Following the agreement signed in August 2005, wherein Bharti Enterprises and AXA Asia Pacific Holdings Ltd (AXA) established a joint venture – Bharti AXA Life Insurance Company Ltd – to carry on life insurance business in India, the operations are finally ready to commence in India. Bharti AXA is all geared to ensure that it leaves no stone unturned in its communication and in the process will soon be finalising its advertising agencies.
Confirming the development, Bharti AXA officials said that it was still premature to divulge much on what was expected from the agencies. What they did inform was that an independent media and creative agency would be chosen – of this, Bharti AXA was in talks with seven agencies and had now shortlisted four. On the count of media, it has shortlisted two agencies – Madison Media, which takes care of AirTel at present, and Starcom.
Sources familiar with the situation informed that the creative agencies that Bharti AXA had been in talks with included Contract Advertising, McCann Erickson, Dentsu Communications, Euro RSCG, Saatchi & Saatchi, Fortune Communications and Grey Worldwide.
When asked about the account size, the official said, “It is still too early to get a fix on that. All I can say is that we would spend enough to ensure a successful launch in the Indian market.”
Under the joint venture agreement, AXA will have a 26 per cent equity interest in the venture, while Bharti will hold the balance. AXA, a global player in insurance business, will enable the company to have access to AXA’s global life insurance and asset management expertise. Bharti will bring its strong local market knowledge, reputation and India-wide retail presence.