Life Insurance Corporation of India (LIC), the oldest and leading player in the insurance sector, has empanelled four agencies - RK Swamy BBDO, Mudra, JWT and Draftfcb Ulka for its creative as well as media duties.
The media counterparts of the appointed agencies will look after the media duties for the business.
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Together, the agencies will look after the creative duties for LIC, the corporate brand, and the various products offered by the company - insurance plans, pension plans, unit plans, special plans and group schemes.
The four agencies would pitch from time-to-time for the creative duties for various products, as and when the company needs to advertise.
The pitch process began in September last year. Nearly every agency responded to the tender. There was one round of presentations, where the agencies were asked to present their credentials and the strategy for the brand.
LIC runs an empanelment process every two years. Prior to this, RK Swamy BBDO, Mudra and Draftfcb Ulka were on the company's roster. RK Swamy BBDO, in fact, has been associated with the brand for about two decades. Mudra has worked with LIC for about a decade; while Draftfcb Ulka has been with LIC for a little less than five years.