life insurance
TRANSCRIPT
Life Insurance Marketing
in India
Presented by :Alok Sharma
Tanzeem Ansari
Prachi Srivastava
Anil Kumar Saini
Nandini prasad
Life insurance industry was established in the year 1818
Life insurance was concentrated to urban areas confined to the higher strata of the society
LIC was formed in 1956 focused on lower segment of society
Objective was to “provide insurance cover to all Indians”
Entry of many private players due to reform in the year 2000
Entry of new players
ICICI Prudential
Max New York
ING Vysya
OM Kotak
Birla Sun life
Bajaj Allianz
Tata AIG
HDFC Standard Life
Aviva
MetLife India
Industrialization
Infrastructure
Capital markets
Saving rate
Capital formation
Literacy rate
Note: -
LIC aim at expanding its reach in rural market
Reader : newspaper
Viewer : television , internet
Listener: radio
High NC customer
Verberliser
Rational
Type of advertising : direct response ads , brand ads
Persuasion : changes attitude conviction (Yuvraj with Birla Sun
Life )
High involvement
ROI : relevance , original, impact
Before reform After reform
Geographic:
Urban area
Demographic:
Age: middle aged or elderly ones
Gender: male
Family size: married
Income: upper class
Psychographic:
Personality: superego
Behavioral:
Occasion : special
Benefits: quality
Usage rate: light
User status: potential user
Attitude : indifferent , negative
Geographic:
Urban, rural and small towns
Demographic:
Age: 18 -45 years
Gender: male and female
Family size: all
Income: middle and upper-middle class
Psychographic:
Personality: ego and superego
Behavioral:
Occasion : special
Benefits: service, speed & economy
Usage rate: light
User status: non-user, ex-user, potential
user, first time & regular user
Attitude : enthusiastic, positive
A - Attention (Awareness): attract the attention of the
customer.
I - Interest: raise customer interest by focusing on and
demonstrating advantages and benefits.
D - Desire: convince customers that they want and desire the
product or service and that it will satisfy their needs.
A - Action: lead customers towards taking action and/or
purchasing.
Think
Feel
Do
Head and heart strategy:
Hard and soft sell strategy
Hard sell – touches the mind and creates a response
based logic (High NC customer)
Soft sell –uses emotional appeals or images to create a
response
Most advertiser of insurance company uses a
combination of this two basis literary
techniques to reach the head or the heart of
the customer.
Life Insurance Corporation (LIC)
Great tax saving tool
Brand image in rural areas and small towns
Enjoyed the monopoly and reliability factors due to government undertaking
Focused on marketing strategies after entrance of private players to maintain the market share
ICICI Prudential
Ads on newspaper, Television, through insurance agents etc
Came up with tag line – „to protect at every stage of life’
Concept of ‘Sindoor‟.
Max Newyork
Highlighted trust and protection by print media
Conveyed the message that insurance is your partner for your life
Focused on rural market by outdoor media campaign „India specific‟
ING Vysya
Organized blood donation camp, contest, and sponsoring
various events
Joined hands with Columbia pictures
Bajaj Allianz
Tv commercials, hoarding, bill boards
Contracts with shoppers stop “kiosks”
Outdoor media campaign, print advertisement and direct
marketing methods
Tata AIG
Followed same strategy as Bajaj Allianz
Agreement with Westside to setup information Kiosks
First insurance company to adopt celebrity endorsement
strategy
Metlife
Explain the importance of insurance for an individual
Used cartoon of peanuts series