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Study of Promotional Strategy of ICICI Prudential Life Insurance Co. LtdName                                  Rajni KantSt...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd                 Certificate of ParticipationThis ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.                        ACKNOWLEDGEMENTFirst of a...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.                                  DECLARATIONThe ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.                                         PREFACEI...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.       The first success of any effectiveness res...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.A. EXECUTIVE SUMMERYA successful product or servi...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Logos or slogan design? The message should reinfo...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.A.2. Structure of the ProjectThis report consists...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.                                        1. Table ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.1. INTRODUCTION"Advertisements are sometimes spok...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.There are methods to test every aspect of marketi...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.1.2. Scope toThe StudyA big boom has been witness...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.2. BACKGROUNDAccording to industry observers, one...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.This sudden spurt of advertisements and awareness...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.3. RESEARCH METHODOLOGYResearch methodology is a ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Sample Size: The sampling techniques used in this...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.InterpretationInterpretation refers to the task o...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4. Literature Review4.1Media Exposure in Rural Ma...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.TV impact: The dressing style of the rural people...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.We can very well understand the concept of corpor...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4.3. Affect of advertising in Brand BuildingBrand...
* Analysis of only selected question is discussed in this project which shows huge information of the market.
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5. AnalysisIt includes the summary of advertiseme...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Apart from entertainment channels like Zee T.V , ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Life Insurance is considered to be sold by push s...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5.2 Facts & FindingsTAM Media Research, a joint v...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.2) Sartorial division in TV advertising.Top 10 se...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Snapshot on Life Insurance advertising on TV in 2...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.3) Private versus Public Insurers on TV during 20...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5) Top 10 Life Insurance brands on TV.HDFC Standa...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7) Genre usage for Life Insurance advertising.Max...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Snapshot on Life Insurance advertising in print i...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4) Rank shift of top Life Insurers in 2007Tata AI...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7) Preference of Genre for advertising of Life In...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.FindingsAs per the survey conducted it isfound th...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Liking   an    advertisementdoes not mean that pu...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5.3 Limitation of the Project               The r...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.In concluding part of this project it shows thata...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.6. Recommendation about promotional strategiesThe...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.6.1 Special RecommendationThe insurance sector ha...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7. Media strategy of ICICI Prudential Life Insura...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.‘We cover you at every step in life (Suraksha… Zi...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Press: Gave the consumer a rational and tangible ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.In addition to advertising, the company has also ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Insurance Advertisement TrendLIC Vs Private Playe...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.While one of them carried an image of the revered...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Similarly, Tata AIG entered into an agreement wit...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.LIC upped its ad spend to tackle competition and ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.It’s all about Money, HoneyIn recent times, the c...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.9. Industry profileThe business of life insurance...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.107 insurers amalgamated and grouped into four co...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Only one state Level Life Insurance Company shoul...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.     COMPANY                   INDIAN PARTNER    ...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.10. ICICI Prudential Growth StoryICICI Prudential...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.With charges across the industry now converging a...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.While ICICI Prudential has done well to stay at t...
Study of Promotional Strategy of ICICI Prudential Life Insurance Co. LtdADDITIONAL READINGS & REFERENCES:1. Ahluwalia Harj...
(http://FreeOnlineSurveys.com/rendersurvey.asp?sid=nxwoh5j1nwm22gv411585)Hello Sir/Madam,I, RAJNI KANT, here to conduct a ...
Q6. Based on the features advertised, in that ad…... Rank the following                                           Strongly...
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
Study of promotional strategy of icici prudential life insurance co ltd
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Study of promotional strategy of icici prudential life insurance co ltd

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Study of promotional strategy of icici prudential life insurance co ltd

  1. 1. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. LtdName Rajni KantStudent ID No. PGPMI/N/01/039Course Post Graduate Program in Management and InsuranceProject Title Advertisement Effectiveness (With Reference to Life Insurance)Project Guide Prof. Gaurav AsheshSub Topic Analysis and Evaluation of ICICI Prudential Media Strategy International School of Business and Media NoidaAdvertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT
  2. 2. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd Certificate of ParticipationThis is to certify that Mr. Rajni Kant (PGPMI/N/01/039), who is a part ofFIRST BATCH of PGPMI Program, conducted by ICICI PRUDENTIALLife Insurance Co. Ltd. in ISB&M Noida (A Division of ISB&M TrainingPvt. Ltd.), had successfully done the project on “Advertisement EffectivenessStudy (With reference to Life Insurance)” for IGNITE – 5 (ON-LINEPROJECT) with the best of his effort.(Guide Sign) (PGPMI Team Member Sign) (Director Sign)Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page i
  3. 3. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. ACKNOWLEDGEMENTFirst of all I would like to thank the Management of ICICI Prudential Life Insurance Co. Ltd.for giving me the opportunity to do SURVEY PROJECT under IGNITE SERIES.In my whole endeavor to complete this project, I own immense gratitude to my projectguide Prof. Gaurav Ashesh for extending his guidance and co-operation though thisproject.I express my sincere thanks to all the Faculty Members of ISB&M Noida for there valuablecooperation and giving me valuable information in preparing the project.I am highly indebted to Prof. Hari Shrivastava for his continuous support andencouragement.I would also like to thank Prof. Vikas Sharma for extending his guidance and supportthough this project.Last but not least, I express my sincere gratitude to all the respondents who helped me inthe project.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page ii
  4. 4. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. DECLARATIONThe information provided in this report is accurate and true as per my knowledge &understanding.Prof. Gaurav Ashesh, Faculty, ISB&M Noida, was my Project Guide during ONLINEPROJECT COMPETITION conducted by PGPMI TEAM of ICICI Prudential Life Insurance Co.Pvt. Ltd. under the title head of IGNITE SERIES.This IGNITE-V Online Project report represents “Study of Promotional Strategy of ICICIPrudential Life Insurance Co. Ltd.” Under the title head of “Advertisement Effectivenesswith reference to Life Insurance”The pages count in this project does not include Front Page, Table of content, andAnnexure, The Preface, Declaration, Executive Summary, and References, do notconstitute part of the page limit.The page count in the main text excluding the aforementioned points is 46 pages. Reportstyle has been adopted for presentation as per guideline and attempt has been made tomaintain the different parts and tasks as distinctive as possible but yet linking key elementstogether to avoid repetition and to communicate the significance. (Signature of the Projectee)Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page iii
