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

Advertising Initiatives of the New Players Contd...

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.

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5] A leading retail chain in India promoted by the Tata group of companies.

Case Details

Case Code : MKTG026
Themes: Advertising and Promotion
Case Length : 11 Pages
Period : 2000-2002
Organization : ICICI Prudential, Max New York Life, ETC
Pub Date : 2002
Teaching Note : Available
Countries : India
Industry : Insurance

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