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LIC still king, but private players gaining momentum

MUMBAI: With the insurance sector witnessing a boom, owing to private insurance players going all out with their to big-bang advertising to build awareness and recall, LIC although continues to dominate the insurance market in terms of 'recall' and market share the private insurance players continue their perusal in making inroads into the consumer mindspace - according to the Taylor Nelson Sofres (TNS) Insurance Tracker.

 

 

Insurance companies at large are resorting to different creative strategies with ICICI Prudential using a mix of Corporate (Suraksha Zindagi Ke Har Kadam Par') and Product (Chintamani - no Chinta only Money) advertising; SBI Life banking on 'corporate' ('Woh Bacchpan Ke Din Lauta Do') advertising, while some like Dabur Aviva focussing more on 'product' advertising.

Says TNS India senior vice president, Shobha Subramanian, "For private insurance players, key task is to build awareness, trust and positive disposition - for behavior to be impacted in the marketplace."

As a consequence of heightened media activity, private players are gaining in acceptance, and this has meant that LIC is starting to lose 'share-of-mind'.

The insurance tracker from the market research outfit, TNS India , is the only continuous brand health monitoring study for the insurance sector. Conducted in the seven cities of Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Hyderabad, the study aims to monitor the impact of marketing initiatives unleashed by marketers in the insurance arena, competitive activity and the evolving needs of investor groups.

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