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