Recognising the critical financial planning window of February and March—when life insurance sales traditionally surge in India—Bandhan Life, in collaboration with Havas CX India, had unveiled a strategically timed series of product films. The goal is to simplify and fortify the process of securing one’s future.
Designed to resonate with consumers’ heightened interest in life insurance during this peak season, each film aims to blend humour with relatable storytelling. From characters negotiating everyday deals to spontaneous decisions shaped by cultural nuances, the campaign spotlights Bandhan Life’s commitment to holistic financial solutions—combining smart wealth creation, guaranteed returns, and tax-saving benefits.
Medianews4u.com caught up with Akhil Almeida, Head-Marketing, Bandhan Life Insurance
Q. The five-year goal is to become one of the top 10 insurance brands in the country. What is the game plan to get there?
Our five-year ambition is about scale with purpose. We don’t just want to be bigger; we want to be better for the 95% of Indians who lack adequate insurance. The plan has three pillars:
1. Deepening Distribution
o Bancassurance: Expand through Bandhan Bank’s wide network and build on the existing relationship of trust.
o Multi-channel presence: Partner with aggregators, NBFCs, and digital platforms to meet customers where they already are.
2. Product Innovation
o Inclusive offerings: Focus on solutions tailored for underserved segments, including self-employed individuals and homemakers.
o Simplified journeys: Remove friction—think zero-documentation, AI-driven underwriting, and flexible payment terms.
3. Brand Building & Awareness
o Holistic marketing: Combine digital, traditional, and on-ground efforts to communicate our message of financial empowerment.
o Consumer education: A continuous push for financial literacy so Indians see insurance not as an obligation but as a partner in their ambitions.
Becoming top 10 isn’t just about market share; it’s about building deep, trusted relationships with consumers.
Q. Last year Bandhan Life launched a new identity along with a fresh promise of ensuring ‘Bharat Ki Udaan, Bandhan se.’ What factors prompted the move? So far how has it been received?
The transition from Aegon Life to Bandhan Life was more than a name change—it was about reimagining who we serve and how. The factors behind it:
- Holistic Financial Ecosystem: Being part of the Bandhan Group opened doors to a broader audience, beyond Metros and Tier 1 cities.
- Inclusivity & Empowerment: We wanted to ensure life insurance isn’t limited to a privileged few but reaches every segment—from the self-employed to the homemaker.
Reception has been overwhelmingly positive:
- Consumers see us as a brand that “speaks their language” and focuses on financial empowerment, rather than just pushing products.
- Distribution partners appreciate the customer-friendly journeys that simplify a complex product.
We’re still early in this journey, but the goodwill generated around the rebranding has validated our belief that “Bharat Ki Udaan, Bandhan se” resonates far and wide.
Q. How does the pivot towards empowerment and inclusivity give the company a leg up over competition?
Most insurers chase the same salaried, metro-centric audience. By reframing insurance for India’s underinsured majority—we’re entering a space where trust is desperately needed:
- Differentiated messaging: We don’t just sell policies; we talk about protecting dreams, securing families, and celebrating India’s entrepreneurial spirit.
- Practical solutions: Products like flexible premium options aren’t just add-ons; they’re life-changing for those with irregular cash flows.
This inclusive mindset isn’t just marketing—it’s our core strategic advantage. By addressing overlooked needs, we build loyal relationships that aren’t as price-sensitive or easily swayed by competitors.
Q. The company has shifted towards a more holistic approach to insurance. Is that helping it speak to Bharat more effectively?
Absolutely. A holistic approach means:
1. Going beyond term insurance: We’ve introduced savings, pension, and wealth creation covers, creating a one-stop solution for family security.
2. Localisation: Tailoring messaging in vernacular languages, focusing on the unique financial realities of each region—especially the East, where Bandhan has strong roots.
3. Life-stage customization: Recognising that a 25-year-old gig worker, a 40-year-old homemaker, and a 50-year-old thinking of retirement each need different solutions and reassurance.
When people see insurance as a partner for various life goals, not just a one-time buy, we deepen our engagement and truly speak to “Bharat.”
Q. How big a marketing challenge is it to convey the message about the importance of life insurance in a country that has a lot of financial illiteracy?
Financial illiteracy is a major hurdle—insurance can seem abstract, laden with jargon, and often feels like a “later” decision. Our approach:
- Consumer Education Campaigns: Short, informative videos, WhatsApp chatbots, and simplified brochures in multiple languages.
- Emotional Storytelling: Instead of fear-based marketing, we focus on real stories of families who overcame financial setbacks because they had coverage.
- Consistency Across Touchpoints: Whether it’s our digital or traditional channels, we maintain a consistent tone that emphasizes clarity and trust. This alignment ensures that whenever someone interacts with Bandhan Life, they find the same easy-to-digest information.
It’s an ongoing journey, but by consistently talking in human terms, we slowly chip away at the scepticism.
Q. Since Bandhan has its roots in the East, were marketing efforts in 2024 focussed there? Who was the TG targetted?
The East has been our starting point, given Bandhan’s strong heritage there.
- Our Target Group: Self-employed, small business owners, and households that traditionally lacked coverage. Homemakers emerged as a key segment.
- Regional Marketing: We invested in vernacular content, OOH in local hubs, and radio campaigns tailored to city-specific nuances.
Focussing on the East in 2024 was about building a template—how to communicate, what mediums work best, how to address cultural nuances. We invested in vernacular content, OOH in local hubs, and radio campaigns tailored to city-specific nuances. The insights gained will inform our nationwide expansion in the coming years.
