Maharanis of Marketing - An International Women's Day Special

Anisha Motwani is the Director and Chief Marketing Officer at Max New York Life Insurance. As part of our ongoing series on the importance of technology for marketers and the hunt for tech savvy CMOs in the M.IT.R Top 50 list we caught up with Anisha and got her views on how they have used technology in their various marketing programmes. Read on for the complete interview

How important is technology for the success of the modern marketer?
AM: To answer that question, let’s first see the Indian scenario for technology related progress. India’s total number of internet users is 112 million. Mobile penetration has reached 64.7%. Popularity of social networking sites has reached an all time high. The face of the consumer is changing as they are becoming more technology savvy. The amount of data that is available is exponentially increasing, so from a marketer’s perspective, data analytics is becoming the key. Hence technology will become increasingly important for a marketer to define its marketing strategy.
It is very important for organisations to use technology to understand customer preference and behaviour. At Max New York Life, we use technology to track customer complaints online; we have leveraged technology to move from a policyholder to customer view. We have used social media effectively and created a strong online community with 3Lac+ users engaging with the brand and seeking advice online with expert views available to them as well. On the company website, capability is being built to enable customers to have live online chats with insurance experts and seek clarifications on their queries

What are your current marketing priorities & how does that translate to technology?
AM: Life Insurance is a push market. It is sold through consultative sales for long term saving and protection. Our focus is to get our customers stay with us as long as they live, buy more from us and recommend us to their family and friends. Hence, our market priorities are acquisition, retention and cross-sell.
For acquisition, we have used social media platforms to capture customer attention and engage with them on the topics relevant to them through two programmes - igenius and Khyshiyon Ki Planning.
In life insurance, it is important to retain customers for long term as the full benefits of the product accrue with regular savings over a long-term. Through an integrated Customer Value Management (CVM) model we have used advanced analytics to build loyalty programmes for high value customers and Cross-Sell / Up-sell campaigns to generate additional revenues. We have also created a Loyalty programme called the Gold Circle using technology platforms and build a Single view of customer.
For cross selling, technology platforms are used to identify customer with high propensity to repurchase. Cross sell generates 22% of new business of our agency distribution.

At Max New York Life how has technology played a role in customer acquisition or retention?
AM: We have a robust social marketing platform through igenius and Khushiyon Ki Planning forum. Over 14 Lac children registered over the last 2 years from over 1000 cities across the nation and Rs 3 Cr. worth of scholarships awarded so far. The Khushiyon Ki Planning facebook page has more than 1 lakh members. These efforts have provided us leads for customers and have also helped in brand building in the online medium. Retention is important because Life Insurance is a long customer life cycle industry and full value of a policy cannot be extracted by customer/industry otherwise. We have used technology for robust data analytics and SAS models for predicting behaviour of customer for retention and deciding on appropriate action. We have also used a single view of the customer for servicing them effectively so that we can have long term relationship with the customer.

How has technology played a role in new product development, market expansion or other areas?
AM: For the Life Insurance Business, it is imperative business to stay in sync with market changes and get real time analysis of customer trends, consistent benchmarking of key customer attributes across the organization and higher returns on per unit information.
For research we have Online feedback panels (OFP) that are mainly digital extensions of proprietary Research Panels that allow us to stay in touch with a select group of customers, for tracking effect of ongoing changes, that may result from initiatives taken by the company, or other external sources. OFP also helps in faster turnaround time – ideation and deployment to analysis of results is accomplished in days and at times in hours. It also helps in deeper insights into trends – tracking perception choices of separate customer segments.

Would you say the level of collaboration between the CMO and CIO in your organization was:
AM: Technology has become a major dimension of marketing. At Max New York Life, the collaboration between the IT and marketing team is extremely good. We are just a phone call away. Both teams work in tandem and there are many processes currently under revamp or being launched. We have uniform focus of collaborate for customer led innovation.
For igenius programme, we need extensive resources from both marketing and IT to work together from online registration stage to video conferencing. The programme is in its third year and we have never faced any problems in implementing and execution of the project.

