ICICI Prudential has carved out a market leadership position in the private sector since it began operations in 2000 and has retained that position since then. In FY05, the company's market share was 32 per cent among private companies and 7 per cent of the total market.
Its advertisements - beginning from the corporate 'Sindoor' commercial up to the recent 'Saat Phere' one - seek to bring out the trustworthiness value of the ICICI Prudential brand.
Said Sujit Ganguly, Head (Marketing), ICICI Prudential, "Over the past year, ICICI Prudential has experimented with various activities to engage with its customers. This included Chintamani-Taxi campaign, 'dabbawala mailer' for retirement solutions, getting the photographs of children in graduation robes to promote the SmartKid brand, ICICI Pru's Smart Kid Cricket Clinic, which had Chris Cairns coaching two hundred budding young cricketers between the ages 7-15, etc."
Ganguly added, "We are particularly proud of the SmartKid initiative. In a unique activity to promote its Smart Kid education plans, ICICI Prudential set up stalls at school fairs and movie theatres where children had a chance to don a graduation robe and cap and have their picture taken. The idea was to give parents a glimpse of their child's future. The response to this was overwhelming, with long queues of parents wanting to see their kids dressed in graduation caps and gowns. The concept worked as a simple and effective way of grabbing their attention in an interesting manner while building on SmartKid's brand message of 'Education Guaranteed' (and exposing them to ICICI Prudential)."
Interestingly, ICICI Prudential tapped into the efficiency of Mumbai's 'dabbawallas' by sending mailers on retirement solutions and how these help save tax.
Shaped like a bitten apple, the mailer came through an unconventional route at a time when tax planning was top of mind. The objective of this exercise was to talk to the customer through a non-cluttered route, and thereby have a higher impact. The added advantage was the zero defect channel of dabbawalas, ensuring the entire target was reached.
Ganguly said, "In addition, more than two hundred budding young cricketers between the age 7 and15 had the opportunity to spend several hours with Chris Cairns, the ace cricketer from New Zealand, at the ICICI Pru's Smart Kid Cricket Clinic. The well-known all-rounder shared his bowling and batting tips with children hailing from various cricketing academies. Such a cricket clinic by Chris Cairns was a wonderful fit with Smart Kid's proposition of furthering education and all-round development and was a huge hit with children and their parents alike."
Communication-wise, would there be more decibels for 2005? Ganguly answered, "As the insurance industry gains momentum, it is likely that the overall decibel level will rise. The challenge for ICICI Prudential will be to retain its Share of Voice and cut through the clutter."
According to the latest syndicated studies (Brandtrack 7), ICICI Prudential enjoys the highest brand recall of 92 per cent among all private life insurers, next only to LIC (97 per cent).