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TOPIC

ADVERTISING IN INSURANCE

SUBMITTED BY
MANASVI SOLANKI

PROJECT GUIDE
MS.SUBHASHINI NAIKAR

T.Y.B.C.B.I (VI SEMESTER)

SUBMITTED TO
UNIVERSITY OF MUMBAI

RAJASTHANI SAMMELANS
GHANSHYAMDAS SARAF COLLEGE
AFFILIATED TO UNIVERSITY OF MUMBAI
ACCREDITED BY NAAC WITH A GRADE
&
DURGADEVI SARAF JUNIOR COLLEGE
(ARTS & COMMERCE)
S.V.ROAD, MALAD (WEST)
MUMBAI: 400 064
YEAR: 2010-2011

RAJASTHANI SAMMELANS
Ghanshyamdas Saraf College
Affiliated to University of Mumbai
ACCREDITED BY NAAC WITH A GRADE
&
Durgadevi Saraf Junior College (ARTS & COMMERCE)
S.V. Road, Malad (W)
Mumbai: 400 064

CERTIFICATE
I Ms.Subhashini Naikar hereby certify that Ms. Manasvi Solanki. A student of
Ghansyamdas Saraf College of T.Y.B.C.B.I (Semester VI) has completed Project
on Advertising In Insurance in the Academic Year 2010 -2011. This information
submitted is True and Original to the best of my Knowledge.

External Examiner:

Principal

Date:
Project Co-ordinator:
College Seal
Date:

ACKNOWLEDGEMENT

I take this opportunity to thank the UNIVERSITY OF MUMBAI for giving


me a chance to do this project.
I express my sincere gratitude to the Principal, course Co-ordinator & Guide
Ms. Subhashini Naikar Madam, and our librarian and other teachers for their
constant support and helping for completing the project.
I am also grateful to my friends for giving support in my project. Lastly, I
would like to thank each and every person who helped me in completing the
project especially MY PARENT.

DECLARATION
I Miss Manasvi Solanki A student of Ghanshyamdas Saraf College of Arts and
Commerce, Malad (W) T.Y.B.C.B.I (Semester VI) hereby declare that I have
completed project on Advertising In Insurance in the academic Year 2011
-2012. This information Submitted is true and original to best of my Knowledge.

Date:

Signature of student

INDEX
SR NO.

TOPIC

PG NO.

SUMMARY
CH NO

CHAPTERS

INTRODUCTION-ROLE OF ADVERTISING IN

INSURANCE
2

GROWING IMPORTANCE OF ADVERTISING IN

INSURANCE

CLASSIFICATION OF ADVERTISING

10

AIDA MODEL

20

DAGMAR MODEL

23

IMC MODEL

28

BRAND BUILDING

36

CREATIVITY IN INSURANCE ADVERTISING

45

LIC V/S PRIVATE PLAYERS

50

10

SLOGUNS OF INSURANCE COM[ANIES

57

RESEARCH FINDINGS
CONCLUSION
QUESTIONNAIRE
BIBLIOGRAPHY

EXECUTIVE SUMMARY
Insurance Marketing is definitely considered as one of the most strenuous jobs for
those involved in the marketing sector.Advertising being a part of the vast
Insurance Marketing process play a very important role as well as in modern
business.
Due to excessive specialization, mass production and competition, advertising has
become an indispensable activity in business. It is growing as a backbone of
modern national and international marketing. Life insurance being one of the
hottest topics in the insurance industry, insurance companies try to pull crowd
towards life insurance, and go for different advertisement innovations and
techniques to attract people.
Insurance advertising companies are employing every new mean to advertise
themselves.
The most obvious but expensive form of advertising being employed by them is
the television. A huge number of people are glued to the television, so insurance
companies target this medium on a prime basis. They build distinct advertisements
that arrest the attraction of the viewers, thus putting a mark on them about the
importance of life insurance and what they have to offer. TV advertisements are
very effective since target audience both see and listen to what is being told at the
same time.
Advertising about insurance in local newspapers is also a very effective way to
advertise and market the agency, since the companies try to build brand name
recognition for themselves. The online version of the Wall Street Journal has over
4.5 million visitors, having a catchy insurance advertisement there will definitely
pull a big crowd. Life insurance companies also understand that local audience and

a family type atmosphere is a great way for advertising insurance business. So,
these firms play their advertisements in movie halls when people are out with their
family to watch a film, typically coming up when viewers are sitting in their seats
waiting for the movie to start.
Insurance companies have adopted different innovative ways of advertising their
brand. Some of them are as follows:
Celebrity Endorsements has been a key favorite in the endorsements for the
financial sector. From Amitabh Bachchan to Sachin Tendulkar and Vijendar
Singh, celebrities have been seen endorsing these financial products time and
again.
A certain section of the Indian market, saturated with celebrity endorsements,
has also brought about an emergence of mascots that create a new personality of
the product with their looks, mnemonics and sounds. Be it ICICI Prudentials
Chintamani or Tata AIGs Sukhi-Dukhi, they all have created immense brand
recall for their respective companies.
Life Insurance companies are also having tie-ups with bollywood films such as
3 Idiots, Paa, Love Aaj Kal, Cheeni Kum, etc in order to create a wider reach
for their advertising campaigns. In fact, Reliance Life Insurance has its tagline
as All is well which is inspired from the film 3 Idiots.
Brand Repositioning strategies are also adopted in order to adopt an eyecatching punch lines and campaigns which will lead to a great brand recall
value
Advertising via the medium of Sports also has been one of the favorites for
advertisers. Be it in-game advertising strategies done by