  5. 5. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. PREFACEIn this project we review the tools and techniques used to measure AdvertisingEffectiveness. Effectiveness is the measure of the gap between results and objectives.Lower the gap, higher the effectiveness. Thus it is an evaluation of the advertisingprocess. The advertising evaluation process is frequently called accountability.Management wants the advertising managers to identify exactly what results wereobtained for the advertising investment and to provide evidence of the return oninvestment. After all, advertising uses the scarce resources that could be invested in anumber of ways. Therefore, the question that management poses is, “Is advertising thebest way to use those funds?" And it is the job of the advertising campaign planner to beable to answer that question. To do so usually requires some form of advertisingevaluation.Evaluation of advertising campaign effectiveness is a form of research though it issomewhat different from other forms. Most advertising research is used to predict whatmight occur in the market place. Effectiveness research, on the other hand is used todetermine exactly what did happen. Although this information might be used as a basisfor future actions, its basic purpose is to measure what occurred as a result of theadvertising campaign and, therefore, what return was received on the investment made.In short, the reasons to evaluate the advertising campaign are as follows: 1. To determine if the objectives set for the advertising campaign were met. This off course presupposes that measurable objectives were set in the first place. And that these objectives are in line with the overall marketing objectives and strategies.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page iv
  6. 6. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. The first success of any effectiveness research would be that it forces managers to think clearly and put down on paper, for themselves and others, what they expect the advertising to do. 2. To quantify the return on the campaign investment. By knowing what was achieved, management can relate that information to opportunity cost of money and determine cost effectiveness of the advertising campaign. Off course this is an ideal situation. Measurements of advertising results are seldom precise enough to make this quantification possible. 3. To use the results of effectiveness research to make changes, additions, or completely alter course for future campaigns. No advertising campaign is ever totally successful.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page v
  7. 7. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.A. EXECUTIVE SUMMERYA successful product or service means nothing unless the benefit of such a service can becommunicated clearly to the target market. An organization promotional strategy canconsist of: Advertising: Is any non-personal paid form of communication using any form of mass media. Public relations: Involves developing positive relationships with the organization media public. The art of good public relations is not only to obtain favorable publicity within the media, but it is also involves being able to handle successfully negative attention. Sales promotion: Commonly used to obtain an increase in sales short term. Could involve using money off coupons or special offers. Personal selling: Selling a product service one to one. By personalizing advertising, response rates increase thus increasing the chance of improving sales. Direct Mail: Is the sending of publicity material to a named person within an organizationMessage & Media StrategyAn effective communication campaign should comprise of a well thought out messagestrategy. What message are you trying to put across to your target audience? How will youdeliver that message? Will it be through the appropriate use of branding?Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page vi
  8. 8. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Logos or slogan design? The message should reinforce the benefit of the product andshould also help the company in developing the positioning strategy of the product.Companies with effective message strategies include:ICICI PRUDENTIAL: Jeetye RahoOm Kotak: ‘Jeene ki azaadi’Nike: Just do it.Media strategy refers to how the organization is going to deliver their message. Whataspects of the promotional mix will the company use to deliver their message strategy?Where will they promote? Clearly the company must take into account the readership andgeneral behavior of their target audience before they select their media strategy. Whatnewspapers does their target market read? What TV programmers do they watch?Effective targeting of their media campaign could save the company on valuable financialresources.A.1. Research Objectives A) Primary Objective To understand & measure the impact of advertising in the market. To measure the effectiveness of advertisement / promotional activities for a particular product class and corporate advertising. To understand and measure the affect of advertising in brand-building, brand re-call and finally the choice of a plan while buying it. B) Secondary objective To know the promotional strategies of ICICI prudential. To know how they face their competitor’s strategies. To know how they survive in the cutthroat competition.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page vii
  9. 9. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.A.2. Structure of the ProjectThis report consists of parts covering relevant areas to the topic under discussion. The first part introduces the reader to the report and also outlines the structure and topics of discussion. The second part describes in brief that what the concept behind giving advertisement is., and what is the scope to this project. The third part identifies in which way we moved. Which methodology we adopt to conduct this project. The fourth seeks new scope in untouched market and how advertisement affects in brand building. The fifth part deals with facts and findings which give us knowledge about the current market trend. The sixth part extends into the generic strategies adopted by ICICI Prudential to touch not only consumer share of mind but also consumer share of heart. The fifth part introduces with greater analysis what is happening in current market scenario and how ICICI Prudential survives in this cutthroat market competition. The sixth part talks about the Insurance Industry and discuss the growth story of Leading Private Insurance Company which is ICICI Prudential Life Insurance Company Limited. The final part sets the final context linking all the key frameworks and analysis with the author’s own conclusions and future directions and expresses the author’s limitation to this report.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page viii
  10. 10. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. 1. Table of Contents Particulars Pages Acknowledgement ii Declaration iii Preface iv-v A Executive Summary vi-viii A.1 Research Objective vii A.2 Project Structure viii 1 Introduction 1-3 1.1 Problem Area 2 1.2 Scope 3 2 Background 4-5 3 RESEARCH METHODOLOGY 6-8 4 Literature Review 9-12 Media Exposure in Rural Market 9 Corporate Advertising 10-11 Affect of advertising in Brand Building 12 5 Analysis 13-28 Data and Interpretation 13-15 FACTS AND FINDINGS 16-26 Limitation of the Project 27 Conclusion 27-28 6 RECOMMENDATIONS 29-30 7 Media Strategies of the Company 31-34 8 Current Market Scenario 35-39 9 Industry profile 40-43 10 ICICI Prudential Life Insurance Co. Ltd. 44-46 References 47 Bibliography Annexure Questionnaire Respondent Database Result Analysis Sheet IMPACT: Marketing on Society Vs Society on MarketingAdvertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page ix
  11. 11. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.1. INTRODUCTION"Advertisements are sometimes spoken of as the nervous system of the business world ...As our nervous system is constructed to give us all the possible sensations from objects,so the advertisement which is comparable to the nervous system must awaken in thereader as many different kinds of images as the object itself can excite"“Advertising effectiveness means different things to the groups responsible for its differenteffects. To the writer or artist, effective advertising is that which communicates the desiredmessage. To the media buyer, effective advertising is that which reaches prospectivebuyers a sufficient number of times. To the advertising or marketing manager, effectiveadvertising is that which, together with other marketing forces, sells his brand or product.To the general manager, effective advertising produces a return on his firm’s expenditure.”“In fact, effective advertising must achieve all four goals, delivering messages to the rightaudience, thereby creating sales at a profit. Most advertisers have begun only recently toset goals in all four areas and measure progress toward them. Some advertisers have setcommunications and audience goals, and measured copy and media effects, but fewadvertisers have set dollar goals and measured sales and profit effects.The result is that advertising has rarely been a part of corporate planning. Thirty years ago,management was asking the same questions they ask today: Is my advertising workingand what impact does it have on my sales? Can it be measured? Can our advertising andpromotion be made accountable in the same manner as which one evaluates all of theother investments by our company?The answer to all three questions is yes. In fact, the techniques to deliver this degree ofaccountability and control have been around for more than 50 years and are industrystandards.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 1
