Union Dai-ichi Life Insurance, the 21st player in the life insurance category, has empanelled four agencies to work on the brand and its impending launch. Rediffusion Y&R, O&M, Interpublic and Madison Creative Clique (MC2) will work together on the brand. A multi-agency pitch had been called for the Rs 15 crore business.
Star Union Dai-ichi is a joint venture (JV) formed in December 2007 between two public sector banks in India, Bank of India and Union Bank, and the Japanese company, Dai-ichi Mutual Life Insurance.
The work will be divided among the agencies, but since the Star Union Dai-ichi officials could not be contacted, the exact division could not be ascertained.
Speaking to afaqs!, Prabha Prabhu, partner and executive director, MC2, says, "Yes, we have won the business and will look after the above-the-line communication."
Bank of India holds the highest stake in the JV (51 per cent), Union Bank holds 23 per cent and Dai-ichi, 26 per cent.