insurance joint venture with AXA Asia Pacific Holdings Limited (AXA), Bharti AXA Life Insurance Company is on the look out for an advertising agency. The size of this advertising business is pegged to be anything upwards of Rs 15 crore.
Bharti AXA Life Insurance Company's official spokesperson has confirmed the same to agencyfaqs!. He informed that there were seven agencies in the fray including Contract Advertising, Grey Worldwide, Dentsu Communications, Euro RSCG, Saatchi & Saatchi, McCann Erickson and Fortune Communications.
He also informed that for the media duties they were in talks with Madison and Starcom.
A final decision on the agencies is likely to be taken in a week's time as subsequent rounds of presentation are still slated to happen.
When asked on the communication strategy that the company was aiming at, he informed, "Though it is too early to comment but we are clear that we will partner with the agency that will understand our business and will help us achieve our objective with their communication solutions."
As for the pitch presentation, one of the agency that participated informed that the brief was to present the creative strategy on the launch of the new company.
For the record, under the agreement for the JV while AXA will have a 26 per cent equity interest, while Bharti will hold the balance. AXA will help the company to have access to AXA's global life insurance and asset management expertise. Bharti will bring its strong local market knowledge, reputation and India-wide retail presence. The company site announces that the joint venture is expected to invest in the region of Rs 500 crore (115 Million USD) over the first three to four years of operations.
For the record, creative duties for Bharti Enterprises biggest brand Airtel is handled by Rediffusion DY&R while Percept H handles Bharti Teletech.
© 2006 agencyfaqs!