About Anisha Motwani: Anisha brings with her over 20 years experience in building consumer brands in highly challenging environments. During her career in advertising and marketing she has developed memorable and effective campaigns across a range of industries. Anisha joined Max New York Life in 2007 and is responsible for Brand & Marketing, Research & Insights, Customer Value Management, Corporate Affairs and Direct Sales.
Anisha has been recently conferred the ‘Women at Work Leadership Award’ for 2011 Asian Confederation of Business. She has also been voted as one of the ’50 Most Powerful Women in Indian Business’ by Business Today for three consecutive years from 2009. She has also been recognized as ‘CMO council – Marketing Super Achiever’

The Art of doing More - New Woman, March 2012

Food for thought - IMPACT, 4th March 2012

As a young girl, I clearly recall the family eating out sessions. They were occasions that you would dress up for. In fact I still clearly recall the kind of anticipation that surrounded “the event”.
Ajmer at that time had only one restaurant called ‘Honeydew’. What is interesting is that I vaguely recall what we ate but what I most certainly recall is the kind of time we, a family of four siblings and our parents, spent with each other. A good three hours is what our ‘eating out’ experience was. We would go out early evening. Starters in the lawn and then we’d move indoors. Easy conversation flowed, jokes floated around and sometimes it was plain ice breaking (after sibling quarrels). But yes we had great times, times that each of us still cherish.
Somehow the eating out experience seems to have changed a great deal in India. Over years I think we all have become very approach oriented about most things and sadly eating out is also a part of it. Indians have most certainly changed. Our lifestyles are better, we go to fancier restaurants, know what to order, know what dress codes should be followed but what we seem to be missing is the entire experience of eating out. We all seem to have evolved a very tick and go kind of an approach.
Eating out today is big entertainment. You ask most people what they like doing and eating out, more often than not figures in the list. It’s almost like a hobby to a lot of people. In fact numbers only substantiate what I thought was a trend I’d been noticing.
Visiting restaurants is now one of the top three leisure activities for most Indians, according to the Indian Leisure and Entertainment Report 2008-9 (Knowledge Company)
The Food Franchising Report 2009 said, “The concept of eating out is surely catching up in India. Compared to 2.7 times a month in 2003, urban Indians now have a repast outdoor six times in a month.” And the figures are for 2008 which most certainly must have gone up. In fact the report goes on to say that the retail food sector in India is likely to grow to $150 billion by 2025.
Today when we go out, we book the best restaurants, dress up better but then the eating out experience seems to have shrunk by quality and quantity if you look in the real sense. People go to restaurants, take a nice table, and look impatient if the waiter hasn’t arrived. And when he does, they will quickly order, wait for the meal. The time in between which was earlier a great window to catch up on family things seems to have been gobbled up by our precision type attitude. Another conversation killer seems to be mobile phones. Either the husband or the wife or sometimes the children are on the phone. If they are not talking, they are showing pictures or videos on the phone to friends, if they are accompanying the eating out entourage. Once the food arrives, it’s a quick meal and we are off. We seem to have evolved a very result oriented approach to most things. And I’m all for result oriented approach but not everywhere. Family lunch/dinner for example I think is absolutely not the place for being result oriented.
The idea should be savouring the experience, enjoying conversation, catching up on the small but important things in life that we might have missed out on. For example what your daughter’s teacher had to say about girl’s fancy dress or how your son is enjoying his cricket lessons? Or simply telling your children about experiences from your childhood. And sometimes it can be inane family jokes. But the idea should be to bond. In fat thanks to our approach, even restaurants seem to have caught up with our 'eat and leave ways'.
I’m sure you have noticed impatient waiters hovering over your table if you haven’t ordered a few minutes after you’ve sat down. Compare that to restaurants and cafes abroad where it is considered rude to have a waiter hovering around.
Let’s get the beauty of family outings back I say. A simple thing to do for example would be ordering a starter or drinks that help you can enjoy longer conversations. Have a relaxed meal and yes, don’t forget to share a sinful dessert together. Life like they say, is in little moments.

Airtel ‘Friend’, Cadbury win over marketers in 2011 - Exchange4media.com, Jan 12 2012

Anisha Motwani

Director & Chief Marketing Officer,

Max New York Life Insurance

Campaign: Airtel - Har Friend Zaroori hai

In today’s Facebook generation, you can have unlimited 'friends'. This isn't the ''yeh dosti hum nahin todenge" kind of friendship. This is an acquaintance of casual utility; where every kind of friend can have his/her role. The campaign captures the true spirit of today's youth.The early morning friend, the late night saviour, the guy who throws his house open, the guys who always pile on. The ones who borrow money from you, the ones who pay for you - the list is endless. The innate truth is, we all know someone like that, and that is what makes this campaign so memorable and relatable!

Campaign: Seagram’s Imperial Blue: Men will be men

Traits peculiar to men - feeling delighted when wife is away, glancing at a woman all time are depicted very well in the commercials. Definitely brings a smile with a thought - "So true"!!!!

Campaign: Asian Paints

Based on real insight of relationship between elder and younger brother in India, the campaign exhibits the product attributes through an interesting storyline.

