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<ul><li>In our latest interview series, we talk to brands to understand how they are coping with the new normal and their strategies towards navigating these difficult times.</li><li>In today’s interview, <keyword id="570499" type="PERSON" weightage="20" keywordseo="Chandramohan-Mehra">Chandramohan Mehra</keyword>, CMO, <keyword id="138574" type="PERSON" weightage="20" keywordseo="Bajaj-Allianz-Life">Bajaj Allianz Life</keyword> and Bajaj Allianz General Insurance shared how they have altered their marketing strategy to surf through the challenges posed today. </li><li>Mehra told us how the brand is using digital media at its best to connect with its consumers.</li><li>It has also on-boarded fitness experts to keep their audience motivated and remind them to build a strong immune system to survive in today’s challenging environment. </li></ul>In wake of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword>, the anticipation of staying at home for a prolonged period of time may have become overwhelming. Marketers have, ergo, started listening to social media conversations, drawing insights and building their campaigns to support their customers in this journey. These unprecedented days have posed a lot of challenges and questions in our minds. People are therefore re-evaluating their financial investments, health insurance policies and have started taking good care of their health. To help its consumers adjust in this new normal, Bajaj Allianz Life has empowered its investment advisory to make pitch calls through WhatsApp, webinars, and has created video content, blogs to solve the common queries. The life insurer has also on-boarded fitness experts like Mandira Bedi and Anushka Panjwani to keep their audience motivated and remind them to maintain their physical and mental well-being. We caught up with Chandramohan Mehra, CMO, Bajaj Allianz Life and Bajaj Allianz General Insurance to further understand how they have altered their marketing strategy to stay relevant today and ask for a few things he has learned about operating in today’s volatile environment. Excerpts: Q) How have the past few weeks been for the brand, considering the country has been in a lockdown? It has been a challenging time for all of us, yet I’d say the constraints faced during the lockdown have helped us identify several opportunities. Insights gained from customers, employees and partners during this time will help us make relevant interventions in our customer experience journey. Q) What is your marketing strategy during the period of COVID-19? How have you tried to build a connection with your audience during these tough times? Through our advanced digital services including WhatsApp services, chat bot and customer self-servicing portals, our focus has been to cater to servicing needs of customers. In context of market volatility, we have intensified our investment advisory through Webinars, blogs and video content aiding long term decisions for our customers. To ensure physical and emotional well-being of our customers, we have partnered with an array of fitness experts to bring live streaming of “Fitness from Home” on our social media pages. Q) How is your brand making a difference in terms of spreading awareness? In these unusual times, we are doing our bit towards providing access to fitness regimes from experts, to our employees, partners, agents, customers and many others, for them to stay physically and emotionally healthy. Towards this, we are offering LIVE streaming sessions on Yoga, Meditation, Wellness on our social media platforms, by renowned fitness experts to keep people fit and active from the safe confines of their homes. This is in addition to the educational ‘Keep Calm, Stay Invested,’ engagement series with our investments team that provide relevant investment advisory to our customers, partners, advisors and employees to manage their investments in these times. Q) TV viewership and digital engagement continue to increase, where are you betting your money? Choice of medium is a function of the marketing task at hand. Obviously, a strategic integrated strategy will get desired yields. Q) What are the few key learnings for you as a brand custodian in the last few weeks? There is a surge of first-timers who are and will be transacting or buying online during the lockdown – be it for groceries, medicines, telecommunications or insurance. I believe this trend will continue in the insurance industry and we will see an increased usage and reliance on digital tools by both financial intermediaries and customers across profiles. As more and more stakeholders take to the digital platforms, it is essential for brands now to make the online buying experience of consumers frictionless, and sometimes even assisted in case of first-timers.

