Subject category:
Marketing
Published by:
Amity Research Centers
Length: 12 pages
Data source: Published sources
Topics:
Insurance industry; Life Insurance market; Post Liberalisation; Celebrate life theme; Positive marketing; Negative marketing; Crowded market; Brand journey; Advertising; Fulfil every wish; ICICI Prudential Life; Bajaj Allianz Life Insurance; HDFC Standard Life Insurance; and SBI Life Insurance
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Abstract
With a market size of $60 billion, the Indian Life Insurance sector was the largest in the world. Life Insurance Corporation of India (LIC) was the only company in public sector for Life Insurance. After liberalisation in 2000, many international players entered the Indian market through joint ventures. ICICI Prudential Life, Bajaj Allianz Life Insurance, HDFC Standard Life Insurance and SBI Life Insurance (SBI Life), were the major players in Indian Life Insurance market. Formed in 2001 with a joint venture between State Bank of India (SBI) and BNP Paribas, SBI Life was the major player in Indian Life Insurance market. By 2015, the Indian Life Insurance market was crowded with 24 players. All major life insurers were marketing very aggressively to capture the market share. Unlike most of the advertisement in life insurance sector, being fear inducing or extremely emotional, SBI Life always focused on the positive side. In its latest ad campaign ‘Ab Har Shouk Poora Hoga’ (fulfil every wish now) ad campaign, SBI Life showcased the idea of not having to compromise on the current desires to save for future. Given the intense competition in the crowded Indian insurance market, experts wondered whether SBI Life would be able to sway consumers’ mind and move ahead of the curve by ‘Ab Har Shouk Poora Hoga’ campaign.
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Abstract
With a market size of $60 billion, the Indian Life Insurance sector was the largest in the world. Life Insurance Corporation of India (LIC) was the only company in public sector for Life Insurance. After liberalisation in 2000, many international players entered the Indian market through joint ventures. ICICI Prudential Life, Bajaj Allianz Life Insurance, HDFC Standard Life Insurance and SBI Life Insurance (SBI Life), were the major players in Indian Life Insurance market. Formed in 2001 with a joint venture between State Bank of India (SBI) and BNP Paribas, SBI Life was the major player in Indian Life Insurance market. By 2015, the Indian Life Insurance market was crowded with 24 players. All major life insurers were marketing very aggressively to capture the market share. Unlike most of the advertisement in life insurance sector, being fear inducing or extremely emotional, SBI Life always focused on the positive side. In its latest ad campaign ‘Ab Har Shouk Poora Hoga’ (fulfil every wish now) ad campaign, SBI Life showcased the idea of not having to compromise on the current desires to save for future. Given the intense competition in the crowded Indian insurance market, experts wondered whether SBI Life would be able to sway consumers’ mind and move ahead of the curve by ‘Ab Har Shouk Poora Hoga’ campaign.