Campaign: Levis Jeans: It's the shape that matters not size

The campaign is an Interesting integration of functional benefit of the product (slim, curve and jeans) with the idea of liberation of women. Breaking away from age old norm of ‘big size is bad’ to ‘its shape that matters’ is intelligent.

Campaign: Super Zoo Zoo

The launch of Super Zoo Zoo with Vodafone 3 G was one of the most successful product launches of 2011. It just shows how a great idea in whatever form has such a long expendability and shelf life.

Ensure Safe Future - India Today Aspire, 22nd Jan 2012

The insurance agent is not just the face of the insurance company; he is also the interface that understands the market pulse which helps in product design and even positioning
The role of the insurance agent is undermined by strong stereotypes of someone who is trying to talk you into something that you don’t want or need, someone who is there to cheat you and what not. I have my own recollections of agent uncle walking into our house always nattily dressed as if it was a uniform, chat about existing policies my father had, update on their progress, and enquire about family members and their well-being, before bringing up a new plan that will do a lot of good. His departure left my father most often thinking about his finances than he would otherwise in so much detail.
The insurance agent did play a telling role in an era when financial products were far and few and insurance agents doubled up as financial advisors owing to no exposure to financial product let along financial literacy. The role of an Insurance agent or advisor has remained the same; provide clients with insurance options that suit their needs. Traditionally most agents sold only life insurance policies, but with increasing financial complexities, individual needs and product proliferation; they sell life, health, retirement, pension and sometimes even other policies such as auto, household and accident related covers. The idea behind the success of cross-selling is the clients are already in a frame of mind to listen to the benefits of insurance products when they walk in the door. This is a great opportunity to propose other products that provide financial stability.
To many it may seem a simple task, but a lot goes before an individual becomes an agent. First, there are minimum stipulated qualifications that they need to have, next as insurers we train them on insurance, which includes them passing an agent’s qualifying examination conducted by the insurance regulator. We also train them on our product suit; understand individual’s financial status, on sales kills, techniques and strategies before they start selling under supervision before they get on their own. In my experience hardworking individuals who have the ability to perform necessary research and who have a strong background in business or finance do well selling insurance.
It is not an easy job being an insurance advisor and many would tell you that it is one of the most challenging careers you can take on. Yet, it is also a very fulfilling job which one gets to realise with time. Take for instance, the paramedics in a hospital; though it is the doctor who diagnoses the illness and prescribes a treatment, it is the nurse, the technicians and support staff who execute the advice for the patient to be cured. The agent’s role is like the soldier in a war, he is the face of the war, business in this case. A war is won by soldiers, not by generals plotting it in safe war rooms; likewise, we plot the strategy, design products and empower our agents to make successful product sales. And, the way a soldier protects our borders for us to live in peace, the insurance agent provides protection to the families of those who are insured. The fact that the insurance penetration in the country is 4.1% of the GDP is largely because of the agent’s drive to go far and wide to insure people and protect lives. It is one of the most under stated achievements of the agents; their role in providing insurance protection to millions of policyholders.
Likewise, the economic value of an insurance agent is not fully understood; imagine if you did not have insurance for a moment? In an ideal rising income economy, additional income would have gone into discretionary spending and consumption expenditure. Smart and successful agents knock on doors where consumption expenditures are rising. In fact, many families’s discretionary spending capacity probably will not yet be fully committed to new consumption expenditures, installment payments, life-style habits, or savings programs but for the agent. With his knowledge of financial products and its importance to manage future finances, insurance agents provide serious thought to consumers on the need to save and invest through life insurance. Thanks solely to the agent’s ability in making the life insurance sale; the family has the economic values in the insurance contract at its disposal rather than none.
Although, at the base lies a sales driven transaction, many agents have realised the way to grow is to expand their domain expertise and personal finance acumen. A needs analysis is the first step towards selling insurance; it is also the starting point in developing a holistic financial plan. Many agents have successfully gone into financial planning as a career by qualifying as certified financial planners (CFP) which enables them to sell a suit of financial products including insurance. While some may visualise insurance agents as those looking for a share of the wallet, they in fact help you reduce discretionary expenses and channelize it towards regular savings and investments.
Though, largely commission-based remuneration, agents have several working benefits of flexi-time and even flexi-office to suit their convenience. Many agents become successful in taking on a second career while being agents such as teaching and training. Finally, purely from the moral perspective, surely the society is better off when it is protected against risks that it faces than being exposed to risks that it cannot balance itself. Insurance agents are the catalysts that enable individuals realise the virtues of savings, investing and protecting one’s future financial needs by being friends for a lifetime and beyond. A career in insurance sales is a lot enriching, self satisfying and for the greater good of society.