsApp is regularly discussed, and its implementation is picking up. However, this may not be valid for many organisations as an official communication channel.
Even for brand awareness campaigns, WhatsApp is gradually becoming a preferred mode of promotion for brands.
Q. On the ground, what activities will the company do, such as roadshows and seminars, and how effective are they in growing in tier two and three towns and cities?
Events and seminars are integral to our marketing strategy. Through these events, we highlight the ongoing developments and significant updates in the insurance sector due to geopolitical, regulatory, or climatic changes that affect corporates and their businesses.
This year, metropolitan and tier-1 towns will remain our key markets. Through on-ground events and activation programmes, we plan to cover 12 major cities across the country.