Q. How important is Gen Z who are starting to earn?
Gen Z is critical for two reasons:
1. Lifetime Value: A 22-year-old getting her first policy will potentially have a 30- to 40-year relationship with us.
2. Digital Natives: They rely heavily on social media, influencer recommendations, and convenient, frictionless digital experiences. If your onboarding process is clunky, they’ll drop off.
We’re creating snackable content that resonates with Gen Z’s worldview—focusing on personal ambitions, side hustles, and the idea that insurance is a stepping stone to financial freedom, not just a backup plan.
Q. Could you elaborate on the company’s strategy to use digital media in 2024 to build brand awareness and also to help with performance marketing?
In 2024, we had a two-pronged digital approach:
1. Awareness & Engagement
o Short Videos & Reels on platforms like Instagram—using relatable stories to demystify insurance.
o Education-first Content—blog posts, infographics, and interactive FAQs to build financial literacy.
2. Performance Marketing
o AI-driven targeting: Identifying high-intent customers based on browsing habits, geolocation, and demographics.
o Frictionless journeys: Implementing zero-documentation KYC, simpler forms, and retargetted ads offering relevant policy recommendations.
We balanced upper-funnel brand-building with lower-funnel conversions—making sure every campaign had clear KPIs and retargetting loops.
Q. Could you talk about the kinds of BTL activities that were done in 2024 to educate stakeholders—from insurance sales representatives to consumers?
BTL (Below The Line) was pivotal in two directions:
1. Internal Stakeholders (Insurance Sales Representatives)
o In-depth product workshops: Breaking down each policy, highlighting real-life case studies of claims and benefits.
o Role-play sessions: Teaching effective communication, empathy, and how to handle objections—ensuring confidence in the field.
2. Consumer-Facing Education Through Branches and Digital Content
o Branch-level support: Our branch network served as a key BTL channel where trained staff provided one-on-one guidance, clarified common misconceptions, and walked customers through the policy selection process.
o Snackable content: Instead of on-ground events or large-scale literacy camps, we focussed on creating easy-to-digest digital content—short videos on YouTube, social media explainers, and WhatsApp guides—to simplify complex insurance topics.
o Localised messaging: For regions with unique language or cultural nuances, we adapted our videos and posts to ensure clarity and resonance, all while maintaining brand consistency.
These targetted, hands-on efforts—both in our branches and online—helped bridge the gap between awareness and action without relying on extensive on-ground events. We found that when consumers can access straightforward, engaging explanations at their own pace, they’re far more likely to move from curiosity to commitment.
Q. What role did traditional media like TV, OOH, and print play in 2024?
Traditional media continues to be a significant force
- Trust & Familiarity: Print ads in local newspapers or OOH in high-traffic zones reinforce brand visibility and credibility.
- Wider Reach: While TV can be expensive, strategic placements around regional content or specific time bands can yield high ROI.
- Priming for Digital: Many customers encountered our brand first on a billboard or newspaper, then searched us online—demonstrating the multiplier effect of integrated campaigns.
Traditional media remains an essential pillar in our multi-channel mix, especially given Bandhan’s focus on deeper Bharat penetration.
Q. In terms of rural marketing, what strategy does the company find effective?
Rural marketing for us is about local touchpoints:
1. Vernacular Content: Explainer videos, brochures, and radio spots in local dialects.
2. Demonstrations & Pilots: Conducting mini financial literacy camps so people see how insurance actually works.
We’ve found rural communities are more receptive once they understand how insurance protects them against life’s uncertainties.
Q. In 2025, will marketing efforts be spread to other regions? Kindly elaborate.
Yes, 2025 is about scaling while preserving the hyper-local sensibility we honed in the East. In essence, national growth with a regional soul is our 2025 blueprint.
Q. How is AI transforming the insurance landscape and how is Bandhan Life leveraging this?
AI is reshaping every layer of insurance—from product design to customer service:
1. Underwriting: We use AI-driven models to assess risk in real time, reducing paperwork and enabling near-instant policy issuance.
2. Personalised Communication: Chatbots and recommendation engines tailor messaging and product suggestions to individual life stages, cutting through clutter.
3. Fraud Detection: Advanced analytics flag anomalous claims or suspicious activities, reducing both cost and time.
At Bandhan Life, AI is less about novelty and more about enhancing customer experience—making insurance simpler, faster, and more transparent.
Q. One campaign done took a humorous approach to insurance awareness. What insights led to this creative direction?
We realised that fear-based marketing often backfires, especially in a country where talking about death and money is already taboo. Humour disarms scepticism:
1. Breaking the Ice: By using light-hearted scenarios, we show that insurance doesn’t have to be morbid or intimidating.
2. Relatable Content: Comedy resonates with a wide audience, from millennials to homemakers—it transcends age and language barriers.
3. Insight: People are more receptive to learning when they’re engaged and entertained. A humorous tone reduces the “lecture” feel and opens them up to the core message.
In many ways, humour is a powerful educator, softening resistance and making the conversation about insurance more approachable.
Q. How does this campaign align with Bandhan Life’s broader vision of inclusivity and empowerment?
Inclusivity and empowerment mean making insurance approachable for everyone—whether you live in a metro or small town. Humour fits right in:
- Inclusive Tone: Humour doesn’t judge; it invites. By creating ads that people can laugh with, we’re effectively saying, “this brand is for you, no matter who you are.”
- Shifting from Fear to Confidence: Traditional insurance ads sometimes bank on anxiety. We flip that script to focus on aspiration and financial empowerment.
- Universal Appeal: Laughter is a common language. Even if someone isn’t well-versed in financial jargon, a funny situation is instantly relatable, bridging literacy gaps and cultural divides.
Ultimately, a humorous campaign celebrates the potential of insurance to uplift lives, reinforcing our promise of ‘Bharat Ki Udaan, Bandhan se’ with a more welcoming, optimistic approach.
