Background

M commerce is still new to Sri Lanka. Only 6.2% of the total population makes any sort of bill payments online. Given the smaller size of the country, brands invest in a robust brick and mortar distribution network that drives overall volumes. Insurance is no exception. Insurance has low penetration of 14% is the relatively complicated nature of the product amongst the masses. We took a cue from how Telcos had reached 150% market penetration. Our objective was to streamline the customer journey using a Mobile Solution and make getting insurance as easy as getting a pre-paid Top Up.

Describe the creative idea

Our creative idea was simple- “Good News. Introducing Life Insurance on your Mobile for just Rs 5 per day.” We used our brand ambassador who was a World-Class retired Cricket Player to deliver this message across all our communication. He is an instantly recognizable and trusted icon which cuts across all segments that was able to get people’s attention and deliver this message clearly and concisely in a way that our core target audience- who have yet to understand the importance of life insurance- would understand.

Describe the strategy

Our data showed that 95% of this target audience were still using feature phones. There was no need to re-invent the wheel and create fancy apps, or any high-tech platforms. We stayed true to what this segment used their Mobile phone to do. Make voice calls and send SMS. We ensured the entire customer journey of getting a new policy could be based around that. All customers had to do was send a registration SMS and we’d then call them back to verify the details and on-board them. Premiums could also be paid via SMS, and customers had the flexibility of paying them whenever they wished. We turned a complicated insurance product to an easy a pre-paid top up. Our target audience were the daily wage earners at the bottom of the income pyramid and this was a tried and tested way of getting them into any form of M-Commerce.

Describe the execution

We launched in November 2019 with an integrated campaign that comprised of TV and radio which reached these segments. Knowing this segment’s mistrust when it comes to life insurance we mobilized the Postal Network to spread the word about affordable life insurances for this segments. Postmen are trusted as they have been visiting homes for a long time and they acted as Activation agents that advocated Life Insurance and created purchase intent. They told customers that getting a life insurance was possible now their Mobile and it was virtually a one-step-process. A product that was once so intimidating to them had overnight become a breeze.

List the results

We benchmarked the 1000 policy mark Softlogic Life achieved on its first year of operations as a target and succeeded in surpassing 6000 policies in the first year despite a 3-month covid lockdown. This is a testimony of how simplicity was all that’s needed to increase the dormant life insurance penetration numbers in the country. The 100% Mobile Registration, Verification and Premium Process is a world’s first for the category and will be a key driver in enabling financial management and wellbeing of lower income groups. Brand Health scores also showed positive movement in brand awareness and consideration amongst this segment like never before. Impressions: 4.6Mn (ISOBAR MIS System) Consideration Increase: 400bps (LMRB Report, 2020) This campaign has been recognized by United Nations BCtA who aims to accelerate progress towards Sustainable Development Goals by challenging companies to develop inclusive business models that will create commercial success and development.