  12. 12. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.There are methods to test every aspect of marketing promotion, sales support and mediamix, and analytical tools to establish a direct relationship to sales for completeaccountability. The key to this is applying a full advertising research curriculum. Thisrequires involvement of both sales and marketing management and theadvertising/promotions supplier coordinating their efforts with the researcher. It is apartnership. This may explain why so many from both the client and agency sides remainof the opinion that it can’t be done. The fact is that a full curriculum can be implemented, isalready integral to nearly every brand leader, and you can do it as well. It just takes a littleplanning and co-operation. Let’s start from where it all began.1.1. Problem AreasA majority of Indian customers being very conservative and averse to risk, trust was anextremely important factor in the insurance business. Since LIC was a government ownedbody, there was an element of security embedded in its services and products. Thisproved to be the biggest hurdle for the new insurance companies as Indian customerswere reportedly rather skeptical about them.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 2
  13. 13. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.1.2. Scope toThe StudyA big boom has been witnessed in Insurance Industry in recent times. A large number ofnew players have entered the market and are vying to gain market share in this rapidlyimproving market. The study deals advertisement given by Insurance Companies. Thestudy then goes on to evaluate and analyze the findings of these advertisements so as topresent a clear picture of media strategy the Insurance players.The CompanyThe result of the survey will help the company to know about the effectiveness of variouslife insurance advertisements and how much advertisement is helpful in buying decision.The results will also help the company to trace the loop holes and then take the correctivemeasures to rectify them.The IndustryThis is a limited study which takes into consideration the responses of 50 people. This datacan be exported to take decision for promotional strategy across the industry. Thesignificance for the industry lies in studying these trends that emerge from the study. It is arapidly changing and evolving sector. People are only beginning to wake up to its vastpossibilities. A study like this can attempt to guide the future of the industry based oncurrent trends.The ResearcherTo facilitate and provide all the useful information of the study, the company, the insuranceindustry and also provide marketing ways, methods of ICICI Prudential Life Insurance Co.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 3
  14. 14. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.2. BACKGROUNDAccording to industry observers, one of the main reasons for the low insurancepenetration in India was the ineffective distribution and marketing strategies adopted byLIC. The company reportedly never had any strategic marketing game plan, and due to itsmonopolistic nature the need for serious marketing efforts was never felt. The advertisinginitiatives were limited to some print and electronic media advertisements that typicallytalked about LIC’s products being great tax saving tool for salaried individuals who cameunder the income-tax bracket. Despite all this, LIC was synonymous with insurance in Indiaand it had established an enviable brand image for itself, especially in the rural areas andsmall towns. However, with the entry of new players, the insurance market changed almostovernight. Analysts commented that the private insurers seemed all set to make theindustry marketing-driven, wherein technical and service excellence would be the keyfactors of success. The private companies, in a bid to make their presence felt and theirbrand noticed, initiated a series of aggressive marketing and promotion initiatives,something that buyers of insurance were not accustomed to.In July 2002, India’s state owned insurer, Life Insurance Corporation of India (LIC)announced aggressive marketing plans with a budget of around Rs 1 billion. The aim ofthis unusual decision was to woo customers across the country through a multimediacampaign including advertisements on the radio and the press media, the outdoor mediaand the television. However, this did not come as a major surprise to industry observerswho said that LICdid not have too many options.With the insurance bill being passed in 2000, the Indian insurance sector saw a host ofprivate players enter the market with multinationals as their partners. These new playersresorted to aggressive marketing and advertisement strategies – something the market hadnever seen earlier.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 4
  15. 15. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.This sudden spurt of advertisements and awareness programs was visible on all the mediachannels. Print, electronic and outdoor advertisements of the new private insurers floodedcould be seen everywhere. This prompted many comparisons of such behavior ofinsurance companies with the advertising frenzy of the dotcoms in India not too long ago –with similar full-page advertisements, huge hoardings and costly electronic mediaadvertisements.According to reports, in the first quarter of the year 2002, insurance companies spent 70%of what was spent in the whole of 2001, on advertising and publicity. Across the world,insurance, as a category was one of the largest spenders on advertising. In India toosubstantial expenditure was being incurred due to advertising. COMPANY EXPENDITURE LIC 1000 Allianz Bajaj 200 Om Kotak Mahindra 150 ICICI Prudential 146 Source: ICMR.However, during the first year of the entry of new players, while LIC reported a growth ofover 250%, private insurers managed to garner only about 0.5% market share, in spite ofspending hefty amounts on advertising and promotion. According to reports, LIC’sbusiness increased mainly because of the increased public awareness about insurance,which was brought about by the heavy advertisement campaigns of private players.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 5
  16. 16. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.3. RESEARCH METHODOLOGYResearch methodology is a strategy that guides a research in providing answers toresearch questions and for this, research survey is being done. “Accuracy of the studydepends on the systematic application of the method”. The researcher has to decide themethod to be used that helps him to get a desired direction in a systematic way. This studyin the following manner.A) Methodology AdoptedQuestionnaire DesignThe questions were designed in an easily understandable way with the help of Prof.Gaurav Ashesh (Faculty Guide) and Prof. Hari Sadhu. That the respondents may not haveany difficulty in answering them. The questionnaire also contained a comments section.This section was included so as to get opinion of the people regarding the ICICI PrudentialLife Insurance.Random SamplingSampling can be defined as a part of population. Thus random sampling may be defined asthe selection of a portion from the whole population in which each elements of thepopulation has an equal chance of being selected. A more please definition is that eachelement in the population has a non-zero and known probability of selection a randomlydrawn sample is an unbiased sample. In this research survey 50 people were surveyed atrandom to get the relevant information.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 6
  17. 17. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Sample Size: The sampling techniques used in this project are probability samplingtechniques and the methods used in cluster sampling.Sampling Unit: The respondents who were asked to fill out questionnaires are thesampling units. These comprise of employees of MNCs, Govt. Employees, and SelfEmployed etc.Sample size: The sample size was restricted to only 50 between age group of 25-40,which comprised of mainly peoples from different regions of India.Sampling Area: The area of the research was Delhi Metro Railway Quarters, New Delhi,India.B) Data CollectionStructured QuestionnaireIn this collection data, structured questionnaire is used as a tool by asking a set ofstandardized questions to know the effect of Life Insurance Advertisement and behavior ofthe people for the ICICI Prudential Life Insurance.InterviewThe next step involved in collecting information requires discussion with people. Thusvaluable information was gathered informal friendly talks with the people.Secondary Data CollectionVarious websites were consulted to collect literature relevant to the topic.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 7
  18. 18. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.InterpretationInterpretation refers to the task of drawing inference from the colleted facts after ananalytical study, in fact it is a search for broader meaning of research findings it is throughinterpretation that the researcher can well understand the abstract principle thatrespondents beneath his findings. The simple statistical tools will used to analyze the datacollection, Bar Graphs and pie chart have been used to illustrate the findingsdiagrammatically. The scores for advertisement were compiled on spontaneous recall,aided recall and likeability. The top ads are selected on the basis of their score.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 8
