Advertisement Strategies Of Different Life Insurance Companies

ADVERTISEMENT STRATEGIES (INSURANCE

AMIT SINGH

(64)

ØICICI prudential life insurance was incorporated on July 20,2000. With capital of Rs. 3800 million. ØIt is a joint venture of icici (74%) and prudential uk (26%). ØIt 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

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 that highlighted their brand.



HISTORICALLY print was traditional choice for medium of advertisement .



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

step in your life”

•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 platform.

discarded

fear

platform

and

choose

happy

•ICICI PRU ‘retirement solution campaign was highest spending

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.

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."

tata Tata AIG Life ka Invest Assure Flexi

  

STARTEGY OF TATA AIG INSURANCE AD

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

Million

wishes come to life We are Max New York Life Insurance What’s your WISH?

Factors depending upon Advertisement Strategies Reputation Market

it has in the 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?