“Customisation is the key to brand differentiation in today’s ultra-distracted world”

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Max Financial Services Limited and Axis Bank Limited have partnered to form Max Life Insurance Company Limited. Max Financial Services Ltd. is a subsidiary of the Max Group, an Indian conglomerate. 

Max Life’s multi-channel distribution, which includes agency and third-party distribution partners, provides complete protection and long-term savings life insurance solutions. Max Life has grown its business over nearly two decades by using a need-based sales strategy, a customer-centric approach to engagement and service delivery, and well-trained personnel. 

Max Life has always placed a premium on customer service. Customers today expect personalization or customization in every category. Their ultimate goal is to inspire consumers/customers to raise the worth of their lives through a strong brand purpose and a clear product differentiation approach. 

Rahul Talwar, SVP & Chief Marketing Officer, Max Life Insurance, spoke to Adgully for their marketing column MARKETING MINDS about their various initiatives, particularly on the digital front, where they offer pay out services on their website, contactless servicing through WhatsApp, conversational AI chatbot, and buy now, pay at approval services, among other things. 

Life insurance is a busy and competitive market. How is Max Life attracting customers with that significant product differentiation? 

Customers today expect personalization or customization in every category. The word “customer” contains the phenomena of “USTOME,” implying that brands must customise. In today’s ultra-distracted world of messaging, personalization is the key to brand uniqueness. 

Our product offerings at Max Life are tailored to our customers’ new-age preferences. Saral Pension Plan, Smart Secure Plus Plan, and Smart Guaranteed Pension Plan, among others, cater to a wide range of consumer segments, from millennials to homemakers, and provide long-term financial protection and security. Our goal is to combine innovation with personalization to provide customers with the most freedom and coverage for their financial security. 

The Life Insurance Council is working hard to raise awareness about the importance of insurance. Is this beneficial to your brand, and how are you working with them to raise awareness and educate prospects? 

The Insurance Awareness Committee started its first-ever comprehensive, high-decibel campaign in 2019 as part of the Life Insurance Council’s ‘Sabse Pehle Life Insurance’ push to promote life insurance as a basic requirement. The Life Insurance Council and the industry are determined to maintaining pace and delivering maximum impact notwithstanding the Covid-19 setbacks. 

For the past four years, Prashant Tripathy, Max Life CEO and MD, has served as chairman of the Insurance Knowledge Committee, and the extended team of all life insurers has played a critical role in raising industry awareness. Our goal is to continue working together under the leadership of the council and committee members to further the mission of ‘Sabse Pehle Life Insurance’. 

As an industry collaboration, this effort might get a boost from the Insurance Regulatory and Development Authority (IRDAI), which would benefit all 23 insurance brands. 

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