afaqs!

Contract wins the Aegon Religare Life business

By , agencyfaqs!, Mumbai | In Advertising | August 22, 2007
The size of the business is around Rs 15-20 crore, in keeping with the general norm in the life insurance space

Aegon Religare & #BANNER1 & # Life Insurance has decided on Contract as its creative agency. As reported earlier by agencyfaqs!, the Ranbaxy Group's financial arm, Religare, has aggressive plans in the life insurance space. For this purpose, it has entered into a joint venture with the well-known international entity, Aegon. The resultant company, Aegon Religare Life Insurance, had called for a pitch in Mumbai some time ago. Mudra, O&M and Contract participated in the pitch.

Contract's selection has been confirmed to agencyfaqs! by Pradeep Pandey, head, marketing, branding and communication, Aegon Religare Life Insurance. The search for a media agency will commence soon. Being a new entrant in the cluttered life insurance space in India, Aegon Religare plans to spend two years building the brand and will take on the giants in this space only after that. The company will roll out its products in the first half of 2008.

Pradeep Pandey
The first year's ad spends are pegged at Rs 15-20 crore, which seems to be the general norm in the life insurance space.

Umesh Shrikhande, executive vice-president, Contract India, comments, "The Aegon Religare pitch tested the strategic and creative capabilities of our team. Contract's 'Grow Young' thinking together with our 'Unboxing' tool kit for producing lateral ideas made all the difference. Building this brand is a great opportunity and a challenge. We look forward to it."

The company plans on using a healthy mix of ATL (above the line - television, press, outdoor and radio) and BTL (below the line - events, DM and innovative activities).

Aegon Religare plans to offer various forms of insurance, including life insurance, pension plans, health plans and, eventually, mutual funds. Aegon Religare Life Insurance is 44 per cent owned by Religare, Aegon holds 26 per cent. The remaining stake belongs to Bennett, Coleman & Co. Ltd.

Watch this space for more!