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The trend that stood out the most in the last year was to be ahead of the curve. Content has become more contextual and local as customers demand instant gratification. Brands began to see customer experience as a key parameter of the overall brand experience and began building a more holistic brand strategy rooted in customer centricity.
Keeping up with change and remaining relevant to customers in a rapidly evolving external dynamic was a priority for the brand. As brands focus on creating an aura of authenticity and familiarity towards 2023, social responsibility and purpose marketing dominance is expected to rise. Abhishek Gupta, Chief Marketing Officer, Edelweiss Tokyo Life Insurance Co., said:.
Key events that defined the life insurance industry in 2022
- The year also saw a surge in product awareness and industry-shaping regulatory changes.
- In addition to protection solutions, there is a growing demand for solutions that provide guaranteed returns over the long term.
- The demand for hyper-personalization is growing across the sector.
Marketing Vision 2023
In 2023, marketers will continue to adopt an omnichannel approach. Brands look at ways to integrate channels in ways that lead to a highly cohesive and cohesive brand experience.
Marketing will become more insight-driven as brands seek deeper insight into the psychology of their stakeholders in order to be relevant and innovate.
As Gen Z and millennials increasingly favor brands that can effectively address social challenges, marketers will make social responsibility an important part of their value proposition.
Life Insurance Marketing Trends 2023
The life insurance sector enters 2023 on the tide created by the IRDAI reforms. As the distribution architecture relaxes, the industry becomes capital-attractive, and regulators push customer-centricity above all else, the role of marketing will improve significantly.
To take advantage of the increased partnership limits, life insurers will focus on improving their distributor experience and technical architecture that can be easily integrated with partner experience.
Insurance brands promote their solutions across highly specific regional groups across India, adopting a hyperlocalized and personalized content approach.
Another trend being promoted is short ads. With skippable ads and subscription models, and reduced attention spans, ads are getting shorter and brands are expected to get their message across within seconds. However, this trend will not gain much momentum within the insurance sector as insurance continues to rely on advice in India. Marketers implement storytelling to simplify product propositions and explain the relevance of insurance in realizing dreams and aspirations.
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