How AI-Led Innovation Will Transform Insurance Marketing

Join me in this mind-frame expansion that innovation comes into being when one goes with the flow of developments around us—customer behaviour changes, business mix changes, industry regulation changes, marketing tools and automation being available, media and creative execution innovations and more. As a marketeer, one should be able to use these innovations and these changes to lead to goal-led advantages in communication and sales support.

These developments can be assessed by data-driven intuition, leading to us picking out what makes sense for the brand and business at that given point in time. For instance, with AI as both a buzzword and efficiency driver, marketers are experimenting, scaling up and building their customised tools to create a buzz, niche or efficiency.

You can see the use of AI in ad-making; for example, scaling up the same ads to make them multi-lingual, personalised, media-customised and more. We may have seen celebrities congratulating a customer on coming on board or thanking a partner for their support. We may have experienced chatbots at a basic level who are fetching out personalised details and interacting like humans.

These are examples of how AI is used to create delight and scale. But these are still the initial trials of the capacity AI can bring about. The eventual landscape will see custom problem-solution developments in marketing that can create pan value chain advantage—right from creating full ads by descriptive prompts (creative as well as business challenges) to media planning (dependent on the budget, market, objective and preferences) to research, evaluation, feedback and more. The developments will help scale up the efforts of human marketers, especially in areas where volume is needed, like audio, video and written content.

Even in strategy, data crunching and primary insights will eventually come from data-visualising tools integrated into their interfaces, which are offered to the enterprise for usage. 

Coming to insurance; insurance products, for some categories, are a push. However, say, motor insurance, which is a big volume driver and is also mandatory (third-party cover), the marketing challenge there is related to pricing and awareness-generation.

As AI gets more efficient, we will see the value chain changing. Innovation will mean experimentation, scale and efficiency. From creative to media to analysis, the marketing ecosystem will change. 

(The author is the Head of Marketing and Corporate Communications at Go Digit General Insurance)

Published on: Monday, August 26, 2024, 06:00 AM IST