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Insurance Ads: Transcending Stereotypes!
Are insurance ads truly changing from being purveyors of death
and destruction?
Once upon a time, Indians were put off by
insurance advertising, as gloomy visuals
reminded them of the impending demise or
accident of their loved ones. Those who did,
insured themselves as a ‘savings’ mechanism,
which would either help them in their old age or provide for the family in
case of their untimely demise. The insurance agents were the perceived
Yamdoots and life insurance policies, gloomy prophecies.
Cut to 2006 and the insurance scenario in the country is anything but
gloomy. Marked by the entry of private players’ post­2000, India’s
insurance industry has moved into exciting and thrilling times. From
being a state­owned white elephant, the insurance sector in the country
now accounts for 10­15% of India’s total financial sector, where over a
dozen Life Insurance and Non­Life Insurance Companies are fighting it
out to woo the consumer. The opening up of the sector has lured many a
foreign players into the market like Sun Life (Canada), Old Mutual (S.
Africa), Prudential (UK), New York Life (USA) and others. The carrot of
course, is the huge potential that the sector holds: Before 1991, life
insurance penetration in India was less than 1%; during the 90s it was
between 1­2%, while in 2003­04 (the last available figures), insurance
penetration had crossed 2.4%. Apply that to a country of over a billion
people and you realise why global players are eyeing India.
This untapped potential is pushing insurance majors think of innovative
ways to rope in more customers. This wooing is eminently visible in the
evolving advertising and branding strategies of insurance majors. Gone
are the dull days of drab ads, when promising a secure life for the policy
holders’ family after his/her demise was a successful formula for
insurance companies. Now, like other financial services, the focus is
shifting to guaranteed returns on insurance policies. And companies are
discovering innovative and original plans for publishing their slew of
insurance products and are going the whole marketing hog (complete
with designated brand managers) to overhaul the image of the sector.
The Advertising Buzz
Halleluiah… so, the ‘savings’ compulsion of
yesteryears has made a dramatic
metamorphosis into a sound ‘investment’
decision today! And what better way to cash in on the newfound identity
than via advertisements and image building exercises. KV Sridhar,
National Creative Director of Leo Burnett, and creator of the latest HDFC
Standard Life Insurance ad ‘Sar utha ke jiyo’ says, “Earlier insurance,

2. advertising was curbed because we could not communicate any negative
aspects like death and accidents. But of late, there has been a change in
perception. While a 45 year old guy may still get sentimental before
taking a policy, the 30­something younger generation is absolutely
comfortable with insurance.”
Private players like ICICI Prudential Life, HDFC Standard Life, Allianz Bajaj
and Max New York Life have radically changed the business equation in
the life Insurance segment, whereas IFFCO­TOKIO, Tata­AIG and ICICI
Lombard have set a new trend for general insurance in the country.
These private players no longer equate ‘insurance’ with ‘wealth that you
get when you die’. If HDFC Standard Life’s advertising message teaches
the consumer to live a life with pride and dignity, ICICI Prudential Life
opens doors to a slew of need­based Insurance options. Speaking about
the basic though process behind their service, Sanjay Tripathy, Head
Marketing, HDFC Standard Life says, “We have successfully differentiated
our brand on the benefit of financial independence and self­respect.”
Further, insurance companies brand their service, not only through
putting their ‘best service’ foot forward, but also by educating the
customers’ about the ‘investment’ benefits of their policies.
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