Interview with Arun Malkani – CMO – Birla Sun Life Insurance Co. Ltd.
PW: As a marketer what would you say are your current priorities?
AM: Amongst my current priorities for this year are Customer Data Management & Analytics, Social Media & Digital Marketing and revamping our company’s website.
PW: At Birla Sun Life Insurance Co. Ltd, how has technology played a role in customer acquisition or retention?
AM: Our entire customer cross-sell and upsell program and analytics marketing is based on statistical models and the use of technology and systems. Customers are also periodically communicated with on offers and relationship initiatives through database management based on technology. They are also able to make premium payments and do a number of other transactions online at their convenience. This reduces pressure on physical branches and personnel and gives the customer the opportunity to interact/transact at his will and time.
Web based analytics using relevant tools is also integral to both acquisition and retention initiatives by the organization. Overall, technology has really added teeth to our marketing initiatives and is playing and will continue to play a very integral role in the marketing initiatives in my organization.
PW: How has technology played a role in new product development, market expansion or other areas?
AM: Accelerating opportunities to leverage and adopt technology is the key to long-term business growth and productivity. Technology will serve as the connect between the organization and the opportunities and solutions they require to grow and compete in the global marketplace. Technology, in partnership with other key organizational functions such as marketing, product and sales, will develop the tools and processes required to bring about innovative new product and process improvement opportunities adapted to the needs of customers.
Additionally, technology will make available a range of products and assistance services to help the company rapidly move new product opportunities into production and out into the market. In fact, the internet has the potential to become a full fledged alternative channel even in a complex product category like insurance. This will lead to simplification of the product and hence much greater opportunities of reaching out to lesser financially savvy customers.
PW: Do you have a separate budget for the IT component of marketing? And how aligned are the marketing and IT functions in the organization?
AM : IT is integral to most functions within the organisation and marketing is one of the chief users of technology. In fact IT as a function within its budget provides for marketing driven technology initiatives.
Both IT and marketing are very aligned and are jointly taking forward a number of large organizational initiatives.
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