The air around insurance major LIC's agency empanelment is finally clear.
The public sector undertaking (PSU) has decided to go with ad agencies JWT, Mudra, FCB-Ulka and Everest Integrated Communications for its approximately Rs 100-crore advertising business, informs S.B. Mishra, assistant secretary, PR and corporate communications, LIC.
"We are yet to issue a formal letter to the four. The most important procedure, which is the signing of the MoU between the company and the agencies, should happen in the next 10-15 days," he says.
Contrary to media reports, Y&R group agency Everest has been in the reckoning for the PSU's creative business, instead of sister concern Rediffusion DY&R. Along with Mudra, JWT, FCB-Ulka, Lowe, Grey and some seven other ad agencies, Everest was initially shortlisted, and following several rounds of presentation, has been empanelled with three other agencies.
For LIC, its much-delayed decision marks a break from the past when some 45 agencies took care of its advertising needs. The insurance monolith was keen on rationalising its advertising portfolio and empanel four agencies based on recommendations made by its current and erstwhile consultants Deloitte & Touche, and Booz, Allen & Hamilton.
Mishra claims that the company is yet to decide on the distribution of jobs for the four agencies. "We will shortly arrive at that decision," he says.
The move towards a fresh empanelment is aimed at breathing new life into LIC's advertising, and thereby improve its overall image.
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