Description

AGENCY: Direxions
CLIENT NAME: ICICI Lombard
Campaign started: March 2020
Campaign ended: July 2020
Created at: August 17, 2020

BRIEF

ICICI Lombard, a private general insurer operating in India is engaged in providing Health Insurance, Motor Insurance, International Travel Insurance, Home Insurance and Crop/Weather Insurance, etc.
Fact: As a General Insurance major in India, the Company observed low rankings from customers in customer feedback studies conducted quarterly in terms of engagement with customers in the period of ‘Post Purchase’ to ‘renewal’.
The challenge shared with Direxions was to engage with customers in this period of their journey with the company.
The Client shared the transaction data of the customers.

STRATEGY:

Direxions, India based its strategy on three pillars:
1. Data Insights leading to customer segmentation
2. Relevant pillars of communication
3. Communication nudges that focused on ‘providing a solution’, or an oasis of calm, a promise to support.
Client shared the customer profile and transaction data. Our in-house analytics team and data scientists identified parameters like Sum insured, age, gender, tenure, number of members covered etc and devised a set of customer segments for communication.

Customer segmentation:
Based on the above 8 parameters, our analytics team identified 7 different customer segments, of which the client selected the below buckets as most interesting to work with:

1. Solos: Single, of any gender. Only one person in the family ensured. Typically in the age group of 21-35.
2. Duos: Primarily Couple ( husband and wife- as this data is captured in the application form). Also identified two members in the family – like Father/ Mother and son or daughter, or two sisters, two brothers as brothers.
a. Pure Duos: Couple
b. Non pure duos: Other than couple
3. Trios: Couple with single child
4. Familios: Family unit with more than three members insured, typically young parents and child
5. Midlos: Middle aged couples, who are both insured, but children are independent and therefore not in the insurance policy
6. Oldios: Old folks retired
7. Royalos: Individuals who have high sum insured, indicating that their interest in health and wellness is high

Given these segments, Direxions focused on designing the possible engagements.

Pillars of communication:
Direxions designed 5 specific pillars of communication, which could be used for different segments. The 5 pillars being:
1. Themed communication : For eg, to solos who run marathons, sending them a nudge: Run in the night with fluorescent sportsgear so that oncoming traffic can see you
2. Indian and International World days: World Environment Day, Anti smoking day etc
3. Geography overlay: Episodic communication like say, cyclones in some areas
4. Product communication: weaving the suitable product feature like Health Assist team during Covid times to find a doctor, find the right specialty hospital, get a second opinion etc
5. Social Me: In the current pandemic, it is natural to look out for one’s near and dear ones. But you play a greater role, when you take care of your employees, your team. your help at home etc

We designed a 7 spoke strategy for communication to orchestrate the communication in sensitive times like the Covid pandemic ensuring that we communicated with empathy.
1. Leadership speak
2. Work from home
3. Covid related nudges
4. Disease management programs
5. Social distancing
6. IL take care app features
7. Unlock 1.0 ( announced by the gvt of India)
We also identified the necessity of engaging with agents of insurance products, whether- health, motor, travel etc – and share with them some nudges on how they could be centres of knowledge and trust for their clients. ( ppt attached)

RESULTS:

We are unable to share details of increase in sale of health policies due to confidentiality agreement with client. Happy to share the uptrend that we observed.1. Client observed increased demand for insurance policies for non insured family members especially from states in the South like Kerala and Karnataka, which led to above industry average increase in sales in the Covid months2. In the months of May and June, more than 50% of the customers chose to renew their policies digitally through the app( IL Take Care app) and more than 90% shared their claim requests, and tracked their claim status on the app, in a zero touch digital world3. Customers engaged in webinars online especially with experts on mental health and joyful living.Results of specific communication nudges:1. E newspaper and appropriate customer segment:Fact: In India, newspapers are delivered home, daily. This came to abrupt hold due to Covid 19. While TV and online media was the mode to access news, people still looked forward to access to newspapers to get updates. Client struck a deal with the largest leading dailies in India to provide access to e newspapers.Customer segment:Offer to all or selected segment: Client wanted to offer e newspaper access to the entire customer database. Direxions recommended that the benefit be focused on those customers who have been actively opening emails from ICICI Lombard.Results: The results are:1. An 8 fold increase in opens from 0.6 % average open rate to 8.5%2. Daily average readers: 73083. Amongst openers, Solos, familios and trios are the segments that are accessing the e-newspapers the most. Cyclone communication:During Covid, unfortunately India also witnessed the ravages of two cyclones. Orissa, one of the Indian states, to be worst hit by cyclone
Amphan, saw an unprecedented opens at 12.8%

It pays to use data, mine for insights, design relevant communication, get results that speak for themselves

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