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Advertisement Effectiveness with reference to life insurance and special focus on ICICI Pru's Media Strategy

Advertisement Effectiveness with reference to life insurance and special focus on ICICI Pru's Media Strategy

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Advertisement Effectiveness Advertisement Effectiveness Presentation Transcript

  • THE INSURANCE INDUSTRY o The private players got entry to this industry in 1999. o LIC is the Market Leader. o A dozen of Private players in the market. o Huge improvement in service attitude & delivery. o The biggest beneficiary of the competition is the consumer.
  • Graphical Representation of Market Shares of different private players.
  • COMPANY BACKGROUND
  • Joint Venture between ICICI Bank & Prudential PLC.  Amongst the first private sector insurance companies to  begin operations in December 2000 after IRDA approval. Equity base of Rs. 6.75 billion, with ICICI Bank and  Prudential Plc. holding 74% and 26% stake respectively. The company garnered total received premium (new  business + renewal) of Rs. 3,088 crores for the quarter ended June 30, 2008 as compared to Rs 1,801 crore for the quarter ended June 30, 2007. The company wrote over 6 lakh policies over this period  and its assets stood at over Rs 26,900 crore.
  • VISION- ICICI Prudential Life Insurance Co. “The vision of the company clearly states that it wants to become the dominant Life and Pension player built on trust by world-class people and services.”
  • BOARD OF DIRECTORS
  • PROJECT OVERVIEW • Problem: How Indian Customers could trust Private Life Insurers despite the presence of LIC which is a govt. owned body & therefore, has an element of Security. • Primary Objective: To Understand & Measure the impact of Advertising in the Life Insurance Market. • Secondary Objective: To know the Promotional Strategies of ICICI Prudential Life Insurance Co. Ltd.
  • • Scope: The study presents a clear picture of Media Strategies of the Insurance Players. The results will help the company to trace the loop holes and then take the corrective measures to rectify them. • Sample Size: 50 • Source of Primary Data: Questionnaires filled by respondents.
  • LITERATURE REVIEW
  • MEDIA EXPOSURE IN RURAL MARKET The estimated annual business from rural markets in 2008 was Rs. 1,23,000 crore, comprising Rs. 65,000 crore of FMCG, Rs. 5000 crore of durables, Rs. 45,000 crore of agricultural inputs & Rs. 8,000 crore of two wheelers and 4 wheelers. 29% of the rural people own cars, 27% own colour televisions, 24% own refrigerators & 10% own washing machines.
  • CORPORATE ADVERTISING The advertising idea, which was encapsulated in symbols of protection from the initial print campaign, culminated in the corporate film where SINDOOR was used as an endearing and lasting symbol of protection.
  • RESEARCH WORK
  • The Questionnaire Hello Sir/Madam, I, KARAN SACHDEV, here to conduct a research on the T.V audience with respect to advertisement put up by LIFE INSURANCE COMPANIES. The purpose of this study is to understand, capture, assesses and evaluate the effectiveness of the advertisement. We would appreciate if you could spend about 15 Min. and communicate your feelings, expression, comments and impact on you with respect to the content of the advertisement. Please give your honest opinion and be understood that this information collected will be purely confidential and not to be .shared with any other entity in term of commercialization. PERSONAL PROFILE NAME AGE OCCUPATION E-MAIL ID POSTAL ADDRESS CONTACT NO.
  • Which media you use for information/entertainment?  TV Radio Newspaper Internet How often do you share interesting advertising with your family or friends?  Never Rarely Sometimes Often Very often Have you seen any Life Insurance Product Ad?  Yes No On Which channel you watch mostly?  Zee T.V Sony Star News Channel
  • If yes can you recall the content of the Ad? Yes No Based on the features advertised, in that ad…... Rank the following Strongly Somewhat Neither Somewhat Strongly Agree Agree Disagree Disagree The ad message is understandable The advertisement is believable The ad’s message is relevant to me The benefits told in the ad are believable to me After viewing this ad, I’ll consider to buy the product This ad is much better than other ads for products of the same category
  • Which company ad you find mostly?  LIC India HDFC Std. Life Insurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. Reliance Life Insurance Co. Ltd. Do you think this ad has influence you to……………….  Buy the insurance policy Recommend the Insurance Policy Suggest the insurance Policy Can you recall if your family members ever tried to influence you to buy/secure a life  insurance Policy from the insurance company of her interest? Yes No Which of the Insurance Policy would you like to buy?  Life Plan Health Plan Child Plan Retirement Plan
  • Other than T.V Where you saw Life insurance ad?  Internet Newspaper Holdings Friends/Family Radio Please rank the following Life Insurance Company as per your liking  HDFC Standard Life Insurance ICICI Prudential Life Insurance Reliance Life Insurance Tata AIG Insurance Solutions Bajaj Allianz
  • Share of Life Insurance v/s other insurance
  • Growth of Life Insurance Advertising
  • LIMITATIONS • The research is confined to a certain parts of Delhi due to time constraints and does not necessarily shows a pattern applicable to all of Country. • Some respondents were reluctant to divulge personal information which can affect the validity of all responses. • In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.
  • FINDINGS
  • Majority of the public uses television for entertainment  or information gathering, followed by newspaper and internet. Radio is seems to be out dated in urban areas. But after revolution in mobile technology and satellite radio it has again started growing. Majority of the public goes behind brand name.  That’s why corporate advertising plays a vital role in growing stage. It is also found that insurance companies like to give  their ads in News/Business channel. Liking an advertisement does not mean that public  would like to buy that product. If we talk about the private players, public’s first  choice is ICICI Prudential followed by HDFC Standard Life and Reliance Life Insurance.
  • RECOMMENDATIONS • After the initial promotional campaign the relative advantage of ICICI PRUDENTIAL Life Insurance Co. Ltd. Over its competitor should be highlighted. • Hoardings at prime areas should be used • ICICI Prudential should come forward for development of rural sector by way of establishing a school, digging wells in villages. It is one of the ways to gain trust in rural sector. • ICICI Prudential can also use to advertise by using the way of “Nukkad Naataks”. It is the most creative and cheapest way of advertising.
  • THANK YOU..!