Max New York Life (MNYL) has launched its newest product offering, called Max Vijay.
Having started out with the project about a year ago, MNYL studied markets and has targeted consumers who don't have a strong capital value - a move that is very unlike an insurance player.
"Max Vijay is a saving means for that Indian who does not have a fixed income," says Anisha Motwani, executive vice-president, marketing and chief marketing officer, new markets, Max New York Life. The consumer base that Max Vijay is targeting is the aspirational commoner and struggling Indian.
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Unlike most insurance policies where a fixed premium amount has to be paid at a fixed date for a fixed period of time and defaulting on payments may cause the policy to lapse, Max Vijay is a whatever, whenever, wherever scheme. The customer can pay any amount of premium and at any time.
The idea is that when the customer has a little money (as small as Rs 10), he can deposit it in his Max Vijay account. The model of Max Vijay is geared to flow in the rhythm of FMCG and telecom sectors.
The stress is on utilising channels where the customer already transacts or interacts. Max Vijay has tied up with retail stores, mom and pop grocery stores, NGOs and even common service centers in villages.
The primary task at hand for the insurance company is to educate this whole new niche of people about the new way to save money with the little that they have.
Ogilvy and MNYL have narrowed down on actor Amitabh Bachchan to endorse the brand. Piyush Pandey, executive chairperson and creative director, Ogilvy South Asia explains the choice of the celebrity, saying that the actor has enacted numerous roles as the underdog who rises to be a bigger and much accomplished man. His stature and existence has been challenged in many movies as well but the actor (in those movies) proves everyone wrong to rise above all.
The communication that Ogilvy has created is about how those who feel left out due to their so called smaller stature in society can change things around with small savings.
The campaign started off with an outdoor teaser advertisement. The next phase was the revealer that was accompanied by outdoor and television. The television commercial is informative and this stage will continue for a while.
It is also learnt that subsequent communications will also have a hint of information as the job will be to create awareness of the new form of insurance and dealing with it.