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

Advertising Initiatives of the New Players Contd...

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.'

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). 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.

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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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