With a marketing objective of creating an identity of a comprehensive solution provider, rather than just a product focused insurer, Bajaj Allianz Life Insurance is betting big on Tier – II & III towns, markets, where the company’s key strength lies. In an interview with Pitch, Rituraj Bhattacharjee, Head, Market Management, Bajaj Allianz Life Insurance talks about the brand’s ability to offer low cost insurance solutions to the “vast uninspired population” in these markets; and about its campaigns such as the recent knowledge series, street plays conducted in rural and other BTL activities. Excerpts:
How is your company positioning itself differently in the market as compared to its competitors?
One of Bajaj Allianz’s key strengths lies in its presence in Tier 2 and 3 markets and its ability to offer low cost insurance solutions to the vast uninsured population in these areas. Our objective is to create an identity for ourselves as an insurer who is not product focused, but offers comprehensive solutions in terms of a balanced portfolio of products, risk exposure as well as is transparent in knowledge sharing with existing and potential customers. This objective can be seen through our recent campaigns such as the Knowledge series, street plays conducted in rural areas as well as other BTL activities.
These street plays talk about the concept of insurance and its various benefits and are conducted in the local language, thereby appealing to local sensibilities and making a greater impact.
How are you going to scale up your presence in India?
Almost 70-75 per cent of our business comes from Tier-II, III and beyond areas, which is a testimony to the strength of our distribution force as well as products and services tailor-made for these customers. Bajaj Allianz will continue to focus on rural areas and developing its various distribution channels to further strengthen its presence across the country.
How much does ATL and BTL constitute in your marketing spends.
Considering the vast customer segment and geography that we cater to, Bajaj Allianz uses both ATL and BTL mediums for marketing and promotion. Although ATL comprises of 60-65 per cent of our marketing spends, BTL activities allow us to directly reach out to the customers and create awareness about insurance and other messages.
Besides the street plays, another successful BTL activity has been the Junior Football Camp, which we have been conducting for the last three years. As part of this initiative, a talent hunt is carried out for young budding footballers across the country in the age group of 14 to 16 years, for an international football camp conducted by FC Bayern Munich in association with Allianz.
Besides football, you are the Principal Sponsor of Mumbai Indians too for IPL. How do you leverage the association?
We hope our association with Mumbai Indians will allow us amplify, and further the various social causes we are engaged in. Some of these are “Drive Safely”, which we have been promoting with the help of F1 and government bodies as well as the Junior Football Camp.
What is the market share of your products in the market?
Bajaj Allianz is one of the leading private non-bank promoted insurance companies, both in the ‘life’ as well as ‘general insurance’ domain. Our market share stands at 8.3 per cent for Life insurance and 6.3 per cent for general insurance (amongst private players).