Marketing in the times of COVID-19: Bajaj Allianz Life Insurance

<ul><li>Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the Life Goals that drive Indians, their aspirations, their influences, their preparedness and how they are working towards achieving these goals. </li><li>Emergence of unconventional life goals marked the findings – entrepreneurship, focus on health and fitness, aim to travel more, and giving back to society – topped the list. </li><li>The insurance company’s new campaign thus aims to change the meaning of ‘retirement’ and encourage millennials to pursue their goals whenever they want to. </li></ul>There is a shift in the way Indians are planning their lives; from simply pursuing standardised milestones such as having children, throwing a lavish wedding, retiring at the age of 60, they are branching out to unconventional Life Goals that are individualistic in nature. In order to deepen its understanding of Life Goals in India, <keyword id="151079" type="COMPANY" weightage="20" keywordseo="Bajaj-Allianz-Life-Insurance">Bajaj Allianz Life Insurance</keyword> undertook a Life Goals Survey with Kantar IMRB to learn more about this age group and their goals. The study was conducted across 13 metros, Tier I and emerging Tier-II cities and over 150 life goals were mapped. Some of the new-age Life Goals that emerged include entrepreneurship, focus on healthcare and fitness, travel, life enrichment to strengthen or re-establish the connection with ‘self’, amongst others. These goals are also enabling Indians to move past their comfort zones, experiment with life – whether it’s taking that plunge or starting up or rekindling a long-lost passion. Indians are willing to invest time and money on these goals at their early age, which presents a huge opportunity for Life Insurance companies. These new, emerging Life Goals have the power to shape the choices, actions, emotions, and investment choices of Indians. The Bajaj Allianz Life India’s Life Goals Preparedness Survey 2019 was designed to get a complete picture of the life goals driving Indians, their aspirations, their influencers, their preparedness and how they are working towards achieving these goals. Bajaj Allianz Life has seen 60% of its traffic coming from millennials and after this survey, the brand is hoping to see more millennials resonating with it. Chandramohan Mehra, CMO, Bajaj Allianz Life Insurance, said, “Some of the early indicators including our website traffic, engagement on social media pages and inbound call traffic witnessed a significant share from millennials, validating the fact that millennials are inclined towards life insurance products for fulfilling their Life Goals. They have higher preference towards brands and products who they resonate with the most.” Emergence of Unconventional Life Goals in the Survey <ul><li>Becoming an entrepreneur in early 30s: A rising life goal of Indians is being an entrepreneur, where 1 in every 10 Indian wants to start something new or pursue a parallel career -- highlighting that new-age Indians are no longer playing it safe and are willing to put in an effort and take the risks</li></ul><ul><li>More focus on planning retirement: 2 in 5 Indians have retirement related life goals; more so in metros, where every 1 in 2 people have a retirement-related life goal. Amongst Indian millennials, retirement related life goals features in the top 5 life goals, and 42% millennials consider it as their life goal. More than 1 in 4 millennials in metros aspire to retire rich by growing their wealth</li></ul><ul><li>One in three respondents cited focus on health and fitness as a life goal -- being physically and mentally fit was amongst the top 10 life goals of Indians and 1 in 2 respondents seek a balanced life, which straddles work-life balance, reliving a passion and leading a peaceful life </li></ul><ul><li>Travel is catching-up as a part of the mainstream culture; 1 in 4 respondents want to travel abroad or travel to new exotic locations</li></ul><ul><li>Philanthropy is a new-age life goal that emerged as well, clearly showcasing that Indians are keen on creating social impact. 1 in 5 respondents said one of their life goals is the need to give back to society. Philanthropic avenues included providing employment opportunities, support another’s dream or imparting knowledge through teaching</li></ul>While there is a trend that new-age Indians want to pursue unconventional life goals, certain conventional goals continue to remain on India’s mind – these include children’s education, buying their own house, or owning a luxury car. The survey reveals that these conventional goals are typically influenced by family and social circles. Although Indians are dreaming big, they remain unsure of achieving 38% of their life goals. Interestingly, metros are more under-confident than non-metros. Metros cite 48% goals as ‘unsure of achieving’, as against 29% in non-metros, revealed the study. Mehra thinks that after this study, the entire financial ecosystem has a great role to play in bridging the gap between what Indians want, what they end up doing, and how they do it. “While Indians are optimistic, they are inadequately prepared to accomplish the majority of their life goals. One of the reasons for the lack of preparedness for 'me' goals, I guess, is from the social conditioning. The 'we' goals like child education continue to take priority over unconventional Life Goals like travel or fitness,” he expounded. “To address this challenge, the solution is to deepen the understanding of the consumer, aid simplification and build relevant engagement with the category,” he adds. Inspiration Behind these Goals The consumer research findings from Bajaj Allianz Life India’s Life Goal Preparedness Survey indicated that 1 in 5 Life Goals are influenced by social media. Unconventional Life Goals including travel and health related-goals are largely driven by social media. It was also found that the impact of social media is 20% higher for millennials than non-millennials, whereas the influence of movies is 50% higher for millennials than non-millennials. Changing the Company’s Positioning Bajaj Allianz also changed its positioning to a company that is young, approachable and solutions-enabler, and through its latest campaign, the brand is challenging the common meaning of ‘retirement.’ It unveiled a 360-degree campaign that breaks a stereotypical mind-set and focuses on driving home the message that retirement need not happen later in one’s career, but can happen anytime -- all they need is a bit of planning. <keyword id="527604" type="PERSON" weightage="100" keywordseo="early-retirement">Early Retirement</keyword> Goals can be achieved is the key message of the entire campaign. The young protagonist in the video reminds the audience that now is the best time to retire as he doesn’t want to wait for tomorrow. 
 
