advertisement strategies of different life insurance companies

ADVERTISEMENT STRATEGIES (INSURANCE COMPANIES)

AMIT SINGH (64)

ICICI prudential life insurance was incorporated on July 20,2000. With capital of Rs. 3800 million.

It is a joint venture of icici (74%) and prudential uk (26%).

It commenced its operation on dec . 19, 2000 and became one of the first few private sector player to enter liberalized era

STRATEGIES The Marketing Challenge facing ICICI Pru: The challenge therefore was to change established

category drivers (death payment & tax saving) and to get the consumer to evaluate insurance on a more emotional platform (protection) rather than a mere rational decision (tax savings).

The Campaign Objectives: A) Reposition the category in the consumer's mind.

Influence the consumer to view it as a protection instrument and not a tax saving product alone. B) In the process, create differentiation for the ICICI Pru brand as a provider of social security and family protection. C) Achieve leadership status in saliency, image & product parameters. D) Build credibility and trust.

STRATEGIES Understand needs of customer and offer superior product

and services. They wanted to build long term relationship with the

customers.

Insurance being an unsought product so if we want to sell policies it is very necessary to made them available, awareness should be increased and for that promotion is needed.

successful communication was necessary so that they can establish themselves as a trustful insurer because at that insurance was treated as synonyms to lic .

PLANNING OF ICICI PRUDENTIAL

ADVERTISEMENT STRATEGIES LIC was enjoying monopoly so it was very necessary for icici prudential to

establish and change mindset of people and also build trust .

Deviated from usual ad strategies that other peer companies were following of promoting product line.

launched an ad campaign “ We cover you at every step in your life” that highlighted their brand.

HISTORICALLY print was traditional choice for medium of advertisement .

They Broke the tradition and came with ‘sindoor campaign’ in 2001 that means lasting symbol of protection. They were first to recognize the power of television advertisement.

Then they came with “ Retirement solution campaign” that means retire from work not life . They wanted to take out the fear factor associated with insurance whereas wanted to create feel good factor which was unique in its own way.

•launched second important campaign .

•This campaign was product specific with launch of chintamani a clay animated character. It became mascot of middle class house hold name .

•It had a brand recall of 92% for this ad campaign next to LIC of 97% .

•Ad campaign discarded fear platform and choose happy platform.

• ICICI PRU ‘retirement solution campaign was highest spending brand with 6 crore budget for Feb. 2005 itself

CHANGING STRATEGIES

Recent campaigns of ‘jeetay raho’ they became more rational rather than emotive because other category is no longer new .

Their target customers were in the age group of 30-40 years.

Channels they were focusing were star, zee and Sony tv.

ICICI PRUDENTIAL was run on tv. With emotional type of films strike chord with audience.

They were also providing product information through print and outdoor channels.

Through their advertisement strategies they established themselves as market leader in private players and now as they are in expansion mode their ad is more focusing on features of product and benefits to customers.

LOWE LINTAS IS AD AGENCY WHO IS TAKING CARE OF THEIR AD CAMPAIGNS.

Jeetey raho”, blesses our woman jokingly. The ad ends as the VO plays, “ICICI Prudential Life Insurance. Jeetey Raho

Retirement solutions. ICICI Prudential Life Insurance ki aur se. Retirement sirf kaam se."

tataTata AIG Life ka Invest Assure Flexi

STARTEGY OF TATA AIG INSURANCEAD SHOWS LONG TERM

ASSOCIATION

Max New York Life Insurance

 It now has 35 products covering both life and health insurance enabling customers to choose the policy that best fits their need.

Besides this, the company offers 6 products and 4 riders in group insurance business. 

The company currently has more than 15,627 employees.

 The company has positioned itself on the quality platform. In line with its vision to be the Most Admired Life Insurance Company in India

It has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork.

The strategy is to establish itself as a Trusted Life Insurance Specialist through a quality approach to business.

Million wishes come to lifeWe are Max New York Life

InsuranceWhat’s your WISH?

Factors depending upon Advertisement Strategies

Reputation it has in the market.

Market share.

Reputation

They started operations in December

2000.

ICICI Prudential is the first life insurer

in India to receive a National Insurer

Financial Strength rating of AAA.

Started operations on April 1,

2001.

Tata AIG changes tune; will cover

terror victims

Max New York Life started

commercial operation in 2001.

Stood at 7th position overall India.

Market Share

How relevant were these ads:

Whether customers switches over to another product from what they are using?