Life Insurance Marketing in India (A): The Changing Advertising and Promotion Norms

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Allianz Bajaj went a step ahead. Apart from bringing out TV commercials and putting up hoarding and billboards, it entered into a two-month long contract with Shoppers Stop.4 According to the contract, every Shoppers Stop outlet had an Allianz Bajaj kiosk that provided information about policies in order to attract customers. According to company sources, its plans were to try any kind of activity that would generate awareness about company and its policies and 'leads' (interest by a prospective customer) and converting the same into its customers. Allianz Bajaj's entire communication package included print advertisements, outdoor media campaigns and direct marketing methods. All its print advertisements carried a visual of human hands, which symbolized partnership and care to stress on the concept of care. Similarly, Tata AIG entered into an agreement with Westside5 to set up information kiosks in all its outlets in order to attract people's attention. Also, Tata AIG was one of the first insurance companies to adopt the celebrity endorsement strategy. Tata AIG chose the Hindi movie star, Naseerudin Shah (Shah), as its brand ambassador for endorsing its personal accidental death insurance policy. According to company sources, Shah was selected because he had the image of being an intelligent and reliable individual.

Another private insurer AMP Sanmar, roped in former Australian cricket captain, Steve Waugh for endorsing its life insurance policies. MetLife came up with simple, lucid advertisements that could be easily understood by all. One of its advertisements read, 'Why does anyone need insurance? Well, why does a car need a spare tyre?' According to analysts, this advertisement successfully projected the importance of insurance for an individual. MetLife's advertisements carried cartoons from the popular 'Peanuts' series and carried emotional messages. In addition to all the above, private players in the insurance sector charted out various innovative marketing plans to establish their products. For instance, ICICI Prudential launched the 'TruLife Club' for its high-value policyholders as part of its marketing strategy. Through TruLife Club, the company offered a wide range of health-related products, health and fitness equipment and membership in gyms, health resorts and clinics in India. Policyholders with a sum assured of Rs 0.5 million or more were included into this club. According to company sources, the purpose of this whole exercise was to encourage a healthy life of its customers. 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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4] A leading retail chain in India promoted by the Raheja group with outlets in eight cities.
5] A leading retail chain in India promoted by the Tata group of companies.

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