 
 
 
 
 
 
 
 
 
 <div type="Youtube" id="L_376gLtMoQ" title="Plan your #EarlyRetirement Life Goal with Bajaj Allianz Life" thumbUrl="https://i.ytimg.com/vi/L_376gLtMoQ/mqdefault.jpg"></div>























 Telling us why the company decided to change its product’s positioning and the aim behind their new campaign, Mehra said, “We always had different kinds of retirement plans but the challenge now was – how can you build an engaging conversation on a retirement category? Generally, the younger audience does not relate to ‘retirement’ as a word. However, the definition of retirement itself is changing. It is not about someone waiting till 58. Retirement doesn’t mean you have zero income -- it is more about people wanting to pursue their passion on their own terms. You can be a photographer, a chef, or an organic farmer. Second is being able to take care of your health and spending time with your family. Since consumers echoed these sentiments in the study, we wondered if we can position our products as Early Retirements Products. Therefore, we embarked on this campaign and our aim is to capture a sentiment that resonates with millennials.” End Goals After a year into the campaign, Bajaj Allianz aims to change the meaning of retirement, erase the stigma around it, come up with relevant solutions for millennials by eliminating the middlemen, and being the ‘authentic Life Goals enabler’ that millennials can feel home at. By executing this plan, it further aims to become the ‘undisputed leader’ of the industry. “We continue to grow at a rate higher than industry on the back of strong holistic business fundamentals. We aspire to become the undisputed leader amongst non-bank promoted company in both topline and profitability,” shares Mehra.

How Bajaj Allianz Life Insurance is building its brand based on evolving millennial mindsets

