Universal Sompo, the general insurance joint venture between Allahabad Bank, Sompo Japan Insurance Inc., Indian Overseas Bank, Karnataka Bank and Dabur Investments - has brought Mumbai based Interpub on board as its creative agency. The agency will also look after the media duties for the brand.
Talking to afaqs!, ON Singh, executive chairperson, Universal Sompo, explains that the coming together of the three banks has been symbolised by the triangle of the logo of Allahabad Bank, and the rising sun from Sompo Japan, which form the complete logo.
Universal Sompo makes an entry in the general insurance industry which, according to reports, currently stands at Rs 56 billion, including motor insurance and health insurance.
Singh reveals that the campaigns for the brand will go on air in about a month.
Yogendra Gouti, director, Inter Publicity, reveals that initially, five campaigns will be released. Besides a corporate campaign, the other four campaigns will be for the various products offered by Universal Sompo, namely motor insurance, health insurance, shopkeeper's insurance (against theft, fire and others) and home insurance (insurance for householders). He admits that household insurance is not a very strong concept in India, and will need some working upon.
With de-tariffing being a trend which has caught up fast in the insurance sector, the whole scenario seems to have changed with respect to how insurance, as a product, is looked at, marketed, sold and bought. Each brand has a better plan to offer, at a better price which is most desirable to the purchaser.
With insurance advertising brimming with propositions such as trust, solidarity and even the economic slowdown, it will be worth watching what Universal Sompo, as a new entrant, has to offer in terms of a brand positioning.
For the record, a total of 21 non-life players are a part of the general insurance category, with room for more. The general insurance category made a collection of about Rs 478 million between April 2008 and February 2009.