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LIC is the giant that dwarfs a field of babies in the business of life insurance in India. And this is reflected in the coverage it receives in the Indian press as against everyone else: it gets as much column cm as the remaining dozen or so life insurance companies put together. This is the finding of Cirrus, a service from agencyfaqs!, that gauges the effectiveness of a company's media relations activity.
LIC's behemoth-like domination is no surprise. More interesting is who among the newcomers to the country is making the greatest impression on the public. The market is still young and the figures change every day; but for now, the No 2 in the image stakes is Max New York Life. HDFC Standard was the runner up to LIC all along until March when Max New York overtook it. ICICI Prudential (No 4), ING Vyasa (No 5) and Metlife India (No 6) follow.
The ranking is based on cumulative press coverage monitored by Cirrus since October 1, 2001. The calculation takes into account a variety of parameters including publication readership, size of display, prominence and positive (or negative) tone of the article.
When all companies in India (Cirrus monitors the coverage of more than 1,100), across industries are taken into account, LIC stands at No 18 in terms of positive mileage. Max New York Life is at No 111. ICICI Prudential (No 122) and HDFC Standard (No 127) are the others higher in the fray.
LIC has received more than half its positive mileage through the area of marketing and sales. And while marketing and sales is also the biggest news generator for Max New York Life, it has in various months also scored over its competitors through interviews, personality-based pieces, as also news about its financials plus investments and disinvestments.
Cirrus also allows the examination of media relations by city.
· Among life insurance companies, LIC was especially strong with the press in Kolkata and Mumbai, weakest in Chennai and Bangalore.
· Max New York appeared consistently across all cities but with an accent on Delhi.
· HDFC did especially well in Delhi and fairly in Mumbai but its coverage in the other major cities was weak.
Â© 2002 agencyfaqs!