<ul><li>Ayushmann Khurrana has been listed as one of the top 100 Influential People in the world by TIME today. </li><li>With his rising popularity and influential power, the actor seems to be on a winning streak in the advertising world. </li><li>He has bagged marquee brands like KitKat, Peter England, The Man Company, Bajaj Allianz, to name a few, in the past few months amid a global pandemic. </li><li>We speak to experts to find out what are some of the qualities that make him influential in the brandverse. </li></ul>Ayushmann Khurrana, the only Indian actor to be featured on TIME’s 100 Most Influential People in the World list, is also becoming India’s favourite brand endorser. Even during the on-going pandemic -- when brands have tightened their purse strings -- Ayushmann has managed to grab more attention from brands and bag endorsement deals from marquee brands such as JSW India, Nestle, Toyota, Bajaj Allianz, Sprite, The Man Company, UNICEF, to name a few. Despite not having done a single blockbuster movie this year, apart from Shubh Mangal Zyada Savdhan and the virtually-released Gulabo Sitabo, Ayushmann is on a winning streak in the branding world. 2020 is turning out to be a tipping point for his career as a brand endorser. Ayushmann has around 25 brands in his kitty and in Duff &amp; Phelps’ report released in 2019, Khurrana was a new entrant at rank 10 with a brand value of $40.3 million. In the times when everyone is talking about nepotism in Bollywood, associating with Ayushmann also seems like a safe and perfect bet for an Indian brand. He is the boy-next-door from Chandigarh who has made it on his own in the industry. After his first appearance in MTV Roadies Season 2, Ayushmann found his ticket to Bollywood as Shoojit Sircar offered him a leading role in Vicky Donor. Since the beginning of his career, Ayushmann has been very picky with his choice of movies. He has made a conscious effort to increase representation of different kinds of Indians in his movies by playing a homosexual man in Shubh Mangal Zyada Savdhan, someone who suffers from erectile dysfunction in Shubh Mangal Saavdhan and a bald guy in Bala. He is also known for movies like Article 15, Dum Laga Ke Haisha, Dream Girl and Badhaai Ho that have started a conversation around different social issues. It is his choice of films that Vani Gupta Dandia, Founder of CherryPeachPlum Growth Partners - a marketing-led business consultancy thinks makes him the ideal fit for all challenger brands. She said, “AK is an actor who comes across as someone with a very, very strong personality. He's chosen to do films which stood out for the stands they took, for the very 'difficult to speak about' subjects in society. The most appealing thing about Ayushmann Khurrana is that while he has chosen to do very offbeat films he still has a very mainstream appeal. His brand endorsements have also been in line with the offbeat actor he comes across as.” On what qualities does he stand for and which brands should he choose, Vani Gupta Dandia added, “Brands that are looking for halo values like intelligence, substance vs frivolous mass appeal, gumption to stand up for difficult causes, choose v/s be chosen, and strong-mindedness - are best suited for a tie-up with him. He must be careful to stay true to who he is and not fall into the trap of the typical bolly 'dance- around-the-trees' mould. His appeal is in being a 'deliberate' and intelligent actor. Not the mainstream hero. He should carefully nurture this positioning and associate with causes and brands that fortify his own imagery in the consumers’ mind.” Karthik Srinivasan, Independent Brand Consultant and Social Media Expert, calls Ayushmann the Amol Palekar of our times - a true 'everyman', but with extra panache. He explained, “Given his smart choice of film scripts where he plays 'everyman' without the extraordinary stunts that define our films' heroism, and convincingly pulls off seemingly 'normal' roles, and given the enormous success he has garnered in such narratives, he fits perfectly for any brand that wants a relatable super-celebrity.” Talking about what makes Ayushmann brands’ favourite, Harish Bijoor, Brand Guru &amp; Founder, Harish Bijoor Consults Inc. said, “He is not the big-boots star of Bollywood. Neither is he a peripheral actor, many of whom come, survive and leave. He is someone in-between. And that's the beauty of his success today. As an actor, he is a method actor of repute. He has under his belt a series of hits that few can boast. In many ways, he is the small-budget star who takes the entire ecosystem of the film that is made to success. Today, viewers of Hindi cinema are bored to death by the big stars and the bigness they represent. In many ways, this is a David versus Goliath liking that comes to the fore. The big star is just too big, unapproachable and just too far away physically and metaphorically. The smaller star is that much closer, and that much more to emote with as a persona. This is Ayushman's touchstone of success.” Ayushmann also bagged a deal with Bajaj Allianz Life this month. On why the brand chose him as its face, Chandramohan Mehra, Chief Marketing Officer, Bajaj Allianz Life, said, "Ayushmann outscores his new age peers on the attributes of relatability and likeability, across consumer profiles. Also, in context of his rise on back of the smart, unconventional and consistent choices he has made, his marketability has enhanced. He is seen as a role model and hugely talented across profiles of age, gender and income groups." Ayushmann can act, sing and dance. He also writes poetry. His versatility and boy-next-door image make him brands’ sweetheart. N. Chandramouli, CEO, TRA said, “Ayushmann Khurrana is one of the multi-talented, multi-faceted actors who has a range of successes behind him in the movies. Without controversies, he is a stable bet for any brand. He has been considerably active in social media during the lockdown and combined with his earlier successes, this has increased his social media presence and salience. Ayushmann is versatile and he can endorse a range of categories, right from footwear to ice-creams, menswear to colas. His affable persona, boy-next-door looks gives him a wide range to choose from. Cost is a key driver for brands when choosing between endorsers, and his costs being lesser than superstar fees, makes him amenable to be the pick of brands, too.” Lately, we have seen endorsers who are more than a model but less than a nepotism-breed superstar like Vicky Kaushal and Ayushmann, get popular in the brandverse. With this, the definition of ‘superstar’ is also changing. Explaining what is driving this change in the industry, Srinivasan said, “Ayushmann is a bonafide superstar, by star value and films' success alone. As for the industry trend of more than a model, but less than a superstar, it could be mirroring the interest in tier-2 and tier-3 social media stars so that brands can tap into small user circles who are their followers. Similarly, given that mainstream, theater-led cinema was the only criteria to bill someone as a superstar at one point, there are now many other media platforms for someone to be called a budget-superstar or a different kind of superstar. Many actors have become big only by doing OTT shows, and many on TV alone. So there's a better range for that phrase 'superstar' now.”

Why Ayushmann Khurrana, the only Indian actor to feature on TIME’s 100 Most Influential People list, is also the blue-eyed boy for brands

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Marketing in the times of COVID-19: Bajaj Allianz Life Insurance

Karuna Sharma

How Bajaj Allianz Life Insurance is building its brand based on evolving millennial mindsets

Karuna Sharma

Why Ayushmann Khurrana, the only Indian actor to feature on TIME’s 100 Most Influential People list, is also the blue-eyed boy for brands

Karuna Sharma

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