Sameer Aasht Assignment

Life Insurance Life Insurance Sector In IndiaSector In India

SUBMITTED BY:NAUSHI AHMED(PR)

ROLL NO. 86AAKASH SHARMA(AD)

ROLL NO. 219

Objective To study and analyze the current external

communication of all the players in the life insurance sector in India and narrow it down to one and provide repositioning ideas for Sahara India Life Insurance.

Players in the sectorLife Insurer in Public Sector1. Life Insurance Corporation of India- MudraLife Insurers in Private Sector1. MetLife India Life Insurance- McCann Erickson2. ICICI Prudential Life Insurance-LOWE lintas3. Bajaj Allianz Life-M&C Saatchi and TBWA4. Max New York Life Insurance-Euro RSCG5. Sahara Life Insurance-Percept H6. Tata AIG Life-Bates 141 and Contract7. HDFC Standard Life-Leo Burnett8. Birla Sun life-JWT9. SBI Life Insurance-O&M Financial10. Kotak Life Insurance-JWT11. Aviva Life Insurance-BBDO India12. Reliance Life Insurance Company Limited -Orchard13. ING Vysya Life Insurance-JWT14. Shriram Life Insurance-15. Bharti AXA Life Insurance Co Ltd16. Future Generali Life Insurance Co Ltd-Ogilvy India17. IDBI Fortis Life Insurance Co Ltd18. AEGON Religare Life Insurance19. DLF Pramerica Life Insurance-Meridian Communications20. CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE-21. Star Union Dai-Ichi Life Insurance Company Limited 

Tentative Market Share

Constant Increase in Advertising spends

The Active Players

Metlife Aim to dominate the monthly income category with their mascot “The Calendar Man”.

 MetLife has been among the fastest growing life insurance companies consecutively for the last 30 months.

Wants to dominate the child plans category with aggressive OOH campaign.

Targets Urban, Educated and Modern families to educate them about the importance of their child’s future and his/her career choice.

Max New York LifeThey have always used brand Promotion except

for their “Max Vijay” campaign with Amitabh Bachachan.

There they used a Pull rather than a Push strategy, and the TG is the underserved people of the society.

The current TVC also concentrates on the Brand.

SBI InsuranceSBI wants to associate insurance with life

which is vibrant and well-lived, and not lined with fears of impending doom.

Targets older people and people who wish to safeguard their future, so that they can enjoy their life always.

Bajaj AllianzHave been doing Product promotion all the time

before this last TVC that concentrates on the Brand.

The campaign also incorporated the new tagline – Bajaj Allianz Insurance, ‘Jiyo Befikar’ or ‘Live Carefree’.

Birla Sun LifeProduct specific communication.(Wealth Plans)Treating celebrity like ordinary people

conveying that when it comes to good and bad times all are alike.

Future GeneraliFuture Generali  associates insurance with the

happy moments in a person's life. Hence the tagline “Ek shagun zindagi ke naam”.

Their communication is totally brand centric as they are quite a recent player and want to generate awareness and recall.

Tata AIGLaunched a series of new TVC’s, all product

specific.Two animated characters in an office situation

talking about various plans offered by Tata AIG.Targeting the service class with the kind of set

up in the ads and the policies.

LICLaunched a new TVC for children plans, they

too are going for product specific communication.

In digital space also LIC is doing product specific communication.

Kotak Mahindra LifeAfter advertising for their bank for

sometime, Kotak is back advertising for their life insurance plans with a new positioning and tagline-”Faidey ka Insurance”.

They have launched a new TVC for the same promoting their child plans product.

They have plans to launch a 360 degree communication on the same in early January.

Key ObservationsBrand Recall is Prime.Communication is in a transition phase.More and more players are going for

product specific communication.Child Plans are becoming a very popular

offering.Establishing Niche.There is a strange inclination developing

among players to use animated characters in their communication.

ICICI-ChintamaniBajaj AllianzMetlife- Calendar ManTata AIG

JFM ActivityJFM means January, February and March

window, which is a very important period in insurance sector as more than 50% of business for the insurance plans comes during this time and also the maximum advertising is done during this phase only as it is a tax free window and saves a lot of money for the customers as they are exempted tax during this time.

ICICI Prudential and Bajaj Allianz are most aggressive and direct during this period.

ICICI- ChintamaniICICI have their Chintamani, which they unravel

at this time of the year to talk about tax benefits.

