ICICI Prudential is a case study in the role of marketing in reshaping an industry. It highlights how an industry where
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-aged professionals, primarily male, salaried and self employed, age group: 28 – 45 years, household income: Rs.20, 000 and above.
The essence of the creative strategy: To get the consumer to re look at Insurance as a means to lead a worry free life and not as a necessary evil. To this effect the core brand insight highlighted was “As head of the family it’s my responsibility to take care of my loved ones and protect them from the uncertainties of life”, summed up in the advertising idea: