Murtaza is associated with the brand for over a decade. In this span of time, he has worked on developing several comprehensive marketing and strategic plans for Jubilee Life. He has played a vital role in the global re-branding of the brand, formulating brand communication strategies in view of business objectives. He played an instrumental role in launching Pakistan’s first referral based Bancassurance model. He talks to Brands Magazine about the role of branding and marketing in Insurance industry and how Jubilee Life has been leading that front.
“AS A COMPANY WE BELIEVE IT IS EXTREMELY IMPORTANT TO SPREAD LITERACY, GENERALLY & SPECIALLY ABOUT INSURANCE AS WELL.”
BM: Please give us a brief overview of the industry.
MZ: Pakistan’s insurance market faces the lowest penetration in this particular region with hardly 3% of the total population being insured. Having said this, life insurance penetration has seen a significant increase over the last few years. This has happened primarily because of the advent of various alternate distribution channels and strategies. Furthermore, the industry is overall working very hard to boost the penetration levels. There is a huge untapped market. It is also one of the reasons why the growth of the industry has been steady. Primarily, Bancassurance has played a major role in this growth and now we feel that the Window Takaful operations will be the next important distribution channel leading to increased levels of penetration.
BM: What is Jubilee Life’s positioning and brand offering?
MZ: Jubilee Life is the brand that offers a host of varied life insurance solutions to suit every consumer’s unique financial needs. Our insurance solutions are carefully prepared keeping in mind the impact of inflation in the long term and are backed by prudent fund management to ensure healthy returns. Jubilee Life’s insurance solutions are not only the best option for long term investment but in case of any eventuality they ensure financial protection of the dependents and loved ones of the life assured. Jubilee Life has been penetrating the market through various services including bancassurance, microfinance, and takaful while catering to a diversified clientele. It offers a wide product range of unit-linked products that provide financial security to cover different facets of life such as retirement, children’s marriage expenses, higher education fees or critical illness bills. Similarly, the group term life and health insurance for corporate clients’ further ads up to the portfolio.
BM: What has been the impact of technology on the industry?
MZ: With the advent of 3G and 4G in the country, technology has become a major part of how business is conducted in Pakistan. Smart phones have become accessible to a much bigger chunk of the population now than ever before. So we as a brand are also digitizing our assets and ensuring our availability where the customer is. We have a highly responsive website that is easy to browse through on any smart phone / tablet. We have also developed an app through which both new and existing customers can reach out to us with their queries on the go.
Along with this, we have developed a two way SMS portal, which is quick and responsive, to address all our customer queries. We are also working on integrating e-commerce as a distribution channel. In this high-speed, technological era, response time is the key for customer retention and now our focus has been not only to engage our consumers consistently but also with shorter lead time. Similarly, in recent years, we have increased our presence on social media for enhanced consumer engagement. This decision has proved to be fruitful for us because in the same time duration our overall Top of Mind recall has also increased significantly by 7.6% as opposed to the biggest life insurance provider in the overall sector.
BM: You recently came up with an Independence Day campaign. What was the motto behind the campaign?
MZ: At Jubilee Life, we actively support the spirit of Independence and freedom and this reflects in our Independence Day Campaign. The spirit of freedom reflects from our brand also as we thrive to bring freedom to our customers, which is specifically freedom from financial worries. To celebrate independence, we joined hands with a mainstream private TV network in bringing the “Shukriya Pakistan” campaign. The motto behind the campaign was to show gratitude and appreciation to which millions of lives are associated with, which is clearly portrayed in the Shukriya Pakistan theme sung by RahatFateh Ali Khan. The whole campaign resonated with our brand which brings a life free of financial worries for our customers. The campaign aimed at highlighting the love of our country through a number of planned activities such as events, concerts, and fireworks thus creating a festive environment and collaboration with organizations to work towards the positive image building of our country. We had also specially planned an Azaadi celebration event for employees consisting of a live Facebook session, a flag hoisting ceremony, and concert. The Facebook activity comprised of employees taking pictures with theme based cut out frames, similarly, we have also run a 30 second video segment contest live of Facebook where fans are urged to record their Azaadi messages and share them with us for a chance to becoming our proud winner.
BM: Jubilee life insurance is celebrating its 20th year in the industry. What new projects and ventures have you planned in order to take the company to the next level?
MZ: Jubilee Life intends to pave way keeping its leading position in the insurance market intact. We aim at increasing our distribution through an awareness building strategy, meanwhile also refining our products through the best possible service standards. Our marketing team deserves the due credit for creating the understanding pertaining to insurance products and this is an on-going process where our campaigns revolve around the need of insurance for a family/individual rather than just selling our products. Therefore, we will be aggressively working on the development of business through different distribution channels in the next couple of years. Similarly, the new avenues being created not only draw a favourable picture for us as insurance providers but also look promising in terms of creating employment opportunities of the emerging young talent.
BM: Apart from marketing, what other initiatives is Jubilee Life working on?
MZ: As a Company we believe it is extremely important to spread literacy, generally and specially about insurance as well. All our marketing efforts are aimed at improving insurance literacy but this year among other initiatives we collaborated with Charter for Compassion’s project, ‘Collaborative Libraries’. The purpose of which is to inculcate the habit of reading in our future generations by developing libraries in the underprivileged areas of Karachi. We want to promote reading amongst children and not have them deprived of associating themselves with good literature simply because they don’t have the means to.
Therefore, through this project, 15 libraries have been established in schools within Korangi, Lyari, and Shireen Jinnah Colony that will impact over 5,000 students. Other than that, Jubilee Life has been working closely with the government of Gilgit-Baltistan on a joint venture of Aga Khan Foundation, Aga Khan Health Services, Aga Khan Rural Support Programme, and Jubilee Life to provide micro health insurance to the residents of Gilgit. The micro health insurance scheme will enable the people of the region to have improved access to quality health care services. It will cover requirements for hospitalisation including child birth; common diseases of childhood; injuries and accidents; common surgeries and medical ailments requiring hospitalisation. The goal of the programme is to improve the health status of the population, especially the less affluent ones, and to reduce poverty through reduction of out-of pocket payments for health expenditures. We are focusing towards improving access to health services by the poorest population groups in the programme region through a reduction of financial barriers and the strengthening of the quality of health service provision.