Samar Kagalwalla, Head of Marketing and Growth, Onsurity, writes on invitation and exclusively for our special series BRIEF24.
Learnings and achievements from 2023; Inspiration for 2024
In 2023, a pivotal development for Onsurity in B2B marketing was the strategic deployment of Artificial Intelligence (AI), with our initial use cases centered around content creation and enhancing visual imageries. This targeted approach in employing AI has significantly influenced our Go-to-Market (GTM) strategies for various campaigns and product launches.
The integration of AI in content generation has allowed us to produce highly tailored and industry-specific content. This content is not just informative but also precisely aligned with the unique needs and challenges faced by our business clients.
By leveraging AI, we’ve been able to analyse industry trends and feedback, thus creating content that speaks directly to the pain points and aspirations of our target audience. This relevance in content has strengthened our position as a thought leader and trusted advisor in the insurance sector for businesses.
Regarding visual imageries, AI has been instrumental in transforming complex insurance concepts into engaging, easy-to-understand visual formats. This visualization not only enhances the appeal of our marketing material but also aids in better comprehension for our clients, making our communications more effective.
Secondly, the emergence of collaborative and network-based marketing approaches marked a significant trend in the B2B realm. Recognizing that SMBs often rely on interconnected networks and communities for business growth, we focused on creating marketing strategies that fostered collaborative opportunities.
This involved leveraging platforms and forums where SMBs interact, sharing valuable insights and resources, and establishing Onsurity as a thought leader in these communities.
Success stories from 2023: In 2023, Onsurity reached remarkable milestones, both in terms of performance and in establishing a strong market presence.
Significant Membership Growth: A standout achievement for us was reaching the million member mark, alongside partnering with over 5,000 businesses, all within a span of 18 months. This rapid growth is particularly noteworthy because 80% of these members were first-time users of healthcare services, and 75% were acquired digitally.
A key strategy that drove this success was intensifying our focus on increasing product demonstrations. We managed to triple the number of demos conducted by our front-end teams, without a significant increase in resources. This achievement underscores our efficiency and effectiveness in engaging potential clients, demonstrating Onsurity’s unique value proposition in the health insurance sector.
Building Trust and Recognition: Another significant stride in 2023 was in the realm of trust building and brand recognition.
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- A pivotal moment was when we secured our Series B funding led by the International Finance Corporation (IFC).
- We also pioneered India’s first hybrid community, named ‘NEXT’, which further cemented our position as innovators in the insurtech space.
- Onsurity was conferred “Fintech Startup of the Year” by India Fintech Forum (IFTA)
- We built reputed partnerships with brands like Porter, Marico, Godrej Capital, and KreditBee to help bring in value to their supply chain, gig workforce, and consumers.
These accomplishments reflect not just our business growth, but also the deepening trust and credibility we’ve established in the healthcare and insurtech industry.
Learnings and realizations from 2023: The rapid advancements in technology, changing consumer behaviours, and a deeper understanding of the intricacies of employee healthcare benefits have been key drivers of my transformation over the last couple of years.
One significant insight that has influenced my approach is the realisation that traditional model of employee healthcare benefits is no longer sufficient. The industry has shifted towards a more personalized and data-driven approach, driven by advancements in analytics and artificial intelligence.
This shift has not only enhanced the efficiency of our operations but has also allowed us to tailor our offerings to meet the unique needs of each business.
This was also validated in our study where we spoke to more than 1000 working professionals and realised that more than 75% were unaware of their benefits and wanted more personalised products for themselves and their dependents.
Moreover, the increasing importance of preventive care and wellness programs has been a welcome change. The industry’s recognition of the long-term benefits of proactive health management has shifted our focus from reactive insurance solutions to comprehensive wellness initiatives.
This shift not only aligns with societal trends but also positions us as a partner in our customers’ overall well-being rather than just a provider of financial protection.
Another influential factor has been the growing emphasis on transparency and communication. Customers today demand clarity, and the industry is slowly responding by adopting more transparent practices. This has shaped our perspective on marketing strategies, urging me to prioritise clear and honest communication in our campaigns.
2023 highlights and takeaways: The past year was a transformative journey. Embracing the AI revolution in marketing was a focal point, leading to a year of learning and unlearning. My focus centered on understanding our customers profoundly, ensuring our efforts resonate with their needs.
The key takeaway was the shift from transaction-centric solutions to holistic experiences, aligning with our commitment of providing an elevated customer journey. 2023 emphasised the vital balance between leveraging cutting-edge technology and maintaining a customer-centric approach.
It reaffirmed that staying agile and responsive to evolving customer expectations is paramount in the pursuit of growth and innovation.
Looking at 2024: Marketing professionals should closely monitor the rise of interactive content, leveraging immersive experiences for customer engagement. Ethical and sustainable practices will gain prominence, requiring authentic storytelling in campaigns and beyond.
Additionally, staying attuned to evolving data privacy regulations will be crucial, ensuring responsible handling of customer information in this era of heightened awareness.
Overall, agility, innovation, and a customer-centric approach will remain paramount for us as an organisation and largely for the industry as well.
Some advice: I would summarize this question into 3 paramount principles for any marketer to succeed, especially in today’s day and age: Embrace Innovation and Technology but validate with logic, make data security and transparency your core brand pillar, and stay adaptable and agile in your strategies, there is no one-stop-fix anymore.
My Mantra for 2024: Striking a balance between AI (Artificial Intelligence) and AAI (the Marathi word for mother). My aim will be to embrace innovation for disruption, while also nurturing family-centric values essential for fostering a well-rounded and mentally healthy environment in 2024.
My personal favorites from 2023
Campaign I liked in 2023: Reflecting on 2023 in the advertising world is like observing a vibrant mosaic – numerous unique pieces, yet none etched into my memory; here’s to anticipating something unforgettable in 2024.
A book I liked in 2023: Greg Hoffman’s ‘Emotion by Design’ has been a game-changer for my growth in marketing; a masterclass by the former CMO of Nike, distilling three decades of branding genius into a compelling read on cultivating creativity and building lasting emotional connections with consumers.
A show/movie that I liked in 2023: Vidhu Vinod Chopra’s ‘12th Fail’ is on top of my list. I was awestruck by how a simple story could be represented in such a layered and nuanced fashion.
My 2023 hobby-career connection: I love playing cricket. In fact, my 15-year journey playing corporate cricket has been an unseen yet powerful influence on my career, teaching me that on-field team bonding seamlessly translates into productive cross-departmental collaboration, significantly enhancing our overall work output.