Following a multi-agency pitch, IDBI Fortis Life Insurance, a JV between IDBI, Federal Bank and Fortis Insurance International, has appointed its creative and media agencies. Ogilvy India has been assigned the creative mandate, while Equinox, the second agency from ZenithOptimedia, has bagged the media mandate. According to sources close to the development, the account size is estimated in the region of Rs 8-10 crore. Network Advertising is the incumbent agency.
Though there was no official confirmation forthcoming at the time of filing this report, sources close to the development have confirmed the win.
The agencies that had taken part in the pitch process reportedly included Ogilvy India, Saatchi & Saatchi, Rediffusion Y&R, McCann Erickson and Network Advertising. The final round of the pitch had concluded with the shortlisting of Ogilvy India and Saatchi & Saatchi.
According to the sources, it is understood that Ogilvy India had an edge over Saatchi & Saatchi in the fiercely contested pitch as the agency also handles the IDBI Bank Ltd account.
IDBI Fortis Life Insurance offers a full range of life insurance and long-term savings products in the Indian market. As per the agreement, IDBI owns 48 per cent equity stake, while Federal Bank and Fortis each own 26 per cent equity stakes in the joint venture, which is the maximum allowable shareholding for a foreign insurer under the FDI regulations in India.