Marketing spends of RenewBuy grows 20 pc

Marketing spends of RenewBuy grows 20 pc; it resolves to strengthen its reach across tier 2 and 3 markets

By Ashish Mitra --
Tuesday, 05 Jan, 2021

2020 saw many businesses not only go online but also make good amount of business in the bargain. One such sector is the insurance sector. To be sure, online claim processing or assessment, customer acquisition, instant policy as well as immediate renewals are part of how the insurance sector functions.

“There was almost a 50-60 per cent increase in health and life insurance queries. As customers were looking for contactless experience, our digital model was in the best position to handle customer queries, address them and get business done,” Devesh Joshi, chief marketing officer, RenewBuy, said. The digital insurance platform claims to have increased its marketing spends by 20 per cent in FY21.

The company has said that digital accounted for 60 per cent of the spends, while the remaining 40 per cent was allocated into partner (insurance advisor) communications that reached out to 40,000 partners across 600 plus cities.

RenewBuy recently launched its first digital-centric consumer campaign. As part of the campaign, it had launched two short films with a geo-targeting strategy. While one film is aimed at connecting with the urban millennials, the other aims to connect with consumers in tier 2 and 3 cities.

As per the company, tier 2 and 3 markets generate more than 50 per cent of its business. “70 crore Indians do not have insurance and that’s where they live. Therefore, 75% of our distribution network is in tier 2 and 3 cities,” Joshi states.

Industry estimates suggest that insurance penetration in India continues to be as low as 3 per cent including standardised and mandatory categories such as motor insurance. As per Joshi, the need for insurance has come out in a big way during the pandemic, particularly health and life insurance. Therefore, the company expects 30 per cent of its business to come from the health and life insurance category in the next six months– a category that contributed to around 10 per cent of its business pre-Covid.

As part of its expansion drive, the company will continue to focus on digital. “Going ahead, we plan to use the face of our individual advisors, customise our digital films in eight regional languages, and recreate them further for use within the local communities across social media platforms,” Joshi said.

Marketing spends of RenewBuy grows 20 pc; it resolves to strengthen its reach across tier 2 and 3 markets. 2020 saw many businesses not only go online but also make good amount of business in the bargain. One such sector is the insurance sector. To be sure, online claim processing or assessment, customer acquisition, instant policy as well as immediate renewals are part of how the insurance sector functions.

“There was almost a 50-60 per cent increase in health and life insurance queries. As customers were looking for contactless experience, our digital model was in the best position to handle customer queries, address them and get business done,” Devesh Joshi, chief marketing officer, RenewBuy, said. The digital insurance platform claims to have increased its marketing spends by 20 per cent in FY21.

The company has said that digital accounted for 60 per cent of the spends, while the remaining 40 per cent was allocated into partner (insurance advisor) communications that reached out to 40,000 partners across 600 plus cities.

RenewBuy recently launched its first digital-centric consumer campaign. As part of the campaign, it had launched two short films with a geo-targeting strategy. While one film is aimed at connecting with the urban millennials, the other aims to connect with consumers in tier 2 and 3 cities.

As per the company, tier 2 and 3 markets generate more than 50 per cent of its business. “70 crore Indians do not have insurance and that’s where they live. Therefore, 75% of our distribution network is in tier 2 and 3 cities,” Joshi states.

Industry estimates suggest that insurance penetration in India continues to be as low as 3 per cent including standardised and mandatory categories such as motor insurance. As per Joshi, the need for insurance has come out in a big way during the pandemic, particularly health and life insurance. Therefore, the company expects 30 per cent of its business to come from the health and life insurance category in the next six months– a category that contributed to around 10 per cent of its business pre-Covid.

As part of its expansion drive, the company will continue to focus on digital. “Going ahead, we plan to use the face of our individual advisors, customise our digital films in eight regional languages, and recreate them further for use within the local communities across social media platforms,” Joshi said.