It's that time of the year, when insurance companies are at their peak of activity. Recently, the insurance company Future Generali, a JV between India-based Future Group and Italy-based Generali Group, came up with an ad campaign to promote its ULIP Sanjeevani Plus.
The core of the communication is that besides providing the option of partial withdrawal after the completion of three full policy years, Sanjeevani Plus also gives the option of additional allocation of funds through regular top-ups. Thus, an investment is not locked for a long period.
To communicate this, Future Generali, along with its outdoor agency OAP and creative agency Ogilvy, has launched a mass media campaign across outdoor, TV and BTL.
"Not much can be done about this, as all the key decisions related to ULIP plans are taken by Insurance Regulatory and Development Authority (IRDA). There cannot be a major difference between two plans offered by different players in this segment. Also, the insured is hesitant in investing in insurance policies and ULIPs, as the funds get locked for a longer time, leaving one helpless in times when money is needed the most," he says.
As part of the outdoor campaign, an open safe has been created on a mechanised hoarding, with bundles of currency notes inside. The door of the safe opens and closes, with the copy on the creative reading, 'Ab Investments per tala na lage'. This is also the key message of the latest TVC.
Close to 400 hoardings have been taken up in metros and tier II and III cities across India, including Delhi, Mumbai, Chennai, Bengaluru, Pune and Hyderabad. Also, branding has been done on cantilevers, unipoles, bus shelters, bus panels and ad displays inside metro trains in Delhi and Kolkata.
Speaking on the efficacy of outdoor for the banking, financial services and insurance sector, Abhijit Sengupta, chief executive officer, OAP shares, "Outdoor has worked for BFSI for many years. The only difference is that earlier, the medium was used to build frequency; and today, planners are using it effectively to build reach. This is because the potential consumers are all available out of home, and multiple touch points are being used."
A promotion contest was also carried out in February end at Future Generali mallassurance, an insurance distribution channel, which involves selling insurance to shoppers frequenting 20 Big Bazaar outlets in the metros. As part of this, a safe was kept at the counter, along with a bunch of identical keys; and the safe could be opened with only one of the 20 keys. Participants were encouraged to find the right key and open the safe in not more than three attempts.
Those who managed to open the safe were given two free movie tickets to watch the latest movie of their choice at the nearest Big Cinema. A total of 1,500 movie tickets were distributed to the winners. Janjire shares that the company managed to get substantial leads with the activity.
The company has spent 25 per cent of its ad budget on outdoor and BTL. Also, no spends have been allocated to print.
Though the product has been around for close to a year, this is the first time the company has signed up for a nationwide campaign. Earlier, the promotional activities for Sanjeevani Plus were restricted to point of sales, posters, leaflets and pamphlets.
The January-March quarter is important for all insurance players, with almost 50 per cent of premiums being collected during this period. Consequently, the quarter also sees maximum advertising spends from all the players as they try to get the maximum share of voice and generate pull for their products, when customers are out to buy for tax or investment purposes.