India Is At The Cusp Of A Great Time Right Now: Sai Narayan, PolicyBazaar
PolicyBazaar has the distinct advantage of being among the first insurance tech (insurtech) brands in India that had begun giving consumers the ability to truly make informed decisions. As the market became more cluttered with several options coming into play, PolicyBazaar also looked to diversify its presence, while ensuring a place of trust in the consumer’s mind. Much credit for this goes to the marketing leadership that Sai Narayan has driven at the company.
Narayan is a believer in India as a market and in the sector itself. “The demand for insurance as a category is back. Therefore, now is the best time to spend on marketing as the demand is there. India is at the cusp of a great time right now,” notes Narayan.
He explains that India is in a unique position in the current economic climate. While global uncertainties cast shadows elsewhere, India remains a thriving hub for businesses. Due to the upswing in demand for insurance, PolicyBazaar increased its advertising spend this year.
High Notes
This is the age of the digital natives, further highlighted by consumers such as Gen Z. Narayan acknowledges the shift driven by these changing consumer demographics. “A 30-year-old consumer is born in the internet era. This digital-first generation necessitates a strong presence on online platforms. But there is still a need for a balanced approach because not all consumers are digital-first or digital-only,” Narayan says.
For him technology, and especially the likes of Generative AI (artificial intelligence), is a “revolutionary force”. “I would encourage marketers to experiment with AI-driven strategies but keep consumers at the forefront.” The question to keep in mind is whether AI can help solve a consumer problem. A consumer-centric approach should guide AI adoption and deployment, ensuring it adds genuine value instead of just following a trend.
Marketing Trends in Play
Narayan identifies several trends shaping the marketing landscape. “AI and machine learning are crucial and brands are increasingly adopting these technologies. The influencer space is also experiencing rapid growth, providing opportunities for brands to connect with audiences. Additionally, the surge in short-format video content is also reshaping how information is consumed,” says Narayan.
Narayan also highlights the importance of using platforms to educate consumers. For PolicyBazaar, this entails providing relevant content about insurance. This approach not only engages customers but also builds trust and brand loyalty. His advice is to be data-driven and prioritise measurability. Every marketing dollar spent should be tied to return on investment and business outcomes.
