Brand: Dai-ichi Life Insurance
Elevating Customer Loyalty and Persistency Ratio for Insurance Premiums
Problem Statement:
The life insurance industry in India continues to grapple with low persistency ratios, posing significant challenges for both customers and insurers. According to the latest IRDAI report from 2023, the persistency ratio for the 13th month stands at 64%, while the ratio for the 61st month remains critically low at 52%. This indicates that a large percentage of policyholders still drop out within the first five years, leading to financial insecurity for both parties. For Star Union Dai-Ichi Life Insurance, reversing this trend was critical not just to improve customer retention but to drive long-term growth and ensure sustainable profitability.
Campaign Strategy: #BeCommitted
We approached this campaign from a growth marketing perspective, focusing on customer retention and lifetime value. The insight driving this campaign was that customers tend to lose sight of their long-term financial goals due to the short-term pressures of everyday life. Our strategy was to create a deeply emotional connection that reminded policyholders of their initial commitment to securing their family's future while empowering them to stay on track with their financial journey.
To do this, we identified two core segments:
Passive Drifters – Customers who initially invest in life insurance but lack the motivation to continue as immediate life pressures mount.
Future Planners – Individuals who understand the long-term value of life insurance but may lose momentum due to unforeseen financial roadblocks or lifestyle changes.
Our approach was to tap into the emotional drive of commitment, aligning it with broader personal aspirations. We collaborated with National Badminton Player H. S. Prannoy, fresh off his victory at the Malaysia Masters, to build a narrative that tied the discipline and dedication required in sports with the perseverance needed to secure one's financial future.
Execution:
The campaign employed a multi-pronged approach with a focus on sustained engagement across multiple customer touchpoints:
Digital Channels: We created a content-rich, emotionally resonant campaign that was launched across Facebook, Instagram, and YouTube. Targeted PPC Ads, drip email campaigns, and personalized Whatsapp campaigns were employed to re-engage lapsed customers, reminding them of the importance of their long-term financial security.
Experience Zones & Activations: On-ground activations created interactive experiences for potential and existing customers, driving home the concept of persistence through live examples of success stories like that of H. S. Prannoy.
OOH & Traditional Media: The campaign used a 360-degree approach, incorporating out-of-home (OOH) advertisements and storytelling through TVC's & PR articles to expand its reach.
This integrated campaign was built to focus on retention, upselling, and nurturing existing relationships while strategically driving new customer acquisitions.
Results:
The results of the #BeCommitted campaign underscore the power of emotionally driven, growth-focused marketing initiatives:
The campaign reached an impressive 3.2 million individuals within 15 days, with 1.47 million video views across social media platforms, showcasing its wide appeal and deep engagement.
Most significantly, we achieved a 14.5% increase in the persistence ratio, contributing directly to the company’s revenue growth and ensuring long-term customer loyalty.
The campaign simplified complex financial concepts, providing customers with easy-to-follow steps toward securing their future, and in turn, enhanced their understanding and commitment to their life insurance plans.
Customer trust and loyalty saw a marked improvement, with policy renewals exceeding projections. This not only stabilized revenue streams but also increased the brand's market penetration.
Key Takeaways:
By blending behavioral insights with sports-led emotional storytelling, we demonstrated how financial services can inspire customers to think long-term. The campaign’s success lies in its ability to transform passive policyholders into loyal advocates, improving persistency and driving sustained growth. This initiative proved that innovative retention strategies, when combined with relatable, high-impact narratives, can elevate a brand’s long-term performance in a highly competitive market.