How the health insurance industry is adopting a new strategy in a post-COVID world

From FMCG to digital funds to retail and eventually health insurance, Sneha Beriwal’s numerous profession throughout industries has one precept: the shopper is at the coronary heart of every little thing. This, together with a starvation for studying and a ardour for advertising and marketing, is what has allowed Sneha, now Head of Marketing, Product, Digital and Direct, Aditya Birla Capital Health Insurance, to excel throughout fields.In this episode of Pepper Content’s Top of the Funnel sequence, we discuss to Sneha about the evolution of digital advertising and marketing in her profession and the function of content material advertising and marketing in the health insurance industry, particularly in the post-COVID world.The 4 pillars of content material evolutionSneha breaks down the evolution of content material advertising and marketing into 4 pillars. It all began with the 30-second TV advert format the place entrepreneurs had been required to create quick and sharp tales and get to the factors quick.With the onset of the digital revolution, the 30-second constraint gave option to a lengthy story format and the canvas of storytelling by means of content material opened up.Eventually, although, simply good storytelling was not sufficient. There wanted to be platform innovation as nicely. This is once we noticed the introduction of AR or VR.Cut to the current. Now we’re in an period, the place content material is making an attempt very laborious to not appear like content material, and also you see that in phenomena like influencer advertising and marketing.“From making an attempt to inform the model’s perspective, it’s now all about listening to the influencer’s or endorser’s perspective on the model. So the narrative of content material has modified considerably.”The function of content material in the health insurance industryNot simply health insurance, Sneha feels that BFSI as a class has not been in line with the general velocity at which content material has developed in different industries. The end result? The want for content material is larger. “At ABHI, content material is a essential pillar. Since the buyer is at the coronary heart of every little thing, we all know that content material wants so as to add worth.”She goes on to clarify that health and insurance are low mindshare classes in our nation. So, to create a pull in direction of this sector, content material is vital. ABHI invests closely in the weblog and group content material with engagement as “our greatest KPI in phrases of repeat guests, subscribers, time spent, content material consumed per particular person and many others”. They additionally measure how a lot of the visitors converts into prospects.Another content material pillar is the use of explainer movies and the “do you know” sequence to simplify the jargon round health insurance, merchandise, and choices. “Finally, there is an emphasis on creating topical content material to catch the buyer at the proper second in order that we’re prime of thoughts in terms of health insurance. This may very well be FAQs round vaccination, do’s and don’ts round the current cyclone amongst different issues.” Structuring a advertising and marketing groupSneha has an fascinating analogy in terms of structuring a advertising and marketing group and the function of content material inside it. She likens it to constructing a home with three pillars. These pillars carry out the three roles of “informing” the prospects about the product and companies, “buying” them, and eventually “partaking” with them. Content is the basis of the home, which means each perform must have very robust content material. The roof is the breadth of media which can be accessible to current all of this to the buyer, like TV, digital, retail, and many others.The impression of the pandemic“Health insurance was all the time a push class, now it is a pull class.” The pandemic added health-specific phrases equivalent to immunity and comorbidity to folks’s vocabulary, and ABHI used this consciousness and curiosity in the class itself by placing content material on the market that answered folks’s questions.One of the campaigns they ran – Khud Ka Health Insurance – was based mostly on the perception that the pandemic led to job losses, which meant a lack of revenue plus the lack of a company health cowl. This caught most individuals unawares. “Khud Ka Health Insurance” advocated the thought that folks wanted to suppose past company health cowl for 2 causes: job uncertainty and adequacy. The latter as a result of COVID additionally uncovered that almost all company health covers are between Rs 3 and 5 lakhs – an quantity that would barely cowl bills if even two folks in the household turned COVID-positive and wanted hospitalisation. “We noticed a share leap in product gross sales.” Additionally, video views and video attain engagement additionally went up. The way forward for content material advertising and marketingSneha breaks it up into three phases: the now, the medium-term future, and the long-term future.Voice, vernacular, and video are the now. The journey has begun however a lot nonetheless needs to be performed. In the medium time period, Sneha is certain that the solely method content material can exist is if it’s hyper-personalised, extremely contextual, and mobile-first. The one-size-fits-all strategy goes away.In the long run, content material will depend upon the units that exist. For occasion, what sort of content material will have to be created to cater to Google Glass? “When folks could have self-driving automobiles, will there be a new system to devour content material? As entrepreneurs, we have to ask ourselves these questions so we could be forward of the curve.”Edited by Teja Lele Desai