Life Insurance Marketing in India (A)
The Changing Advertising & Promotion Norms
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Case Details:
Case Code : MKTG026
Case Length : 11 Pages
Period : 2000 - 2002
Pub Date : 2002
Teaching Note : Available
Organization : ICICI Prudential, Max New York Life, ETC
Industry : Insurance
Countries : India
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The Changing Advertising & Promotion Norms case study
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"Instead of pushing policies down the throat we educate the customer and offer guidance on how much insurance the individual needs, an approach that is slowly paying off."
- A private insurance advisor, in 2001.
Forced To Sell Well?
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In July 2002, India's state owned insurer, Life Insurance Corporation of India (LIC) announced aggressive marketing plans with a budget of around Rs 1 billion. The aim of this unusual decision was to woo customers across the country through a multimedia campaign including advertisements on the radio and the press media, the outdoor media and the television.
However, this did not come as a major surprise to industry observers who said that LIC did not have too many options. With the insurance bill being passed in 2000, the Indian insurance sector saw a host of private players enter the market with multinationals as their partners.
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These new players resorted to aggressive marketing and advertisement strategies -something the market had never seen earlier. This sudden spurt of advertisements and awareness programs was visible on all the media channels. Print, electronic and outdoor advertisements of the new private insurers flooded could be seen everywhere.
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This prompted many comparisons of such behavior of insurance companies with the advertising frenzy of the dotcoms in India not too long ago -with similar full-page advertisements, huge hoardings and costly electronic media advertisements.
According to a survey conducted by a leading marketing research firm, ORG Marg, brand awareness of private insurers in India was increasing in the early 21st century.
The difference in the level of awareness of these new players as compared to the hitherto monopoly of LIC was decreasing fast because of the aggressive advertising measures adopted by private insurers. |
Life Insurance Marketing in India (A)
The Changing Advertising & Promotion Norms
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