Aegon Religare begins hunt for media agency

By , agencyfaqs!, Mumbai | In Media Planning & Buying | October 09, 2007
The budget for its ad spend is estimated to be Rs 15-20 crore

Aegon Religare, the & #BANNER1 & # financial arm of the Ranbaxy Group, has begun the process to find a media agency. agencyfaqs! had reported in August that the company would be inviting media agencies to make a pitch soon after announcing its creative agency. Its first year's ad spends are in the vicinity of Rs 15-20 crore, which seems to be the general norm in the life insurance space.

The agencies that are competing for the position are Lodestar Universal, Madison Media, NAC Advertising, Mediacom and Starcom. agencyfaqs! spoke with Pradeep Pandey, head, marketing, branding and communication, Aegon Religare. "We are going to look at the approach recommended by the media agency to help us make the choice." Aegon Religare will choose an agency that will showcase good buying and planning expertise and also show promise in connecting better with its target audience.

Aegon Religare is looking at males in the age bracket of 25-40 years as the crux of its target group (TG).

Pradeep Pandey
Being a new and fairly late entrant in the cluttered life insurance space in India, Aegon Religare plans to spend two years building the brand and to take on the giants in this space only after that. The company will roll out its products in the first half of 2008. "We are looking at reaching our customer by exploring creative and media maximally," says Pandey.

Apart from the usual media mix, Aegon Religare is looking closely at alternative rising media such as mobile and Internet to score better with its TG.

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 (BCCL).

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