 Good morning, take a guess at what this is who'd like who want to go okay? Okay Okay, any other guess? What is this? It's a meeting absolutely. It's also a painting of a meeting. So both answers are correct Let me let me tell you let me tell you what this is This is actually traders in The Tower Street Lloyds coffee house in London in the late 1600s and these traders and merchants actually Sat down there after they sent their goods on the ships and they did that because It was not even not only a good gossip place for shipping news, but it was also Right the place where after they had their four mugs of coffee at the Lloyds coffee house They found out that One of the other one of the other ships are going to get attacked by the pirates and They didn't want to be the losers themselves. And so they put monies together to give out to That whose ship the pirates robbed on that particular day the human insight here was that People are a lot more uncomfortable With dealing with downside Then they are happy about the upside, but the only question is how would they know that a downside exists and And that is the insight behind the birth of insurance as a concept and so With this consumer insight I wanted to start But when I decided to do that I have an exceptionally smart team at max life insurance And they told me there is no tech in this insight And I said why would they call a boring insurer like me if they wanted to know about tech And so I was told listen They think we use a lot of tech and they're a lot smarter than I am so I said alright We will use the next Next ten odd minutes to take you through three case studies where we have actually put together Marketing technology along with consumer insights to reach consumers better. Are you with me? All right from the 1600s when it evolved to today a lot has changed Consumers expectations have changed Even in India if you look close to you This flip card this Amazon this Uber and there's there's a whole lot of there's a whole lot of Consumer expectation on the manner in which they want to engage with their service providers and We couldn't really in the last five years figure out if they would leave us out of this Set of expectations they wouldn't and we decided they wouldn't so just because we were an insurance company Just before because we were in financial services We wouldn't be left out and so I mentioned here a Google case study and a Google paper that said Fundamentally if you if you categorize customer expectations into these three parts, they would sound like help me faster Know me better and wow me everywhere So I'll go and I'll go and engage with you on the website and I'll also meet an agent advisor And I'll also walk into your branch and each one of them should know what I did last and with that With that comes the challenge of The dominant logic of this business getting challenged And this is this is the first case study, which is that the dominant logic was that Sharma Down the street who was the insurance agent would know everything about me Because he would live down the street and be be party to a lot of functions and a lot of social gatherings that I and My family were a part of Technically when Sharma G sat down and spoke with me about what my life goals should be and What plans should I be investing as a solutions to my goals? He was a walking talking CRM Now what has happened over the last 20 30 years is that Sharma Sharmaji doesn't know much because I'm not inviting Sharma G over actually I am meeting only those whom I want to be connected with Because conversations that led to this solution finding are now getting replaced with connections We decided we must do something to leverage the digital footprint that these connections were bringing forth and So we said how about simplifying experiences because the category of insurance? Fundamentally is so complex that the consumers don't feel like engaging with it and The more and the more complex the subject the easier it is to shut off the human brain from it and run away That ladies and gentlemen is the first insight we used and to illustrate how we did it is this example Of how we used it for the smoking population by the way 18 percent of our customers are smokers and for those 18 when we started when we started to when we started to Trace their path to purchase we realized that a different kind of A different kind of a representation a different kind of a solicitation was required in that in that frame And so we started on the Google display network on on the world tobacco day And you would figure out you you can see that what we did was that we tailored it with a video ad on Facebook in their path to purchase and through the journey we not only offered a Personalized notification as they landed on the website, but also the script For the tele sales assistance the auto dialer that that actually reached out to the customer for assistance was also Customized with critical illness and some of those things that a smoker would think about Before purchasing and and and that caused us for this population a 30 percent improvement in the click-through rate and a 10 percent glow or growth in sales conversion overall from this population this population was much smaller than 18 percent Today we I believe we are over indexed in this population and and and this could only come about because we realized that a Very large part of the smoking population cared about the critical illness part of it Not only the term in the death part of it The second one was that we came about when we started to analyze efficiencies and marketing spends and we said How can we bring down the cost of acquisition per customer? The obvious answer to that was to increase the throughput through the funnel and and when we double-clicked on that We realized that 20 percent of the population Was actually doing the entire journey of filling in their personal details and everything else that we need to form an Insurance proposal, but we're dropping out just before payment When we spoke with a good number of these customers we realized that a Very large part of them were afraid to get into a 25 or a 30-year contract and start to pay When they didn't know whether they would get the proposal They would get the insurance or not because the final grant of an insurance is subject to many conditions subject to a medical test Most often so on and so forth and we are talking about term insurance covers over one crore And so we realized how can we how can we use payment technologies? to take their credit card number and Drop a penny there to just enlist them and Charge them only when we accepted their proposal for insurance Which is when all the results for the medical examination and the financial documents got examined and we came finally to that This by now pay later as we call it is an insight that you would you you would you would observe booking dot-com use very very effectively In their journey of booking vacation homes What this did for us is a 5% growth in lead to sale conversion and a 10% improvement in the loyalty scores That we measure just after every customer finishes their journey Actually five years ago the kind of payment technologies to do this didn't even exist And so potentially we couldn't have thought about leveraging this insight Without some of these things that the builders send some other payment gateways do today The third and the last story is about the path to purchase You know, it's a it's a very it's a very engaged purchase decision life insurance in general and protection oriented conversations often start with Somebody you trust looking at you in the eye and asking you What if you don't reach home in one piece tonight? Is your family going to be able to manage the standard of their living are your children going to be able to go to college? so on and so forth But in this day and age when conversations get replaced so much with connections a lot of this nudge has to be subtle A lot of this nudge has to be digital nature Through the path to purchase we realize that you couldn't be saying The same thing to somebody who just started Into consciousness of this conversation and somebody who had been with the idea for about four to six weeks Which is how long our sales cycle is and it takes 12 on an average 12 interrupts from us to a customer through their path to purchase And so we realize that that in order to do this more effectively We needed to use a campaign management tool that actually That actually gave us indication of whether this conversation ought to be top of the funnel middle funnel or lower funnel and by tailoring some of our messages to To not only where the person was coming from and what creative they had seen To what kind of weak signals had we picked up from their affinities on on Google To actually what they did when they came first time to create a lead We saw we saw a huge improvement in Getting the customer through that journey Faster simpler and better and so only towards the end of that funnel Could we actually make a proposition like five hundred and sixty three rupees per month is What it takes to secure your? family's future for a crore of rupees what this did for us is generate or Take our lead lead rate up by about six percent and this Specific thing that we started to do with customers who had created leads on our website and not pursued the journey any further By going back to them on their birthdays and say if you don't buy it in the next one month term insurance is going to cost you higher Next year We have now created a 12% of our total business line only from this one insight that the moment You make it urgent and specific and give the consumer a reason to act You'd get benefit from it Thank you very much You