ICICI Prudential Life Insurance reviews its media biz

NEW DELHI: ICICI Prudential Life Insurance is reviewing its media planning and buying account. Two media media agencies – Lodestar and Carat India – have already met the client, according to industry sources.

The media planning and buying for TV and print is currently handled by Initiative Media. The outdoor media buying is handled by Ogilvy Landscapes. The creative account is handled by Lowe.

 

 

Confirming the development, ICICI Prudential Life Insurance marketing manager Abhishek Bhatia, said, “

We are still in the process of reviewing the agencies and should make a decision within a few weeks.” He clarified that the review is part of the routine exercise. Going by the latest developments, the incumbent is also expected to be in the fray.

“When shortlisting agencies to invite for the pitch, we are looking for those (agencies) which can go beyond tools and techniques in terms of rigorously using them, and implementing a robust monitoring system (for efficiency in terms of planning and execution of the plan devised). Also, they should have some expertise in handling the banking, financial services and insurance category. We would also be looking at the capability to go beyond TV, outdoor and print,” said Bhatia.

Over the last few months, ICICI Prudential has been advertising in outdoor, TV and press. The company launched a corporate television campaign – Saat Phere – which took the emotions and thoughts of initial Sindoor corporate film a few steps further.

The film highlights the strength of promises that a husband makes to his wife, through the depiction of everyday situations, and then goes on to emphasise that ICICI Prudential will stand by the husband to help him fulfill all these promises. The TV campaign has also been extended to outdoor.

“The company has also undertaken press and internet campaigns to inform customers about benefits of some of its products, particularly retirement solutions, through the Chintamani campaign,” said Bhatia.

After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns, ICICI Prudential Life Insurance also introduced some innovations in the category, such as: having a tax planner by the name of Chintamani on radio, who would answer consumer’s queries about the role of insurance in financial planning.

“Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a direct marketing exercise, to talk to the customer through a non-cluttered route, and thereby have a higher impact. The direct mailer was about ICICI Prudential’s retirement solutions and the tax benefits that one can avail of buy investing in any of these. About 100,000 direct mailers were attached to the ‘dabbas’, in areas such as Churchgate, Bandra and Andheri where there are mostly office-goers,” said Bhatia.

In addition to advertising, the company has also initiated several activities to raise consumer awareness about life insurance and ICICI Prudential. “It includes seminars - ICICI Prudential regularly holds consumer awareness meets on ‘the need for retirement planning’ in different cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore and Mangalore. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Apart from this, we have also entered into alliances with telecom companies, as well as companies like BPCL and Dominos,” concluded Bhatia.

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