IndiaFirst Life Insurance, a joint venture between Bank of Baroda and Andhra Bank along with UK's Legal & General, is on the lookout for creative, media and digital agencies in Mumbai. A pitch process in on, where all major Mumbai-based agencies have pitched for the account.
The size of the business could not be ascertained at the time of filing this story. However, it is known to be substantial. At the time of its launch, the company had spent about Rs 25 crore on marketing.
Interestingly, the creative agencies will need to indicate their preference for the bid at the beginning (ATL only/ATL and BTL). These will include creative/design adapts, internal communication and day-to-day marketing activities. For BTL activities, the scope of work includes tactical sales campaigns and contests in order to directly influence business development at an operational level.
In order to support promotions through the digital channel, IndiaFirst Life Insurance also intends to identify and engage an integrated digital agency for assistance in search engine marketing (SEM), search engine optimization (SEO) and online reputation management (ORM) activities.
The company plans to appoint media planning and buying agencies for planning and buying TV, print, radio, cinema, OOH, digital and other media inventory.
For the record, in January 2010, Mudra Connext, the media agency of Mudra Max, had won the media duties for IndiaFirst Life Insurance. The creative business at that time was split between Saatchi & Saatchi and Percept/H.
Headquartered in Mumbai, IndiaFirst, which is capitalised at Rs 605 crore, is one of the country's youngest life insurance companies promoted by two of India's largest public sector banks - Bank of Baroda and Andhra Bank, along with UK's leading risk, wealth and investment company Legal & General. Bank of Baroda holds 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold 30 per cent and 26 per cent stakes, respectively.
The company's product range covers the typical needs of protection, savings, education, retirement and health. There is also a wide range of group insurance products ranging from credit life, term and employee liability plans.
Last year, IndiaFirst rolled out an ad campaign for one-of-its-kind 'Money Back Health Insurance Plan', across all verticals including television, outdoor media and the digital space.