With yet another life insurance player deciding on a creative custodian, the action on the scene has started settling down. HDFC Standard Life Insurance has culminated its search of a creative agency and the decision has come in favour of Dentsu Marcom. The other agencies competing for the Rs 12-crore business apart from the incumbent Canco Advertising were Ambience, Capital and Interface.
The pitch was called last month. The intention behind looking for a new creative partner was to give its advertising a new look and put fresh thoughts behind it. In the case of HDFC, sources inform that the company is looking at pension funds and communications surrounding it in a big way.
The company was incorporated in August 14, 2000 under the name of HDFC Standard Life Insurance Company Limited. HDFC is the main shareholder in the Indian venture of the global life insurance major Standard Life, with 81.4 per cent stake in its kitty, while Standard Life owns 18.6 per cent. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under the current regulations.
HDFC and Standard Life have a long relationship built on shared values. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured.
Till the time of filing the story, the client and the agency refrained from commenting on the development.