We Want To Help People Achieve Their Life Goals

In its attempt at connecting with the younger audience, Bajaj Allianz Life Insurance has come up with a new brand proposition, calling itself the ‘enabler of life goals’. Chandramohan Mehra, CMO, Bajaj Allianz Life Insurance tells us about all that the brand is doing to reach out to this new TG and how Digital will be at the core of what it does.

- Samarpita Banerjee

Q] How did you come up with the new brand proposition?

Contrary to the communication theme of most of our peers, we believe life insurance is more about living benefits. Customers invest in life insurance so that they can achieve their aspirations while they are still alive. Largely, that is the driver for investing in life insurance products; personified through affluent younger investors, whom we call life maximizers. As compared to the older generation, the youth view life in a different light, with multiple life goals which they hope to achieve in a shorter time span. In order to build a relevant connect with our core TG, we need to enable these goals through reorientation of all our touch points - our sales processes, training, the kind of people we hire and our products. Our new products have the relevant features that are aligned to this new promise. For example, a new ULIP product we launched recently, ‘Goal Assure’, is a one-of-its-kind offering because we are the first in the industry to offer Return of Mortality Charges (ROMC) at the end of the tenure, in the case of no fatality. Thus, it is almost like a free life insurance cover.

Q] How have you been educating consumers about your new value proposition?