Bajaj Allianz in JFMThey too are getting aggressive in the JFM

window.Came out with two TVC’s last year during this

time for tax benefits.

This YearA complete 360 degree approach from Bajaj

Allianz for the tax saving months.

They have a TVC lined up to be aired, called “Tax Emergency, Mujhe Bulaiye”

They are also doing radio and OOH for the same.

AnalysisMore than 50% of all the advertising spends

happen in the JFM window for all the players.Majority policies are also sold during this

window only.The market is highly cluttered so communication

is very difficult, being niche and concentrating on one product offering only is a smart way to go.

2 players in the market have a constant strategy throughout the year that is expandable to all the plans that they offer.

1. Max New York Life- Karo zyada ka irada.2. HDFC Life- Sar utha ke jiyo.

Sahara India LifeRelatively new in the market, Sahara India Life

needs to establish themselves, hence, Brand Promotion.

While some private players focus on the higher strata of society in metros, Sahara Life Insurance hopes to address the common man in its communication and the confidence and fearlessness that insurance brings with it. 

Repositioning Sahara India Life InsuranceThe only player in the insurance sector that

is 100% Indian subsidiary.It is seen that in this highly cluttered market

having a niche is really important specially for a new player as there are not many new products to offer.

One cannot have the first movers advantage and with the redundant communication from almost all the players it is important to stick to your niche.

Sahara India have the advantage of being completely local and can play on the emotional front in that respect.

TG- Their target group is the common man of

India.

Insight- The most important thing for an Indian is to

provide good education to his children, also since India is one of the most learned country with more and more people going for higher education.

The Target Audience is all the more concerned about their child’s education as they want their child to become all that they could not and for that they want to provide them with the best education possible.

Idea: “Hamare Desh ka Future, Hamare

Bachche”Sahara India can have a niche in providing

child plans in India.For that their main competitor would be Aviva

Life Insurance who are also concentrating on the same with their new positioning “Education is Insurance”.

Aviva is also not very established in the market as of now so Sahara life would have the advantage of being Indian and targeting the common man in all their communication.

The New PositioningThe new positioning is concentrated only on

Child Plans.The new tagline: “Hamare Desh ka Future, Hamare

Bachche”And since the new positioning is coming out in

the month of January, an aggressive approach needs to be followed to make the most of the JFM window.

Since the positioning is new and communication is aggressive a single idea needs to be communicated via all mediums for maximum impact.

The idea is to encourage people to help orphan children by teaching them, helping them by providing them books and other necessities. It denotes the fact that even for a common man, they have Sahara life to help their children in future to progress and study better with their child plans but orphans don’t have any such comfort so for that everyone needs to lend a helping hand. (Buddy System)

We will roll out with a single TVC to introduce the new positioning and to increase awareness. The TVC would show a parent taking tension over his child’s further studies, when a Sahara life’s executive comes and tells him about their child plans and suggests that your child’s responsibility is now on us, you should consider helping someone else too.(your buddy)

Followed by aggressive OOH with hoardings that would urge people to go in for the “Buddy system”.

For BTL: We would be having road shows and other

kiosks at fund raiser events where we would educate people of the Buddy system and about our child plans as to how it is beneficial and at the same time satisfying.

For Direct Marketing: We would have our Insurance executives going

over to households and educating them about the importance of child plans for their children’s future.

Talk Points for the executive when he/she goes to sell child plans:

The best investment is one which yields highest and regular returns and no one can do that but your children, you can invest in their education once to reap lifelong benefits, guaranteed.

Gives you a fixed amount at regular intervals of time during the time of your children’s education, so you don’t have to arrange a lump sum for his/her education.

Even in case of eventuality, the child’s aspirations in that same direction would not be hampered.

You would not want your retirement and your child’s higher education to hit you together without any proper planning.

Let your child determine his worth, not the tuition fee.

School is the only place that takes fees monthly. Graduation and Post-Graduation colleges don’t.

New MediaWe would promote the Buddy System

through the social networking sites like facebook, orkut, etc as well wherein people can help out an orphan who will then become their Buddy and they can upload their videos and pics on their profile saying that he/she is their buddy and ask for people to join in to help their buddy or get a buddy of their own.

We would have a website where we would feature everyone who has buddies and how well they are doing for them.

We will also have a user interaction link where people can discuss various ways and means by which they can help the kids.

Thank You