Brand Led Growth project | Acko Insurance

Understand the product:

• What is your product really in business for?
• • Acko Insurance is in the business of providing hassle-free, transparent, and affordable insurance solutions to consumers.
• What problem is your product solving for?
• • Acko solves the problem of complex, opaque, and time-consuming insurance processes by offering a digital-first approach for ease of access, quick claims, and clear policy details.
• What are the customer benefits offered by the product?
• • Digital platform for easy policy management and claims.
  • Transparent policies with no hidden clauses.
  • Quick claim settlements.
  • Affordable premiums due to reduced operational costs.
• Competitors:
• • • Competitors include traditional insurance companies like ICICI Lombard, HDFC Ergo, and new-age insurtech companies like Policybazaar. Also other digital insurance startups like Digit.
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Defining the core JTBD for the brand:

Push or pull production:

• Acko is in a new category (digital insurance) in an existing industry of insurance which dominated by traditional players.
• It's a push product as penetration of insurance in India is only
• The insurance penetration rate in India is currently at 4% of the GDP. Here's a breakdown of the penetration rates for various insurance products: Life Insurance: 3% of GDP, Non-Life Insurance: 1% (Cafemutual)
• Differentiator: Fully digital process, affordable premium, user-friendly interface, and quick claim settlements.

Awareness and trust map:

• Awareness: Insurance as a need (high awareness but low digital adoption).
• Trust: New category (digital insurance), requiring trust-building.

Ideal Customer Profile​

1. Age: 25-45 years old
2. Gender: All genders
3. Income Level: Middle to upper-middle income
4. Occupation: Professionals, tech-savvy individuals, entrepreneurs, and small business owners
5. Location: Urban and semi-urban areas in India
6. Values: Transparency, convenience, reliability, and affordability in services.
7. Tech-Savviness: Comfortable using digital platforms for transactions and services.
8. Insurance Needs: Seeks affordable and comprehensive insurance solutions and values quick and hassle-free claim processes.
9. Pain Points: Finds traditional insurance processes complicated and time-consuming, distrusts hidden charges and complex terms and conditions.
10. Goals: Wants to secure their assets and health with minimal effort and desires a seamless, transparent, and efficient insurance experience.

Building Core Value Proposition:

For tech-savvy professionals who needs reliable and affordable insurance solutions, Acko is a digital insurance provider that offers a digital experience that's transparent, convenient and affordable.

Insights:

• Many users perceive traditional insurance as complex and cumbersome, involving lengthy paperwork and opaque terms.
• There is a general mistrust towards traditional insurance companies due to hidden charges and unclear policies.
• Difficulty in comprehending the terms and conditions of traditional insurance policies.
• Long and cumbersome claim processing times with traditional insurers.
• Hidden charges and unexpected costs with traditional insurance products.

Non-negotiables:

• Navigating through the labyrinth of insurance related complex terms and conditions, tedious paperwork and seamless claim settlement when in need.

Brand Wedge:

If the insurance industry’s perception is that "insurance is complicated and time-consuming,"

and the user feels the pain point of "not understanding the terms and conditions and facing long claim processes,"

then Acko will always prioritize "providing clear, transparent, and hassle-free digital insurance solutions."

Brand Footprint:

Look: I am innovative but not overwhelming.

• Modern and Clean: Acko’s design should be sleek and intuitive, reflecting its digital-first approach.
• Colors: Use a palette that is vibrant yet professional, with primary colors that convey trust and reliability (e.g., shades of blue and green).
• Typography: Simple, clean fonts that are easy to read both on desktop and mobile devices.
• Imagery: Use visuals that depict ease, transparency, and modernity. Images of happy customers interacting seamlessly with the digital platform.

Speak: I am approachable but not casual.

• Voice: Friendly, clear, and supportive.
• Tone: Positive and approachable, ensuring users feel understood and valued.
• Writing Style: Use simple, jargon-free language that is easy to understand. Focus on clarity and brevity to make information accessible to all users.

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Behave: I am user-friendly but not impersonal.

• Customer Support: Responsive and helpful, providing clear and timely assistance. Ensure that all customer interactions are smooth and efficient.
• Claims Process: Transparent and quick, minimising user effort and stress. Clearly communicate each step of the process.
• Engagement and Onboarding: Proactively engage with customers through educational content, updates, and personalised communication. Foster a community of informed and satisfied users.

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Brand Footprint in action:

Positioning as zero commissions, paperless claims

Facebook posts:

Funny and educational- relevant using bollywood's popular characters Munnabhai and Circuit

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Website home page:

They are official sponsors of IPL hence the screen is dominated by popular cricket figures.

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The second half of the home page has social proofs and highlights of Acko App:

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If we select health plan as an example, they have a clearly highlighted benefits:

Choosing popular bollywood movie characters and the same is reflected in their ads that they are going to debunk the existing health plan rules followed by the traditional insurance companies.

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App Screens:

The splash screens highlight the core value proposition of Acko- convenience, transparent, hassle-free claims and 100% paperless

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Home App Screen- choosing the health plans

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There is an assisted journey where you can get in touch with the customer support team for queries regarding plans and secondly also a DIY journey where you can choose the best plan based on a few steps.

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How do they respond to customer reviews: friendly tone and assuring in their communication

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