Simplifying Insurance & Transforming The Industry: Insights From TATA AIG’s Shekhar Saurabh

TATA AIG General Insurance, a joint venture between the Tata Group and American International Group (AIG), has been operating in India since 2001. The company offers a range of insurance products, including motor, health, travel, home and commercial insurance, catering to both individuals and businesses. Shekhar Saurabh, Head of Marketing at TATA AIG, takes us through key shifts in the insurance landscape—from privatisation to the growing emphasis on making insurance simpler and more accessible for consumers.

The insurance industry has undergone significant changes, beginning with privatisation, says Saurabh. The entry of private players has expanded market access, making insurance more widely available. The next major shift has been digital transformation, where consumers now expect seamless access to research, purchase and manage their policies at the tap of a button. Insurance aggregators have also played a crucial role in streamlining the process, further enhancing accessibility.

Another major development has been the industry’s increasing penetration into different segments. “It started with motor insurance, which was largely driven by government regulations. Over time, health and travel insurance also gained traction,” says Saurabh. Despite these advancements, he believes there is still substantial room for growth.

Saurabh also highlights how, until a few years ago, insurance was laden with complex terminology, making it difficult for consumers to understand. Educating customers about policies required significant effort and resources. Over time, companies have made strides in simplifying insurance and making it more consumer-friendly. “There is still work to be done in making the process even more seamless,” he adds.

As a marketer, Saurabh believes that every product we use in daily life is tied to a deeper human insight. “For example, why do people eat chocolate? Yes, because it tastes good, but at a deeper level, it is often about celebrating a moment.”

Similarly, the core reason people buy insurance is a desire for security. Indian consumers tend to be conservative and safety-conscious, a mindset reflected in their choices—whether in education, jobs or investments. “Indians have a higher preference for fixed deposits and gold than most other countries. Since they place a high value on their assets and savings, they shouldn’t have to exhaust them in times of crisis. That’s where insurance plays a critical role,” Saurabh explains.

Tapping into India’s deeply rooted values of security and family, TATA AIG’s latest campaign was born. “As children, we depend on our parents without question. But as we grow older—especially beyond 30—there are expectations from all sides, whether from a spouse, children, bosses or colleagues,” he says. Insurance, in this context, becomes a support system that ensures individuals can continue fulfilling these responsibilities.

The campaign revolves around a father-son duo, a relationship where open expressions of affection may be rare, but an unwavering sense of support remains constant. “This dynamic carries through all stages of life, and our campaign is built on this insight. The idea is that while you do your best for your family, you can rely on us to support you,” Saurabh explains.

While the campaign is emotionally driven, its reach is broad. “From young professionals to elderly individuals, we want to engage the entire spectrum,” says Saurabh. Though the campaign takes a creative-first approach, rigorous consumer testing is conducted behind the scenes. “During testing, we analyse consumer reactions and expressions to gauge how the message is being received.”

Two key performance metrics are tracked—marketing impact and sales outcomes. “From a marketing perspective, we measure top-of-mind recall and search trends,” Saurabh notes. “On the sales front, because this is a brand-building campaign, its effect takes time. However, we track indicators such as enquiries and eventual conversions.”

As someone who moved from FMCG to insurance, Saurabh confesses that initially, he was intimidated by the complex insurance terminology. Once he got into it, though, he realised that the industry is putting in a lot of effort through the simplification of documents and churning out of content to make the space as consumer-friendly as possible. “It is a cliche, but every industry needs to always think customer-first.” 

Published on: Monday, February 17, 2025, 06:00 AM IST