Bajaj Allianz or

HDFC Standard Lifes association with the Rajasthan Royals Team

Advergaming and Spoofs through the viral advertising medium has caught great
attention of advertisers and consumers. IDBI Fortis and ICICI Prudential are
great examples of the same.
Online advertisements on popular web portals are also being employed by these
firms. Along with publicizing their brand names, the life insurance companies
also keep reminding people about the importance of getting life insurance
And other advertising strategies such as brand display on shoe-shining
machines, local trains, launching music albums have also been undergone by
various life insurance companies
All these Advertising Innovations which lead to great Advertising Effectiveness
have been dealt with later in the project by discussing the strategies adopted by 12
top Life Insurance companies. The project also discusses about the origination of
advertising in Life Insurance, its current scenario and its effect on the consumers
minds.

Advertising
In
insurance

RESEARCH FINDINGS

Advertisements are sometimes spoken of as the nervous system of the business


world. India is a country is very high on emotions. Most people here act and
react more on instinct & emotions than anything else. The feel factors is very
strong. People not only relate very well to emotions, but are also immensely
entertained by them.
A survey for the better understanding of the awareness or popularity of the
brands and their plans was carried out. This data can be exported to take decision
for promotional strategy across the industry. The significance for the industry lies
in studying these trends that emerge from the study. It is a rapidly changing and
evolving sector. People are only beginning to wake up to its vast possibilities. A
study like this can attempt to guide the future of the industry based on current
trends.
The next step involved in collecting information requires discussion with people.
Thus valuable information can be gathered informal friendly talks with the people.
Interpretation refers to the task of drawing inference from the colleted facts after
an analytical study, in fact it is a search for broader meaning of research findings it
is through interpretation that the researcher can well understand the abstract
principle that respondents beneath his findings. The simple statistical tools will
used to analyze the data collection.

The result of the survey will help the company to know about the effectiveness of
various life insurance advertisements and how much advertisement is helpful in
buying decision. The results will also help the company to trace the loop holes and
then take the corrective measures to rectify them.

CONCLUSION

Clearly emotions plays significant role in advertising of services. If advertisers


elicit the correct emotions in consumers, link between the brand and the character,
the character and the viewer and the viewer and the brand can all be made. These
links all serve to increase brand preference, create a favorable image toward the
brand & to encourage the consumer to purchase the product. Humor & fear appeals
are two emotions appeals that are commonly used in adverting today. Advertising
plays an important role in current marketplace. It creates identification, personality
& promotional continuity to a brand.
In spite of all the challenges, promotion in insurance sector is unavoidable.
Although the acceptance level of these advertisements is not as high as in western
countries, they have certainly created awareness among the target audience.
Undoubtedly, creativity in advertising in advertising will promote the insurance
sector and will help them to go a long way in offering security to the people.
There has been a tectonic shift in advertising the insurance companies. Till 2 or 3
years back a typical Ad will showcase a small happy family enjoying their life.
Then one unfortunate Day the head of the family dies in an accident and the rest of
the family is drawn to rags. The ad ends up saying Insurance can help them against
such calamities. People bought the idea and started buying insurance. But there
was a basic flaw in the ads. It tells the consumers about the advantages of having
Insurance but nothing about buying insurance from a particular insurance firm.
So whoever casting such ad was helping the industry as a whole but not their
specific firm. If we see the recent ads they are talking about how
SBI Life can help smoothen your old-age life or how ICICI Prudential can
help you in receiving pensions etc. This sounds more logical. Each ad speaks about

how their firms offers can help you instead of telling how insurance as a whole
can help you.
In concluding part of this project it shows that advertisement is very much
important for any business. A huge amount is paid by companies against
advertisement. There are many ways available to give advertisement on which this
amount is paid this are TV, Newspaper, Radio, Internet etc. The amount spent on
advertisement over four year across the world is shown I table.
At the initial phase of a company it is important that they give emphasis on
corporate advertising because it helps in brand recall. At the later stage company
can go for product class advertisements. Well it is also found that during session
that endorsement of celebrities is helpful in ad recall. But giving advertisement in
any type of media is not the only medium; there are many other ways also like
social service, by way of educating people. Especially for Insurance companies if
they want to capture rural market then they have to approach in different way. In
my opinion rural market can only been captured if we reaches to there heart. And
this can be happen only if we solve there basic problem.

QUESTIONNAIRE

Which media is mostly used for information regarding insurance products?


On which channels the insurance products advertisements comes mostly?
Based on the features advertised in the ads to which point you agree the most?
Do you think this ad has influence you to buy the insurance policy?
Which company ad is mostly popular?
Other than T.V where one can see the Life insurance ad?

BIBLIOGRAPHY

WEBSITES:
www.wikipedia.com
www.scribd.com
www.ask.com

BOOKS REFERRED :

Insurance advertising - Ethics and Law by Richard L Ismond.