ICICI PRUDENTIAL
The Making of India’s No: 1 Private Life Insurer
ICICI Prudential is a case study in the role of marketing in reshaping an industry. It highlights how an industry where “sell” and “push” were oft used words and consumer was nothing more than a file no., has changed to one where “consumer preference” and “consumer pull” rules the roost. Here’s a look at how ICICI Pru changed the rules of the game and emerged a leader in the process.
Background:
When the insurance sector was liberalized in 2000, the private players had to contend with a few issues. Ratio of premium to GDP was low: 1.3% of GDP was invested in insurance. Insurance penetration was at an abysmal 22% of the insurable population. Besides the above the private players were faced with: Attitudinal Barriers, Perception of insurance as a tax saving tool and lack of a consumer centric approach in service and product offerings.
The Marketing Challenge facing ICICI Pru:
The challenge therefore was to change established category drivers (death payment & tax saving) and to get the consumer to evaluate insurance on a more emotional platform (protection) rather than a mere rational decision (tax savings).
The Campaign Objectives:
A) Reposition the category in the consumer's mind. Influence the consumer to view it as a protection instrument and not a tax saving product alone.
B) In the process, create differentiation for the ICICI Pru brand as a provider of social security and family protection.
C) Achieve leadership status in saliency, image & product parameters.
D) Build credibility and trust.
The Target Audience:
Representing an ideal mix of medium to high net worth individuals: The consumers most disposed towards buying life insurance. Middle ...