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<ul><li><keyword id="201814" type="PERSON" weightage="20" keywordseo="Rakesh-Wadhwa">Rakesh Wadhwa</keyword>, Chief Marketing and Customer Officer, <keyword id="682869" type="COMPANY" weightage="20" keywordseo="Future-Generali-India-Life-Insurance-Company">Future Generali India Life Insurance Company</keyword> Ltd writes how the industry is struggling to adapt to the current macro changes. </li><li>He shares 5 mantras that business leaders and marketing professionals can refer to and cope with changing times. </li></ul> The COVID-19 global pandemic has confined over a billion people in our country to their homes. The lockdown mode and the requirement for social distancing are conceivably changing customer behaviour patterns. Personal and family wellbeing and safety security measures have taken priority over everything else. And, as people are now comfortable staying indoors, a resulting effect of this will be seen in consumption habits and spending patterns. So, how should brands and businesses respond and stay relevant in this crisis. Here are 5 mantras that business leaders and marketing professionals can refer to and cope with changing times. 1. Refer to your brand purpose and values: Brands who have established a clear purpose and who stay true to their core values will find it easier to adapt to the situation. They will be faster to lead the call to change. In uncertain times, purpose can best guide the strategy and help us stay true to the values. Also, there needs to be a shift in how we look at consumers and connect with them more meaningfully. Brands must ask what they need from us in these times and not how we can sell what we have. This may open new possibilities for collaboration or extension while still operating from the core purpose. 2. Listen to your customers deeply and intently: The most important priority should be to take care of your existing customers as that would provide stability to your business. This is not about conducting surveys or customary research but having a keen ear to the ground every single day. It is important to establish a very robust listening mechanism through which we identify pain points proactively for rapid action. In such testing times customers need the re-assurance of the brand through actions and not just words. Since, in tough times, customers tend to scrutinize every single expenditure, they will expect more attention and value when making their purchases with you, not less. This can be done by the means of services, assistance, education, training, installation, modifications and real-time support etc. 3. Accelerate your digital programs: Many organizations have undergone a digital transformation in recent years. So, it is likely that this pandemic will only serve as a major accelerant to their efforts. This will be the most critical factor while handling the crisis with markedly less disruption. Also, one can expect significant growth in e-commerce as many fence sitters and uninitiated customers will now experience the convenience of online. This consumption paradigm shift would also require marketeers to re-align their media buying strategy and develop an omni-channel presence. The other capability to strengthen in line with digital, will be data and analytics capabilities. This will be required to augment revenues by finding new segments, assessing life-time value of customers, leveraging x-sell and to pair costs for maximum efficiencies. 4. Have a robust content strategy in place: People will spend less time traveling and socialising. Consequently, they will have more time on devices, and will consume more content and variety of content. Customers would get better at online research and comparisons. Voice and video-based content in multiple language will be required to scale your reach. Therefore, brands should have a robust content strategy in place to address different customer personas and talk in their context. Again, the focus should be on what customer need in these times. They must engage customers meaningfully and guide them to travel down the purchase funnel. 5. Be authentic and think collective – Overcoming the COVID-19 crisis will require massive collaboration from people, organisations and communities all over. There are incredible efforts being put by so many organisations and charities to support those who need our help the most. In the post COVID-19 era, we are likely to see a rise in social consciousness and need to promote sustainability. Consumers will reward organisations for being true to their core, for being authentic and for living the community. Sustainability should find a more prominent place in business strategy. Brands must communicate and engage with empathy, authenticity and optimism. They should be transparent, be more humane and operate from a collective point of view while building a new, better normal world. - By Rakesh Wadhwa, Chief Marketing and Customer Officer, Future Generali India Life Insurance Company Ltd.

Marketing mantras for the COVID-19 era

<ul class="summary-list"><li>Business Insider Intelligence produces case studies to help you understand how companies in your industry are transforming to digital.</li><li>All of our case studies are unsponsored and published solely at the discretion of the research team.</li><li><a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-how-future-generali-india-used-customer-service-chatbots-to-scale-2020-2">To read the full case study, check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't.</a></li></ul>Chatbots have the potential to help insurers transform their digital experience and customer engagement - but they also hold incredible promise to help enhance the productivity of live staff. This has become increasingly true as advancements in automation, machine learning (ML), and natural language processing (NLP) have enabled conversational assistants to deliver customer engagement that's so on par with live agents that the bots can supplant staff entirely. As such, chatbot implementations can streamline operations, enabling employees to dedicate more time to handling nontrivial tasks - such as customer acquisition, which offers insurers an opportunity to scale their business. To that end, Future Generali India Life Insurance (FGILI) was overwhelmed by a continued hike in calls from existing clients, and needed to find a better way to manage communications as it scales its business.To achieve this, it deployed a chatbot solution, dubbed Robotics Enabled Virtual Assistant (REVA) - which includes both basic and complex capabilities - to maintain a strong customer experience, while freeing up live employees to grow its business.REVA helped the insurer slash man-hours needed for policy administration and improve its Net Promoter Score (NPS) by 10 percentage points at the relevant customer touchpoints. Business Insider Intelligence spoke to Byju Joseph, chief technology officer at FGILI, and Rakesh Wadhwa, FGILI chief marketing officer and chief customer officer, about why the insurer created a hybrid chatbot that uses menu-based, keyword-based, and contextual elements to make policy administration and customer service more efficient so its live staff could focus their attention on scaling the business. Challenge: The insurer needed a way to free up its live staff so they could spend less time dealing with customer calls and devote more time to the firm's continued expansion.FGILI was overwhelmed by a continued hike in calls from existing clients, and needed to find a better way to manage communications as it scales its business. Joseph said that to successfully manage its growing business, it needed a more efficient way to handle the subsequent inbound call growth - the insurer recorded a 56% hike in calls year-over-year. He also noted that FGILI needed to spend fewer resources on training call center workers and free up human employees so that it could continue to add new clients. He added that to achieve gains in efficiency, it was critical to offer customers a self-service option while it scales.<h2>Want to read the full case study?</h2>Check to see if you already have access to Business Insider Intelligence through your company, or inquire about access if you don't. &gt;&gt; <a href="https://www.businessinsider.com/intelligence/corporate-check?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=report_teaser&amp;itm_content=learn_more_text&amp;itm_term=enterprise_text_link-how-future-generali-india-used-customer-service-chatbots-to-scale-2020-2">Check If You Have Enterprise Access</a><a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

CASE STUDY: How Future Generali India Life Insurance used a chatbot to handle customer service so its live agents could focus on scaling operations

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Marketing mantras for the COVID-19 era

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CASE STUDY: How Future Generali India Life Insurance used a chatbot to handle customer service so its live agents could focus on scaling operations

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