  19. 19. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4. Literature Review4.1Media Exposure in Rural Market The rural middle-class constitutes a potential market lying to be tapped by any industry. There are 16.4 million urban middle-class households and 15.6 million rural middle class households in the country, but the latter had a better purchasing power because they do not incur any expenditure on rent, transport and school fees, compared to their urbancounterparts, who spend a sizable portion of their income on these items.The estimated annual business from rural markets was Rs 1,23,000 crore, comprising Rs65,000 crore of FMCG, Rs 5,000 crore of durables, Rs 45,000 crore of agricultural inputsincluding tractors and Rs 8,000 crore of two-wheelers and four-wheelers. 29% of the ruralpeople own cars, 27%t own colour televisions, 24% own refrigerators and 10% ownwashing machines, which points to the untapped potential in the rural areas.Another revealing aspect of themarket is that 55% of the LICpolicies, 50% of the BSNL mobileconnections, 53% of the FMCGproducts, 59% of durables, 60%ofRediffmail sign-ups and 50% ofonline shopping on Rediffmail areaccounted for by the rural sector.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 9
  20. 20. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.TV impact: The dressing style of the rural people has also changed due to the impact of theTV. Studies revealed that TV advertisements are not understood by the rural people whothink "they are for the rich". "Being sensitive and relevant to the requirement of the regionshould be of utmost importance in the choice of products, packaging, pricing, promotions,markets and communication,"Key SummaryThe Indian rural market with its vast size and demand base offers a huge opportunity anyindustry cannot afford to ignore. With 128 million households, the rural population is nearlythree times the urban. We therefore have to look at the rural market very seriously forfuture expansion.4.2. CORORATE ADVERTISINGHow a company does announced a name change especially when the old name was wellknown? How does the company explain itself to constituents who may have known thecompany quite well in an earlier incarnation but may be struggling to figure out what thenew organization stands for? How can the company create a new image while retaining thestrengths of the old one? And what role might corporate advertising play in all this?Corporate advertising can tell a story about a company as a whole, large organizations mayneed to use corporate ads to simplify their image in the minds of key constituents and toshow what unifies the company, despite the geographical spread and variety of itsbusinesses.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 10
  21. 21. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.We can very well understand the concept of corporate advertising by taking the example ofICICI Prudential communication. When Company first began operations, the task was topresent the visiting card of the company to the public at large and build credibility andstature and to give the consumer the confidence that here is a company that can betrusted to invest funds with.This required a corporate campaign - to establish the brand, build awareness and give thebrand a larger-than-life image.The advertising idea, which was encapsulated in symbols of protection from the initial printcampaign, culminated in the corporate film where sindhoor was used as an endearing andlasting symbol of protection.Once the corporate image and brand identity were established, and as the companyexpanded and its product range grew, the next phase of communication was to give theconsumer a rational and tangible reason to buy - first of all insurance and secondly fromICICI Prudential Life. This was tackled through product-specific advertising, such as forICICI Pru Smart Kid, retirement solutions or LifeTime.Key Summery Create a good citizen image through consistent & dedicated effort. Convey the organizations commitment to the concerned publics as well as to the masses & eliminate prejudices, if any held by opinion leaders in particular & by the public in general. Boost both employee management relation & employee morale enabling all members of the internal public to discover a new vitality.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 11
  22. 22. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4.3. Affect of advertising in Brand BuildingBrand building through corporate advertising, definedgenerally as advertising that benefits a company’s image byemphasizing its own resources, skills and/or character. Manyastute business people now recognize corporate brands asfundamental business assets, and have begun reaching out tocustomers, prospects, and the financial community byadvertising those brands.Brand building advertising is synonymous with product advertising and is commonly seenin traditional mass media, including TV, radio, magazine, and newspaper. Brand buildingadvertisements tend to be product/service- (or retailer-) oriented with the purpose toestablish a positive image and creating demand for a product or service that leads toeventual purchase. The communication route is typically one-to-many and is designed toreach a mass audience by using a tactic of at capturing the attention of users.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 12
  23. 23. * Analysis of only selected question is discussed in this project which shows huge information of the market.
  24. 24. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5. AnalysisIt includes the summary of advertisement scenario of insurance industry in the soaringmass market available in India based on the survey conducted.5.1 Data and InterpretationIn the market it can easily be realized that the Television audience had a huge impact ofthese ads. Although the most popular medium of entertainment or information gatheringhas emerged as the arena of media war. But yes the old players news paper and radio arestill on their high trying to dominate in the market. Internet being in its youth phase israpidly reaching in the elite class.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 13
  25. 25. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Apart from entertainment channels like Zee T.V , Sony etc where family soaps are havingthe highest TRPs contribute mainly for in FMCG sector. Though they show a bit ofInsurance Ads too. In the emerging economy of INDIA News and business channels haverisen serprizingly and contributing in the promotion of insurance sector.(Ranks are in ascending order)LIC being the gaint of Life Insurance in INDIA has grabed the top slot in terms ofadvertisement also. Other private players like ICICI Prudential, HDFC Std. Life, Brila Sun lifeand Reliance Life Insurance are trailing behind LIC.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 14
  26. 26. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Life Insurance is considered to be sold by push strategy only, and we are witnessingalternative financial Instruments available in the market giving tough competition. The firstthing before buying an Insurance Product in the competetetive market comes in the mind,is the BRAND. It really plays a tremendous role for a product to be bought. It seems clearlyin the servey.The message which is conveyed through these advertisements are however acceptable bythe mass market. People agree that the ads are understandable to them. But the relevanceis still in the black hole as these advertisements are treated as like entertainment clips.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 15
  27. 27. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5.2 Facts & FindingsTAM Media Research, a joint venture between Nielsen Media Research (NMR)/ AC Nielsenand Kantar Media Research (KMR)/IMRB gives fruitful knowledge to understand media andadvertising trend.In July 2002, TAM took operational control of ADEX service-the pioneer in Mediamonitoring in India. TAM inherited a well-oiled monitoring system with a trend work force.ADEX India represents a cutting edges strategy tool which helps us to keep an eye onadvertising and media trend.Facts and figures of advertising trend of year 2007-08 and role of Life Insurance advertisingin advertising business as per the survey conducted by AdEx India (A division of TAMMedia Research) is mentioned below.Snapshot on TV Advertising in 20071) Volumes growth in TV advertising.TV ad volumes saw a tremendous growth of 126 per cent during 2007 compared to 2004.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 16
  28. 28. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.2) Sartorial division in TV advertising.Top 10 sectors constituted 58 per centshare of TV advertising during 2007.With 14 per cent share F&B had the largestshare of TV advertising, followed byPersonal Care/Personal Hygiene andServices with 9 per cent and 6 per centshare, respectively.3) Channel wise distribution of advertisement in TV.General Entertainment Channel led with 1/3rd share, followed by News and Music Channelwith 23 per cent and 15 per cent shares, respectively, during 2007.Key Findings: 31 per cent growth in TV ad volumes during 2007 compared to 2006. Food & Beverages sector leads in TV advertising during 2007. HUL maintained its first rank in the top 10 advertisers list on TV across both the years 2006 and 2007.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 17
