Activ One's campaign evenly allocates AdEx across TV, OOH, Digital
Post-Covid, the BFSI sector thrives. Health-consciousness boosts investment; India's insurance premiums hit $127 Bn in 2021, up 13.5%, with health insurance leading at 26.3% growth.
Sumit Rawat
The Banking, Financial Services, and Insurance (BFSI) sector, particularly the insurance segment, has witnessed significant growth, evolving into a sunrise sector post-Covid-19. With a global focus on healthcare, people are prioritizing health, leading to increased investments in health-security-related assets. According to InvestIndia.gov, India's insurance premium volume reached $127 billion in 2021, with a 13.5% growth, surpassing the global average of 9%. The health insurance industry in India exhibited remarkable growth, reporting a 26.3% increase in FY 22, securing a substantial market share of 36%.
Aditya Birla Health Insurance (ABHI) has actively participated in this growth trajectory, launching a video campaign for their new product, Activ One, featuring actor Vikrant Massey. Mayank Bathwal, CEO of ABHI, highlighted that the campaign's objective was to communicate Activ One's comprehensive nature, offering both health and health insurance features. Massey's relatable persona and broad appeal made him an ideal choice for conveying the key message.
In terms of the media mix, the campaign's budget is distributed across television, out-of-home (OOH), and digital platforms. Notably, television receives a significant investment, leveraging events like the Filmfare Awards for broad viewership. The campaign also targets digital platforms such as YouTube, Meta, websites, and influencers.
There's a noticeable shift in the perception of purchasing insurance, with more young individuals actively seeking self-health insurance, driven by the changing mindset post-pandemic. Bathwal emphasized the importance of tapping into the untapped market of millennials and Gen Z, who constitute a significant portion of India's workforce. Additionally, efforts are being made to capitalize on Tier 2 and Tier 3 cities through regional language creatives and collaborations with regional influencers.
Looking ahead, ABHI plans to adopt an AI and Gen Ai-based content approach for a deeper understanding of consumer behaviors, shaping their future marketing strategies.
