Money & Banking

No more gloom: Insurers focus on health, wellness to woo customers

Surabhi Mumbai | Updated on January 22, 2019 Published on January 22, 2019

Longer lifespan & rising incomes turning out to be life-changers for insurance companies

With longer lifespan and rising incomes, insurers seem to be turning their focus away from death and destruction to health and wellness as part of their campaign to attract customers.

In recent weeks, at least three insurers have come out with campaigns that focus on fitness, health and protection as reasons to buy life insurance rather than the typical question of what will happen to the dependants if the customer dies without a policy.

The Life Insurance Council of India, with its member insurers, is also working on a new awareness campaign on the need for insurance, which is likely to be unveiled this month. The overall theme is to show how insurance is important in a person’s lifespan, said a person familiar with the development, noting that insurance is not just about death but also saving for protection from other risks.

“Apart from early demise, living too long is now turning into a concern for many Indians as people tend to live for 15-20 years after retiring at the age of 60. In the absence of a social security net, how to sustain their pre-retirement lifestyle is a main concern for many customers,” noted an executive with a life insurer.

#RakshakarankiReet

On Tuesday, Tata AIA Life Insurance Company announced the launch of their new brand philosophy ‘#RakshakarankiReet’, which is based on the protection of near and dear ones as reflected in cultural customs.

Aditya Birla Health Insurance has just announced the launch of its latest TVC – Game of Choice – an advertising campaign that urges people to evaluate their health goals in their quest for success.

Similarly, earlier this month, IDBI Federal Life Insurance also unveiled a new physical and financial fitness campaign with cricketer Sachin Tendulkar as its brand ambassador under the name, #KeepMoving. At the launch, Tendulkar had noted that this was a “positive message” by the insurer.

“Insurance adds a lot of value to a customer’s life. It gives protection. The right way to do it is that we will be your lifetime partner. We will partner with you in all aspects of your life, be it child’s education, retirement, critical illness or protection,” said Munish Sharda, Managing Director and CEO, Future Generali India Life Insurance.

Protection gap

Significantly, with rising incomes and growth, India’s insurance market, which is seen to be largely underpenetrated, is expected to see significant growth in the coming few years. According to a report by Swiss Re, the protection gap in India is close to 93 per cent.

Published on January 22, 2019
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