  29. 29. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Snapshot on Life Insurance advertising on TV in 20071) Share of Life Insurance (Life Insurance versus Other Insurance).The overall TV advertising was shared by LifeInsurance and Other Insurance in the ratio of80:20 during 2007.2) Volume Growth in Life Insurance sector.Television advertising of Life Insurance grew by 258 per cent in 2007 as compared to 2004.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 18
  30. 30. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.3) Private versus Public Insurers on TV during 2007.Private Insurers lead with 78 percent share of overall advertising ofLife Insurance sector on TV during2007.4) Rank shift of top Life Insurers in 2007 during 2006. LIC and HDFC Standard Life Insurance Co. Ltd switched their ranks in 2007 compared to 2006. Compared to 2006, Bharti AXA Life Insurance Co and ING Vysya Life Insurance moved up maximum places to be in the top 10 list of 2007.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 19
  31. 31. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5) Top 10 Life Insurance brands on TV.HDFC Standard Life Children Planlead with 8 per cent share followedICICI Prudential Life Insurance andBharti AXA Life Insurance with 7 percent and 6 per cent share,respectively, during 2007.Top 10 brands were a mix of fivebrands of Life Insurance, and three ofthe brands belonged to the PensionPlan.6) New brands launched on TV in 2007. Birla Sun Life Childrens Dream was number one Life Insurance brand to be launched on TV in 2007.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 20
  32. 32. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7) Genre usage for Life Insurance advertising.Maximum Life Insuranceadvertising was done onRegional GEC followed byHindi News.Among the News genres viz.Hindi, English and RegionalNews channels took secondthird and fourth slotsrespectively during 2007.Highlights Life Insurance players had an 80% share of overall TV advertising of Insurance sector in 2007. Life Insurance advertising grew by 72% during 2007 compared to 2006. ‘Life Insurance’ advertising max. during Q1 across 2006 and 2007. LIC took the top slot among the players of Life Insurance on TV in 2007. ‘Birla SunlifeChildrensDream’was the top brand in the new brands list on TV.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 21
  33. 33. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Snapshot on Life Insurance advertising in print in 20071) Share of Life Insurance (Life Insurance vs. Other Insurance) Life Insurance and Other Insurance contributed to Insurance advertising in the ratio of 76:24 in Print.2) Volume Growth in Life Insurance sectorLife Insurance’ advertising in Printwitnessed a dip of 14% during 2007 over2004.3) Share of Private and Public Insurers in Print during 2007 Private Insurers took 55% advertising share of ‘Life Insurance’ advertising in Print during 2007.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 22
  34. 34. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.4) Rank shift of top Life Insurers in 2007Tata AIG Life Insurance and Max NewYork Life Insurance moved up maximumplaces to be in the top 10 list of 2007compared to 2006.5) Top 10 Life Insurance brands in Print 6 out of top 10 brands of Life Insurance print advertising were of LIC during 2007. 3 of the top 5 brands were of LIC during 2007.6) New brands launched in Print in 2007Interestingly, among the top 10 list ofnew brands, 8 were related to ULIPexcept for LIC’s Aam Admi BimaYojana and LIC’s Jeevan Amrut.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 23
  35. 35. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7) Preference of Genre for advertising of Life InsuranceMaximum Life Insurance advertising was done on business/Finance/Economic magazines,followed by news/current affairs and general interest. But the condition is reversed in caseof newspapers. Here 91 percent of the Life Insurance advertisement is found on GeneralInterest page.Highlights: In the Insurance sector, ‘Life Insurance’ contributed 76% of advertising in Print during 2007. ‘Life Insurance’ advertising dropped by 25% in Print during 2007 compared to 2006. High advertising in ‘Life Insurance’ sector during the first quarter of both the years 2006 and 2007. Private Insurers took 55% share of overall advertising of Life Insurance in Print. LIC and Bajaj Allianz Life Insurance maintained their respective 1st and 2nd ranks in 2006 and 2007. Baja Allianz Life Insurance and LIC were the top 2 brands of ‘Life Insurance’ in Print during 2007.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 24
  36. 36. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.FindingsAs per the survey conducted it isfound that our result also supportsthe facts mentioned above. Majorityof public use television forentertainment or informationgathering, followed by newspaperand internet. Radio is seems to beout dated in urban areas. But afterrevolution in mobile technology and satellite radio it again starts growing. This survey question shows that how much brand awareness is important. 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 Insurancecompanies like to give theirads in News/Business channel.It may be because ofInsurance is related to financeand Insurance is mainly takenas a tax saving instruments.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 25
  37. 37. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Liking an advertisementdoes not mean that publicwould like to buy thatproduct. During survey acollection of variousinsurance companies adshown to the respondent.They liked it very much.Some of them are getemotional because ittouches their heart. But when it is asked that how many of them now would like topurchase insurance policies then instead of raising hands deep salience come as a answer.It shows that Liking an advertisement does not the guarantee of sell. Only few of themactually buy after seeing ad especially in case of Insurance. As we know LIC is a big player in an Insurance Industry and it is everyone’s first choice. But private players also start chasing LIC. The craze of LIC is mainly because of Public sector. If we talk about private players then ICICI PRUDENTIAL is the first choice of the public followed by HDFC Std. Life and Reliance Life Insurance.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 26
  38. 38. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.5.3 Limitation of the Project 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 findings5.4 CONCULSIONThere has been a tectonic shift in advertising the insurance companies. Till 2 or 3 yearsback a typical Ad will showcase a small happy family enjoying their life. Then oneunfortunate Day the head of the family dies in an accident and the rest of the family isdrawn to rags. The ad ends up saying Insurance can help them against such calamities.People bought the idea and started buying insurance. But there was a basic flaw in the ad.It tells the consumers about the advantages of “having Insurance” but nothing about“buying insurance from a perticular insurance firm”. So whoever casting such ad washelping the industry as a whole but not their specific firm.If we see the recent ads they are talking about how “SBI Life” can help smoothen your old-age life or how “ICICI Prudential” can help you in receiving pentions etc. This sounds morelogical. Each ad speaks about how their firms offers can help you instead of telling howinsurance as a whole can help you.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 27
  39. 39. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.In concluding part of this project it shows thatadvertisement is very much important for anybusiness. A huge amount is paid bycompanies against advertisement. There aremany ways available to give advertisement onwhich this amount is paid this are TV,Newspaper, Radio, Internet etc. The amountspent on advertisement over four year acrossthe world is shown I table.At the initial phase of a company it is important that they give emphasis on corporateadvertising because it helps in brand recall. At the later stage company can go for productclass advertisements. Well it is also found that during session that endorsement ofcelebrities is helpful in ad recall. But giving advertisement in any type of media is not theonly medium; there are many other ways also like social service, by way of educatingpeople. Especially for Insurance companies if they want to capture rural market then theyhave to approach in different way. In my opinion rural market can only been captured if wereaches to there heart. And this can be happen only if we solve there basic problem.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 28
  40. 40. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.6. Recommendation about promotional strategiesThe suggestions have been classified into two categories. Action oriented suggestions People oriented suggestionsACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness, Internet, Desire,and Action). Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co. Ltd.To create the awareness regarding Product 1. Print & Electronic Media Advertisement should be done (As we can see intense ad campaign of HDFC Standard Life and Bajaj Allianz.) 2. After the initial promotional campaign the relative advantage of ICICI PRUDENTIAL Life Insurance Co. Ltd. Over its competitor should be highlighted. 3. Hoardings at prime areas should be used.PEOPLE ORIENTED SUGGESTIONS 1. Creating offers like lucky draws for the users of Internet. 2. Giving free gifts for the customer.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 29
