Public sector insurer Life Insurance Corporation of India (LIC) is in the news again. This time it is not for advertising, but media.
Over the last ten days, the LIC top brass has been sitting in at presentations made by its media agencies OMS, Mindshare, TME and Lodestar.
The company called for these presentations about a month ago, though the media agencies pitched only now.
It is unclear why these presentations were called, though industry sources surmise that the insurance monolith may be looking at effecting some changes in its media portfolio.
When contacted, S Venkateswaran, secretary, PR and corporate communications, LIC, denied any knowledge about the pitch. "We had selected ad agencies JWT, Mudra, Everest and FCB-Ulka last year. That's just about it. There is no other pitch happening," he says.
After a long-drawn process last year, the PSU had zeroed in on the four ad agencies, with their media arms in charge of releases.
Prior to the much written about advertising pitch, LIC had some 45 agencies on its panel. The need to rationalise its advertising portfolio came about following recommendations from its current and erstwhile consultants Deloitte & Touch and Booz, Allen & Hamilton, respectively.
The size of the LIC account is estimated to be in the region of Rs 100 crore. Media spends have been largely skewed towards print. Though in the last few years, the PSU has been advertising on TV as well. © 2005 agencyfaqs!