Life Insurance Marketing in India –A The Changing Advertising & Promotion
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ADVERTISING INITIATIVES OF THE NEW PLAYERS Contd..
During the late-2001, when SBI Life was concentrating on building its brand
it was offering packaged products to its customers. S Muralidharan, Chief of
Marketing & Sales, SBI Life, said, “We are slowly and steadily building our
brand. Very soon we will be launching print advertisements in regional
languages too. As for launching a club for the premium segment, it's
certainly a possibility which we are now evaluating.” According to
Muralidharan, SBI Life was also exploring the possibility of advertising on
the Internet in its bid to reach out to its target audience.
Another interesting development was regarding the punch lines used by
private insurance players that invariably tried to associate positive
emotions with insurance products. While ING Vysya said ‘Adding life to
insurance,'ICICI Prudential said, ‘We Cover you. At every step in life.'Similarly, HDFC Standard advertisements projected a happy man asserting,
‘Now I can continue enjoying a comfortable lifestyle even after I retire.'AMP Sanmar commercials carried the line ‘The joy of living life to the
fullest, with a 153-year old expert taking care of your insurance needs.'Om
Kotak highlighted its campaigns with ‘Jeene ki azaadi'(Freedom to live)'and Allianz Bajaj stated ‘Allianz Bajaj, Life insured by care.'
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With private players paying much attention to
advertising and promotional activities, LIC, too, was forced to make
efforts to increase its visibility and enhance its brand image. The
company commenced intense, systematic and well-focused public relations
and publicity activities both at the corporate and operational levels.
LIC came out with a corporate advertisement on TV with the punch line,
‘Zindagi Tumhari Roshan Rahe'(May your life be glorious). In addition,
LIC established a broad-based frame for external communication aimed at
building a stronger brand image. Several sports events were co-sponsored
by the company and special publicity activities with a social purpose
were undertaken (Refer to Exhibit III for a few print advertisements). |
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Traditionally, LIC used to target either middle-aged people
or elderly ones. But private insurers targeted individuals in all age groups, in
their advertisement campaigns. Analysts pointed out that LIC was also biased
against women; most of its policies were designed with men in mind, whereas
private insurers'products covered women's needs, too. Thus, LIC was forced to
modify its advertisement campaigns and communication in order to appeal to all
groups. It made its advertisements carry universally applicable messages,
focusing particularly on the young executive or the working woman, in order to
tap the market comprised of people in the age group of 18-35 years.
IMPLICATIONS OF THE ‘NEW-AGE'MARKETING INTIATIVES
According to reports, in the first quarter of the year 2002, insurance companies
spent 70% of what was spent in the whole of 2001, on advertising and publicity.
Across the world, insurance, as a category was one of the largest spenders on
advertising. In India too substantial expenditure was being incurred due to
advertising (Refer Table II).
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TABLE II ADVERTISEMENT EXPENDITURE BY INSURANCE COMPANIES
TABLE III POPULAR LIFE INSURANCE BRANDS IN 20017
QUESTIONS FOR DISCUSSION
EXHIBIT I ADVERTISMENT CODE BY IRDA
ADDITIONAL READINGS & REFERENCES
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