  41. 41. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.6.1 Special RecommendationThe insurance sector has largely stuck to images of happy families, carefree couples andcute babies. We have to use a different route to break the clutter, and humor andendorsement of celebrities is some of the routes available to us."ICICI Prudential should come in front for development of rural sector, by way ofestablishing a school, by digging a well in villages. May be it seems like a fool’s suggestionbut it is one of the way to gain trust in rural sector. We can also use to advertise us byusing the way of “HALLA BOL”. If we adopt this technique then I am sure that this will bemost creative and cheaper advertisement all over the world. And by this way ICICIPrudential can again list their name in top advertiser.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 30
  42. 42. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.7. Media strategy of ICICI Prudential Life Insurance Co. Ltd.It was time when the marketing team was thinking about an advertising campaign, almosteveryone, including the companys board, pooh-poohed the idea. At that time peoplethought Company is wasting money. But ICICI discarded this “fear" typically used forhawking insurance, choosing instead a "happy" platform to convey a more positivemessage.Even today after it has rolled out so many campaigns, ICICI remains among the topadvertisers: ad spends, as a percentage of new business premium, range between 0.5 percent and 0.75 per cent. Lowe (Lintas) has been the creative advertising agency for ICICIPrudential Life since the beginning.The TA:Representing an ideal mix of medium to high net worth individuals: The consumers mostdisposed towards buying life insurance. Middle-aged professionals, primarily male,salaried and self employed, age group: 28 - 45 years, household income: Rs.20, 000 andabove.Creative Strategy:The essence of the creative strategy: To get the consumer to re look at Insurance as ameans to lead a worry free life and not as a necessary evil. When ICICI Prudential LifeInsurance first began operations, the task was to present the visiting card of the companyto the public at large and build credibility and stature and to give the consumer theconfidence that here was a company that could be trusted to invest funds with. Thisrequired a corporate campaign, which started with advertising to establish the brand, buildawareness and give the brand a larger than life image. To this effect the core brand insighthighlighted was "As head of the family its my responsibility to take care of my loved onesand protect them from the uncertainties of life", summed up in the advertising idea:Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 31
  43. 43. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.‘We cover you at every step in life (Suraksha… Zindagi ke har kadam par). ICICI Pru waspositioned as an enabler of protection relevant to the needs of the life stage that you are in.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 theemotions and thoughts of initial Sindoor corporate film a few steps further. The filmhighlights the strength of promises that a husband makes to his wife, through the depictionof everyday situations, and then goes on to emphasize that ICICI Prudential will stand bythe husband to help him fulfill all these promises. The TV campaign has also beenextended to outdoor. The company has also undertaken press and internet campaigns toinform customers about benefits of some of its products, particularly retirement solutions,through the Chintamani campaign.Once the corporate image and brand identity were established, and as the companyexpanded and its product range grew, the next phase of communication was to give theconsumer a rational and tangible reason to buy - first of all insurance and secondly fromICICI Prudential Life. This was tackled through product-specific advertising, such as forICICI Pru Smart Kid, retirement solutions or Lifetime.The Creative execution:TVC: Building image and creating a differential in the most creative and compellingmanner. The creative execution heightened the emotional connect with the ICICI Pru brand- Indian; satisfaction of knowing that one’s loved ones are protected. Symbolicrepresentation of the protector of the family through situations showcasing various lifestages and creating endearing imagery of protection and familial bonding.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 32
  44. 44. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Press: Gave the consumer a rational and tangible reason to buy insurance first andsecondly from ICICI Prudential. The product specific advertising focussed on changing theprevalent perception about insurance and breaking a few myths: non- affordability,insurance not being good investment option and the myth that insurance was good onlyfor tax saving.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’squeries about the role of insurance in financial planning.Other Communications:Other programs included direct mail, PR of communications campaign in press & TV,website marketing; and database generation through Bancassurance channels.Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a directmarketing exercise, to talk to the customer through a non-cluttered route, and therebyhave a higher impact. The direct mailer was about ICICI Prudential’s retirement solutionsand the tax benefits that one can avail of buy investing in any of these. About 100,000direct mailers were attached to the ‘dabbas’, in areas such as Churchgate, Bandra andAndheri where there are mostly office-goers. ICICI Prudential Life Insurance has alsoannounced a strategic distribution tie-up with Hariyali Kisaan Bazaar, the rural businessarm of DCM Shriram Consolidated Ltd (DSCL). As a partner, Hariyali Kisaan Bazaar cannow distribute ICICI Prudentials protection, wealth creation, retirement solutions andhealth insurance products to customers across the its growing number of rural businesshubs in the country.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 33
  45. 45. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.In addition to advertising, the company has also initiated several activities to raiseconsumer awareness about life insurance and ICICI Prudential. “It includes seminars - ICICIPrudential regularly holds consumer awareness meets on ‘the need for retirementplanning’ in different cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore andMangalore. These are very well attended and have contributed significantly towardsincreasing awareness about the category and the company. Apart from this, company alsoentered into alliances with telecom companies, as well as companies like BPCL andDominos.The results of communication efforts:Being no: 1 in awareness and saliency.Awareness: ICICI Pru showed a significant jump inawareness between Feb and Sept 2001. Image:Highest score among all Insurance playersincluding LIC, on image parameters like safety,modernity, service, good returns etc. Intention toinvest: Next only to LIC as per research (AllSource: Research by ORG Marg). No. of calls andemails: There were 70,000 calls at the call centerand 6582 emails in the year 2001. Today, ICICIPrudential are fairly high on awareness, amongtarget segment. Company have a 86% brandrecall today.A research survey shows that amongthe investing public. About 11% of the investing public knew Prudential ICICI top of mind. Itis a fair indicator of the share that the brand enjoys in the market. On spontaneous levelICICI prudential are at 30%. ICICI Prudential Life was awarded the INDY’s Award forExcellence in Mass Communication in the category of Most Creative Advertisement-Television.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 34
  46. 46. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Insurance Advertisement TrendLIC Vs Private PlayersAccording to a survey conducted by a leading marketing research firm, ORG Marg, brandawareness of private insurers in India was increasing in the early 21st century.The difference in the level of awareness of these new players as compared to the hithertomonopoly of LIC was decreasing fast because of the aggressive advertising measuresadopted by private insurers.The new companies focused their campaigns primarily on building an image oftrustworthiness and reliability for themselves. Secondly, their advertisements focused oninsurance as an investment option and not a mere tax saving tool – another first for theIndian market. Most of these advertisements carried messages like the family’s happiness,human bonding, etc., with underlying emphasis on the security that insurance couldprovide. Also, instead of projecting the idea, that an insurance policy actually startsworking only after the death of the insured, the new campaigns projected that insuranceprotects people throughout their lives.Various Insurance AdsIn one of its TV commercials, ICICI Prudential showed a series of scenes depicting thechildhood, marriage and old age of an individual. The purpose of using these visuals wasto translate the company’s message ‘I will protect’ into real-life incidents. In order toproject its commitment towards consumers to ‘protect at every stage of life,’ the companybrought in the concept of sindoor, which symbolizes protection. Sindoor was shownthroughout the commercial as a mark of auspiciousness and protection, and at the end, itbecame the red line below the ICICI Prudential logo.Max New York also resorted to depicting positive emotions such as trust and protection inits print advertisements. The company released two print advertisements.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 35
