What comes to your mind, when you think about Phonepe. Did you think about UPI, Bill Payment? Have I missed any important operation PhonePE does?
Kudos, if you guessed Insurance aggregator. Either, you’re watching an IPL, TV, or hyper-aware about fintech. Let’s check their progress on their insurance dreams.
In this series: We will assess
Part – 1.) Current positioning & message PhonePe trying to portray
Part – 2.) Competitor’s positioning [Policybazzar to Acko] in Insurance sector and combined analytics
Part – 3.) Existing User Flow Analysis Analysis [To Be Published on UX website]
Part – 4.) New Hypothesis & Positioning for PhonePe Insurance
Part – 5.) “Tentative” Develop a new ad, landing page & user flow with viewers from a new hypothesis and positioning.
2021 PhonePe Insurance Positioning
Aamir Khan & Alia Bhatt big Bollywood celebrities are their brand ambassadors.
Car tires have been stolen. Yet, they are worried about dresses and umbrellas. It’s assumed they already have some insurance. Clever?
PhonePe missed the only logical point. If they already have car insurance, PhonePe is a new player in the market. Would people connect this ad with Phonepe! The consumer connects this ad with Acko, PolicyBazaar, or any insurance provider.
Final Messaging is Tension Chhodo, Insurance Lo.
This messaging is similar to “Mutualfunds Sahi Hai” Promoted by multiple sportstars, and sponsored by Association of Mutual Funds India [Aditya Birla, Mahindra, Mirae, SBI, ICICI Prudential, HDFC …] to expand market size of mutualfund industry.
PhonePe was sponsoring insurance industry from its own pocket as a new player & the lowest market share.
2022 Positioning of PhonePe Insurance
In IPL 2022, it’s a new season, with new Gujarat Titans and Lucknow Team. Hence, a new narrative too.
When policeman/thulla stops Alia Bhatt, she attempts to give a lollipop. Background music is soothing to the ear, “Jaane Do Naa”. Ironically Indian Police reject lollipops. TaDaa…Alia Bhatt buys bike insurance on PhonePe.
How did she get an idea about PhonePe Bike Insurance?
Case 1: Instead of giving a fine, he suggested PhonePe. [Can we add this policeman’s story in “Humans of Bombay”?]
Case 2: She can hear a third-person voice in real life.
Case 3: She already knew about PhonePe bike insurance. And She Procrastinated purchasing it until the police asked.
Any of the above cases is feasible due to the lack of clarity in ad. They have nailed one narrative right, Protagonist/Alia didn’t already have bike Insurance.
The second question is: Why promote bike insurance? What’s wrong with Car, Term, Health, Life any other insurance type. And, Woah! Forget to acknowledge, Alia Bhatt rides a scooter!
“Bike Insurance Starting At Rs. 1.5/Day” Is this tagline punching in consumer mindset or not?
“Rs. 1.5 Per Day” Tells us, They have the cheapest option to try. While ad showcases. “Quickest way to purchase Insurance” There is a slight mismatch between the tagline and ad.
For now, Let’s lock PhonePe’s position as “Quickest & Cheapest” Insurance Aggregator. Personal Opinion: this positioning is BS. They are burning their money without taking any pie for themselves. Professional opinion: We need to do user research, and segmentation to identify whether this positioning is right or not.
ADs are super engaging and funny. The insurance sector is growing at a 5% CAGR. If PhonePe plays its cards right, it can definitely win this sector with significant subscribers.
We will cover analytics, ad copy, and existing industry and competition for insurance aggregators in future posts. Join 10+ senior marketers for reading regular blogs on marketing strategy and teardowns of landing page and ad campaigns.
Internet Help Section:
1.) Insurance Salesperson for brainstorming: the existing gap in the insurance sector for aggregators. Conduct & validate finding for future blog posts.
2.) Co-author for App Experience: PhonePe doesn’t have a web for selecting an insurance plan. Require help in breaking down user flow to microscopy in-app experience.
PS: Gujarat has the second team in the IPL. First defunct from Rajkot and second from Amdavad. They named the team Gujarat instead of the regional city name in both instances. Would the city name for IPL team create a more supportive fan base?