Features
- Life Cover till 85 years for Life & Life Secure Option
- 3 Payout Options
- Special Rates for Women
- Option to exit the policy with premium refund at the age of 60*
- Special Rates for Non-Tobacco Users
- Free Medical Check Up every 5th year**
Ref. No. KLI/22-23/E-BB/492
Kotak Life Insurance Bags Prestigious Award for Groundbreaking WhatsApp Campaign
Discover how Kotak Life Insurance's innovative WhatsApp campaign captured industry acclaim, revolutionizing customer engagement and setting new benchmarks in digital marketing.
- 2,316 Views | Updated on: Apr 24, 2024
In the growing world of digital marketing, innovation and effectiveness are the keys to success. Kotak Life Insurance (KLI) has proven this by winning a prestigious award for the “Most Innovative Marketing Campaign in the Insurance Sector” for their groundbreaking WhatsApp campaign. The campaign, which leveraged the power of WhatsApp to generate leads and engage customers, has not only set a new benchmark in the industry but has also been recognized for its exceptional results. By adopting innovative strategies and leveraging the unique features of WhatsApp, KLI was able to achieve remarkable results that surpassed industry standards.
What Kotak Achieved Through this Campaign?
The objective of this campaign was to enhance the customer experience by simplifying the entire insurance purchasing journey for customers using WhatsApp. Collaborating with Haptik, KLI took the lead in enhancing its customer experiences. Empowered by its WhatsApp virtual assistant ‘KAYA’, the team ensured 24/7 support and delivered personalized solutions to insurance buyers and policyholders.
- Customers can engage with KAYA for various purposes, including purchasing insurance policies, processing claims, accessing policy information, and submitting documents for pending applications.
- Operational on WhatsApp as well, KAYA significantly reduces waiting times and the need for agent intervention.
- KAYA provides enhanced convenience, flexibility, and completion rates, allowing policy buyers to resume conversations at their convenience.
Key Statics of the Successful Whatsapp Campaign
Kotak Life Insurance serves a vast customer base of 46 million individuals, offering a diverse array of products covering protection, annuity, retirement, savings, and investment. Through a partnership with Jio Haptik, KLI is enhancing the efficiency of the insurance purchasing journey for customers via WhatsApp, streamlining the entire process from start to finish.
Let us delve into some of the key statistics that highlight the resounding success of Kotak Life Insurance’s WhatsApp campaign:
Eligibility and connectivity improved by more than 60% compared to conventional channels, demonstrating the efficacy of WhatsApp as a platform for reaching and engaging customers effectively.
Increase in Conversations
The number of conversations surged by an impressive 150%, indicating a significant boost in customer engagement and interaction.
Boost in Lead Count
Kotak Life Insurance witnessed a staggering increase of over 400% in the lead count, showcasing the effectiveness of the WhatsApp platform as a lead generation tool.
High Conversation Rate
With an average conversation rate of 56.39%, WhatsApp emerged as a platform with high user intent compared to traditional channels like email.
Repeat Users
The campaign achieved over 3 times the number of repeat users, indicating sustained interest and engagement among customers.
Customer Interaction
Customer interactions saw a remarkable increase of more than 150%, underscoring the effectiveness of the campaign in driving meaningful engagement.
Reduced Drop-out Rates
Kotak Life Insurance witnessed a significant reduction of 75% in failure and drop-out rates, setting a new standard for customer journey continuity across channels.
Intent to Purchase
A striking statistic revealed that one out of every 5 customers expressed intent to purchase shortly or during the same interaction, showcasing the campaign’s influence on customer decision-making.
Increase in Average Ticket Size
The average ticket size saw a substantial increase of 40% compared to traditional channels like web and mobile, highlighting the campaign’s impact on sales and revenue.
Improved Eligibility and Connectivity
Eligibility and connectivity improved by more than 60% compared to conventional channels, demonstrating the efficacy of WhatsApp as a platform for reaching and engaging customers effectively.
The success of Kotak Life Insurance’s WhatsApp campaign highlights the growing significance of messaging platforms in digital marketing strategies. By harnessing the power of WhatsApp and implementing innovative approaches, Kotak Life Insurance has not only achieved remarkable results but has also set a new standard for customer engagement and lead generation in the insurance industry.
Expressing his excitement, Prasad Pimple, Executive Vice President & Head of the Digital Business Unit, said, “Our collaboration with WhatsApp as an intuitive and widely used communication platform and Haptik as a trusted development partner has redefined customer engagement at Kotak Life. Together, we have created a seamless and personalized experience for our customers, where brand and product discovery for customers is delivered via digital marketing campaigns, and purchase intent is created via engagement on the WhatsApp platform. It resulted in a 75% reduction in dropout rates and a 60% improvement in customer connections over web channels. We look forward to continuing our journey of innovation and excellence together.“
The recognition garnered by Kotak Life Insurance for this cutting-edge campaign serves as a testament to their commitment to innovation and excellence in the field of digital marketing. As businesses continue to adapt to evolving consumer preferences and technological advancements, campaigns like these exemplify the transformative potential of leveraging emerging platforms and technologies to drive business success.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
- Life Cover till 85 years for Life & Life Secure Option
- 3 Payout Options
- Special Rates for Women
- Option to exit the policy with premium refund at the age of 60*
- Special Rates for Non-Tobacco Users
- Free Medical Check Up every 5th year**
Ref. No. KLI/22-23/E-BB/2435