  47. 47. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.While one of them carried an image of the revered deity Goddess Durga, the otherprojected three teenagers standing together, with their faces painted green, white andsaffron – like the Indian national flag. Reportedly, Max New York wanted to convey themessage that ‘insurance is your partner for your life.’In addition to such TV commercials, the private insurance companies were trying to maketheir presence felt by organizing blood donation camps, contests and sponsoring variousevents social events through their agents.ING Vysya tied up with leading US-based Columbia Picture’s Indian arm to carry outpromotional activities using the blockbuster English movie ‘Spiderman.’ In the metros, INGVysya distributed free movie tickets to its customers. The latter also organized the GreenMumbai Drive and several blood donation camps in association with the Red Cross,besides sponsoring the action replay of the India-West Indies cricket match series in May2002 and also in November 2002.Om Kotak and Birla Sun Life took to sponsoring events in a major way, to attractprospective customers. Om Kotak initially highlighted in its advertisements the credibilityand trustworthiness of individual partners (Old Mutual & Kotak Mahindra) through itsgeneric campaigns. The TV commercials featured men and women ‘meeting’ themselvesin the future – happy, healthy and secure, thanks to insurance.Allianz Bajaj went a step ahead. Apart from bringing out TV commercials and putting uphoarding and billboards, it entered into a two-month long contract with Shoppers Stop.According to the contract, every Shoppers Stop outlet had an Allianz Bajaj kiosk thatprovided information about policies in order to attract customers. Allianz Bajaj’s entirecommunication package included print advertisements, outdoor media campaigns anddirect marketing methods. All its print advertisements carried a visual of human hands,which symbolized partnership and care to stress on the concept of care.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 36
  48. 48. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Similarly, Tata AIG entered into an agreement with Westside to set up information kiosks inall its outlets in order to attract people’s attention. Also, Tata AIG was one of the firstinsurance companies to adopt the celebrity endorsement strategy. Tata AIG chose theHindi movie star, Naseeruddin Shah, as its brand ambassador for endorsing its personalaccidental death insurance policy.In addition to all the above, private players in the insurance sector charted out variousinnovative marketing plans to establish their products. For instance, ICICI Prudentiallaunched the ‘TruLife Club’ for its high-value policyholders as part of its marketing strategy.Through TruLife Club, the company offered a wide range of health-related products, healthand fitness equipment and membership in gyms, health resorts and clinics in India.Policyholders with a sum assured of Rs 0.5 million or more were included into this club.Punch LinesAnother interesting development was regarding the punch lines used by private insuranceplayers that invariably tried to associate positive emotions with insurance products. WhileING Vysya said ‘Adding life to insurance,’ ICICI Prudential said, ‘We cover you. At everystep in life.’ Similarly, HDFC Standard advertisements projected a happy man asserting;‘Now I can continue enjoying a comfortable lifestyle even after I retire.’ Om Kotakhighlighted its campaigns with ‘Jeene ki azaadi’ (Freedom to live)’ and Allianz Bajaj stated‘Allianz Bajaj, Life insured by care.’ LIC came out with a corporate advertisement on TVwith the punch line, ‘Zindagi Tumhari Roshan Rahe’ (May your life be glorious).LIC Vs ICICI PrudentialWith private players paying much attention to advertising and promotional activities, LIC,too, was forced to make efforts to increase its visibility and enhance its brand image. Thecompany commenced intense, systematic and well-focused public relations and publicityactivities both at the corporate and operational levels.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 37
  49. 49. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.LIC upped its ad spend to tackle competition and succeeded in forging way ahead. LIC hasadvertised in satellite channels as well as terrestrial channels. LIC has to reach out to non-resident India policy holders as well as its other corporate customers who are basedabroad.ICICI Prudential has advertised on several channels from the Star TV bouquet, ZeeNetwork and Sony. The company have spent about Rs 50 million on TV advertising lastyear.With the geographical expansion, TV became a viable medium and the corporatecampaign for ICICI Pru Life was run on TV, because the medium lends itself well to anemotional type of films that strike a chord with the audience. Product advertising, whichneeds to impart information, was largely done through print and outdoor channels, asthese are appropriate for rational type of messages,ICICI Prudential Life Insurance campaign was short-listed as one of the 12 most effectivecampaigns for the year 2001 in the EFFIE awards. According to an ORG MARG study, theICICI Prudential brand name and advertising had the highest recall amongst all privateplayers, and was only marginally behind LIC.ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass Communicationin the category of Most Creative Advertisement-Television.(The scores for advertisement were compiled on spontaneous recall, aided recall andlikeability. The top ads are selected on the basis of their score.)Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 38
  50. 50. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.It’s all about Money, HoneyIn recent times, the consumer has been bombarded with an unprecedented barrage ofbrand advertisement campaigns from insurance companies. Turn on the radio, TV, or opena newspaper or internet portal – the glut of insurance advertisements is there to see.The insurance industry is estimated to have spent over Rs 900 crore in 2007, up from Rs200 crore in 2002 on brand building. Of the media investments absorbed in 2007, around53 per cent went to TV, and the remaining to the print media. Life insurers alone accountedfor over 70 per cent.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 39
  51. 51. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.9. Industry profileThe business of life insurance in India in its existing from started in India in the year 1818with the establishment of the Oriental Life Insurance company in Calcutta. Some of theimportant milestones in the life insurance business in India are:1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.1912: The Indian Life Assurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance business.1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.The general insurance business in India, on the other hand, can trace its roots to the TritonInsurance Company Ltd., the first general insurance company established in the year 1850in Calcutta by the British. Some of the important milestones in the general insurancebusiness in India are:1907: The Indian Mercantile Insurance Ltd. Set up, the first company to transact all classesof general insurance business.1957: General Insurance Council, a wing of the Insurance Association of India, frames acode of conduct for ensuring fair conduct and sound business practices.1968: The Insurance Act amended to regulate investments and set minimum solvencymargins and the tariff Advisory Committee set up.1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the generalinsurance business in India with effect from 1st January 1973.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 40
  52. 52. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.107 insurers amalgamated and grouped into four companies viz. the National InsuranceCompany Ltd., the New India assurance Company Ltd., the Oriental Insurance CompanyLtd. And the United India Insurance Company Ltd. GIC incorporated as a company.Insurance sector reforms in 1993, Malhotra Committee, headed by former Financesecretary and RBI Governor R.N. Malhotra, were formed to evaluate the Indian insuranceindustry and recommend its future direction. The Malhotra Committee was set up with theobjective of completing the reforms initiated in the financial sector.The reforms were aimed at “ creating a more efficient and competitive financial systemsuitable for the requirements of the economy keeping in mind the structural changescurrently underway and recognizing that insurance is an important part of the overallfinancial system where it was necessary to address the need for similar reforms…”In 1994, the committee submitted the report and some of the key recommendationsincluded:1. StructureGovernment stake in insurance companies to be brought down to 50%. Governmentshould take over the holdings of GIC and its subsidiaries so that these subsidiaries can actas independent corporations. All the insurance companies should be given greaterfreedom to operate.2. CompetitionPrivate Companies with a minimum paid up capital of Rs. 1bn should be allowed to enterthe industry. No Company should deal in both Life and General Insurance through a singleentity. Foreign companies may be allowed to enter the industry in collaboration with thedomestic companies. Postal Life Insurance should be allowed to operate in the ruralmarket.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 41
