a pitch process, the new entrant in the financial space, Aegon Religare Life Insurance, has selected MediaCom as its AoR. The agency will handle both the media planning and buying for Aegon Religare.
As reported earlier by agencyfaqs!, four agencies had taken part in the media pitch: MediaCom, Nac Advertising, Lodestar Universal and Madison Media. The size of the business is estimated to be Rs 15-20 crore. Recently, Aegon Religare selected Contract Advertising as its creative agency.
The media mix will involve mass media (television, press, radio and outdoor) apart from new, emerging media such as mobile telephony and the Internet.
Aegon Religare plans to spend two years building the brand, and the next few taking on the giants in this space. The company will roll out its products in the first half of 2008. Pandey admits that Aegon Religare is a late entrant and it will be a task for the company to appeal to the masses, particularly the most sought after group, males, aged 25-40. In this age band, the younger lot are particularly important to insurance majors, and it will be so for Aegon Religare, too.
According to Pandey, Aegon Religare will initially be pitched against SBI Life Insurance, Aviva Life Insurance and Max New York Life, three players that spend roughly the same on advertising as Aegon Religare intends to. Big spenders ICICI Prudential, HDFC Standard Life and Reliance Life Insurance will also be taken on in due course, says Pandey. These players are believed to have ad spends of more than Rs 40 crore each.
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, while Aegon holds 26 per cent. The remaining stake belongs to Bennett, Coleman & Co. Ltd (BCCL).