PNB MetLife is focused on continuing to grow its association with Sports: Sourabh Lohtia

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Established in the year 2001, PNB MetLife has recently appointed Sourabh Lohtia as Chief Marketing & Communications Officer. In this new role, Lohtia oversees corporate social responsibility, the e-commerce business, customer experience management, and corporate communications, as well as spearheads the marketing vertical.

In this exclusive AG Talk interaction with Adgully, Sourabh Lohtia, Chief Marketing & Communications Officer, PNB MetLife, shares his insights on how traditional values are integrated with cutting-edge marketing strategies at PNB MetLife for inculcating the factor of resonance with the consumers in the diverse market of the present times; the trends, challenges, opportunities shaping the insurance industry; and the evolution of consumer behaviour. He also speaks about the marketing activities and campaigns launched by PNB MetLife this year, and more.

Could you share insights on how PNB MetLife integrates traditional values with trailblazing marketing strategies for resonating with consumers in the dynamic market of today?

Indians value trust, family, and the pursuit of big dreams for their loved ones. At PNB MetLife, our need-based products and services are designed around these values, following the Circle of Life philosophy to address customers’ needs at every life stage. Our marketing campaigns also reflect these values.

Recognizing that today’s customers and their needs are continually evolving, we employ advanced data analytics to tailor our marketing strategies across digital platforms. This allows us to create personalized, targeted communications based on demographics and interests. To further connect with our audience, we combine compelling storytelling with contemporary digital media, delivering engaging campaigns that highlight PNB MetLife’s legacy, our need-based solutions, and our digital efficiencies.

What are the trends, challenges, and opportunities shaping the insurance industry at present and how has consumer behaviour evolved in the same?

We are in a very dynamic industry that is being shaped not only by consumer behaviour, but also by rising technology and the macro economy.

Technology integration and mobile adoption: Consumers are increasingly relying on mobile apps for all aspects of their lives, from streaming content and shopping for groceries to buying and managing insurance products and services.  PNB MetLife’s khUshi app and online platform leverage this trend, giving consumers seamless and convenient self-service for policy management and claims.

Evolving customer expectations: Consumers have come to expect ease and simplicity in digital services like e-commerce and ride-hailing, and those expectations are driving changes in other service providers too, including insurers like us.

Consumers also demand simple, easy-to-understand products and processes that effectively meet their needs. PNB MetLife’s award-winning Dental Care Plan exemplifies this trend with its straightforward, hassle-free access to dental care.

Embedded insurance is another example. It’s a convenient solution that bundles insurance products or services in real-time when consumers purchase, enhancing accessibility and personalization. For example, including insurance premiums within housing loan EMIs ensures loan repayment and asset protection in the unfortunate event of the borrower’s death, safeguarding all parties.

IRDAI vision for insurance: ‘Insurance for All by 2047’ sets the backdrop for growth in insurance penetration. There is a significant growth opportunity for the sector, with life insurance coverage below 10% in rural India and rising disposable incomes, particularly among middle-income households, surpassing their urban counterparts. PNB MetLife is leading insurance literacy campaigns through service camps, in the states of Jammu & Kashmir, Himachal Pradesh, and Andhra Pradesh.

What are the marketing activities, and campaigns launched by PNB Met Life in 2024, as well as the marketing budget, ad spends, and market share in FY2024?

PNB MetLife’s heritage and legacy have built deep trust and goodwill with our customers. We celebrate this commitment to customer care with the ‘Trust’ campaign. The combined years of experience/ goodwill/ trust of PNB and MetLife are shown in this advertisement, which highlights the rich heritage of PNB and MetLife’s global expertise in insurance.

Our brand ambassador, cricket sensation Smriti Mandhana, shared PNB MetLife’s message, “Karo Bade Sapno ki Taiyari”, highlighting our commitment to supporting our customers and their families to achieve their big dreams.

The campaign was omnipresent across TV, digital, print, and outdoor media, ensuring extensive reach and engagement.

What are the new strategies employed by PNB MetLife to effectively connect with its TG?

We are super-focused on customer care and all our strategies reflect the customer at the centre of everything we do.

From a marketing perspective, we are focused on continuing to grow our association with cricket – a sport that inspires the entire nation. This partnership helps us reach a younger and wider audience in India. Our brand ambassador’s dedication and exceptional performance on the field inspire people to focus on their big dreams.

Additionally, our access through PNB as a promoter, enables us to offer unique need-based solutions to their 160+ million customers, which is an area we are committed to expanding with greater visibility and awareness amongst their 10,000+ branches. We are working towards building frameworks to make meaningful offerings through alternate touch points of the bank, including website, mobile app, etc.

What can be expected out of the 8th edition of the Junior Badminton Championship by PNB MetLife?

PNB MetLife’s Junior Badminton Championship reflects our purpose and commitment to the communities we serve. As we help families become fiscally fit through our insurance solutions, we also advocate for better health and support budding athletes through the JBC.

In the past 7 editions, the PNB MetLife Junior Badminton Championship has seen over 48,000 young shuttlers participate in over 38,000 matches.

The championship was recognized by the World Record Certification Agency (WRCA) with a World Record for ‘Most kids participating in a Badminton Championship in multiple cities’ two years in a row – in 2022 and 2023.

Winning this recognition back-to-back is a testament to the championship’s consistent growth, exceptional organization, and immense talent in our country.

The 8th edition is expected to continue this legacy of excellence and further elevate the standards of badminton in India. Our focus will remain on providing budding shuttlers with a platform to showcase and refine their talents, setting them on the way to achieving their big dreams.

This year, we are looking forward to an even larger turnout to break our World Record third time in a row and continue our mission of encouraging and empowering the next generation of athletes in the country.

What are your growth targets/ focus areas for 2024?

For 2024 our marketing efforts continue to focus on sustaining the trust and legacy of PNB MetLife, our need-based offering centered around the philosophy of ‘Circle of Life’, and our digital edge to offer convenience to the customers. This will contribute to enhanced awareness and consideration of the brand driving business growth.

Also Read: PNB MetLife announces key appointments in Distribution, Strategy Roles