  53. 53. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.Only one state Level Life Insurance Company should be allowed to operate in each state.Regulatory Body The Insurance Act should be changed. An Insurance Regulatory bodyshould be set up. Controller of Insurance (Currently a part from the Finance Ministry)should be made independent.3. InvestmentsMandatory Investments of LIC Life Fund in government securities to be reduced from 75%to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (Therecurrent holdings to be brought down to this level over a period of time).Customer Service LIC should pay interest on delays in payments beyond 30 days.Insurance companies must be encouraged to set up unit linked pension plans.Computerized of operations and updating of technology to be carried out in the insuranceindustry.The Insurance Regulatory and Development Authority Reforms in the Insurance sectorwere initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDAsince its incorporation as a statutory body in April 2000 has fastidiously stuck to itsschedule of framing regulations and registering the private sector insurance companies.Attracted by the huge untapped potential, many private players entered the market afterthe Insurance bill was passed in late 2000. A majority of these were collaborations betweenan Indian company and a leading MNC insurance/financial services company.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 42
  54. 54. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd. COMPANY INDIAN PARTNER FOREIGN INSURER AREA Birla Sun Life Aditya Birla Group Sun Life, Canada Life Om Kotak Kotak Mahindra Finance Old Mutual, South Africa Life HDFC-Standard Life HDFC Standard Life, UK Life Life and Royal Sundaram Sundaram Finance Royal Sun, UK Non-Life ICICI-Prudential ICICI Prudential, UK Life Max New York Life Max India New York Life, USA Life Life and Tata-AIG Tata Group AIG, USA Non-Life ING Insurance, ING Vysya Vysya Bank Life Netherlands Aviva Dabur CGU Life, UK Life MetLife India Jammu & Kashmir Bank MetLife, USA Life Life & Bajaj Allianz Bajaj Auto Allianz Non-Life AMP Sanmar Sanmar Group AMP, Australia Life SBI Life Insurance SBI Cardiff, France Life Source: www.knowledgedigest.comAdvertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 43
  55. 55. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.10. ICICI Prudential Growth StoryICICI Prudential, a joint venture between ICICI Bank and Prudential UK, has been aroundever since the private sector was allowed to sell life insurance policies. ICICI Prudentialbegan their operations in 12th December 2000 after receiving approval from InsuranceRegulatory Development Authority (IRDA).Since then the tribe of life insurers has grown from 12 to 16, but ICICI still leads the privatesector pack. With a portfolio of over 6.5 million policies, Indias biggest private sector lifeinsurer has not merely held on to its share but grown it; at the end of January 2008, thefirm commanded 29 per cent of the share owned by private sector players. Quite someway below was Bajaj Allianz with 21 per cent, while State Bank of India came in third with10 per cent.ICICI Prudentials premium income grew at about 100 per cent between March 2003 andMarch 2007. Interestingly enough, the insurer started out with the traditional endowmentproducts and was not the first to introduce the more popular Unit Linked Insurance Policy(Ulip): the credit for that goes to Birla Sunlife.However, in the first full year of operations itself, it started offering Ulip policies and wasselling more policies than anyone else. Today, Birla Sunlife doesnt find a place in the topfive and players such as HDFC Standard Life, which were late to cotton on to Ulips, may beregretting it.It wasnt just that ICICI Prudential rolled out Ulips quickly; the company also made sure theproducts were priced competitively. Compared with the competition, ICICIs upfrontcharges have always been lower.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 44
  56. 56. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.With charges across the industry now converging at around 20 per cent of first yearpremiums, ICICI has come up with a zero-load product. Another scheme that has beenintroduced automatically balances the debt and equity components of the portfolio everyquarter. Apart from this, ICICI Prudential has been quick off the block with retirementsolutions and the first to come up with health products.If ICICI Prudential has managed to sign on 6.5 million policy holders, it is because thecompany has built up a strong agent network, which brings in 60 per cent of the totalpremium. Today the insurer has nearly 250,000 agents working for it, even though itdoesnt hand out the best commissions in the industry.Bajaj Allianzs network is about 275,000- strong, while the public sector Life InsuranceCorporation boasts over a million agents. ICICI Prudential does not care about theircommission at the lower end compared with peers they compensate them by ensuring thatcustomer do better volumes.The insurer is also rolling out offices at a furious pace; by the end of March 2008, ICICIPrudential will have around 1,500 offices from around 1,100 currently, of which nearly 900will have come up in 2007-08. Bajaj Allianz, too, has around 1,000 offices as of now. ICICIPrudential targeting of 3,500 branches in five years.The industry believes ICICI Prudential has a big advantage in that it can leverage thecustomer base of its parent ICICI Bank. Bajaj Allianz, for instance, didnt have thatadvantage. Banc assurance today fetches about 27 per cent of ICICIs premium; apart fromICICI Bank, the insurer sells through Bank of India, Federal Bank, South Indian Bank andsome co-operative and rural banks.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 45
  57. 57. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. Ltd.While ICICI Prudential has done well to stay at the top, the next seven years will certainlybe more difficult than the last seven. Competition is getting keener - in the past couple ofyears, Bajaj Allianz is believed to have written more policies than Prudential. SBI Life has astronger distribution now that it has signed on many more agents and newcomers likeReliance (which took over AMP Sanmar) are growing at a fast pace. But the strong growthin the industry has surprised everyone.Advertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 46
  58. 58. Study of Promotional Strategy of ICICI Prudential Life Insurance Co. LtdADDITIONAL READINGS & REFERENCES:1. Ahluwalia Harjeet, IRDA to remind insurance companies over ad norms, FinancialExpress, February 5, 2001.2. Jagannathan Venkatachari, Private Players ‘Insure’ LIC’s Business, domain-b, July 10,2001.3. Jagannathan Venkatachari, Its war out there, or is it?, domain-b, October 18, 2001.4. Srinivasan Lalitha, Putting a premium on marketing differentiation, Financial Express,November 21, 2001.5. Shashidar Ajita, When ads get emotional, Catalyst – Business Line, January 17, 2002.6. Vishwanath Rukmani, Menon. G. Shyam, Insure, be secure in the tinsel town motto,Business Line, February 1, 2002.7. Magazine Mukta, Max New York Life: Focusing on Internal Brand-Building, FinancialExpress, April 4, 2002.8. Joseph Jaiboy, Life insurance with seasoning, Catalyst – Business Line, April 25, 2002.9. Mohandas Poornima, Private Insurance Companies turn on the heat, Business Line, June9, 2002.10. www.insuremagic.com11. www.indiainfoline.com12. www.bimaonline.com13. www.expressindia.com14. www.responsiveservice.com15. www.agencyfaqs.com16. www.knowledgedigest.com17. Insurance Case Studies – ICMR18. www. indiantelevision.com19. The Hindu Business Line20. Market Research in InsuranceAdvertisement Effectiveness Study (With reference to Life Insurance)-IGNITE-V March-2008RAJNI KANT Page 47
  59. 59. (http://FreeOnlineSurveys.com/rendersurvey.asp?sid=nxwoh5j1nwm22gv411585)Hello Sir/Madam,I, RAJNI KANT, here to conduct a research on the T.V audience with respect to advertisement putup 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 yourhonest opinion and be understood that this information collected will be purely confidential and notto be shared with any other entity in term of commercialization. PERSONAL PROFILE Name Age Occupation email-id Postal Address Contact No.Q1. Which media you use for information/entertainment? TV Radio Newspaper InternetQ2. How often do you share interesting advertising with your family or friends? Never Rarely Sometimes Often Very oftenQ3. Have you seen any Life Insurance Product Ad? Yes NoQ4. On Which channel you watch mostly? Zee T.V Sony Star News ChannelQ5. If yes can you recall the content of the Ad? Yes No
  60. 60. Q6. Based on the features advertised, in that ad…... Rank the following Strongly Somewhat Neither Somewhat Strongly Agree Agree Disagree DisagreeThe ad message is understandable.The advertisement is believeableThe ads message is relevant to me.The benefits described in the ad arebelieveable to me.After viewing this ad, I would considerpurchasing the product.This ad is much better than other ads forproducts in this product category. Q7. 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. Q8. Do you think this ad has influence you to………………. Buy the insurance policy Recommend the Insurance Policy Suggest the insurance Policy would like to inform Q9.Can you recall if your family members ever tried to influence you to buy/secure a life insure Policy from the insurance company of her interest? Yes No Q10. Which of the Insurance Policy would you like to buy? Life Plan Health Plan Child Plan Retirement Plan Q11. Other than T.V Where you saw Life insurance ad? Internet Newspaper Holdings Friends/Family Radio Q12. 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

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