IndiaFirst Life Insurance, a joint venture between two of India's largest public sector banks – Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General – has rolled out the new ad campaign for one-of-its-kind ‘Money Back Health Insurance Plan’. Segregated across all verticals - Television, Outdoor Media and Digital Space, the campaign highlights the USP of this never-before plan.
In an email interaction with exchange4media, Dr P Nandagopal, MD & CEO, IndiaFirst Life Insurance, stated that the brand communication team at IndiaFirst took a very different approach of looking at its communication strategy. There was a direct product benefit in this product – in conventional health insurance plans, one loses money spent on premiums on insurance not claimed. In this plan you would get maturity benefits without claiming since health insurance was bundled with ULIP.
He added, “The brief was to take the proposition forward in the Above-the-Line campaign and the television commercial in a fun but relevant manner, bringing out the USPs of the product. There were several other benefits, however that the brand team wanted to push, and it was decided to do the same in the outdoors media as well as the other 360 touch points. Think WhyNot was assigned the mandate of handling the outdoor campaign and the 360 touch points for communication, while Saatchi & Saatchi was to handle the television commercial.” Mudra Max is the media agency on the account.
One of the lucrative offering of the Money Back Health Insurance Plan is the ‘protection with returns’ scheme. As part of the scheme, a substantial part of the premium one pays is actually credited into one’s policy account and this money is invested in various funds as per one’s choice to get optimum returns. Keeping this in mind, the campaign leverages the insight that young people are often not motivated to buy health insurance as they feel it is money wasted versus other investments, as claims or returns are dependent on one falling ill.
Dr Nandagopal elaborated, “The key differentiator of the product is that Money Back Health Insurance Plan is the most convenient one to use in case of claims. Not only is it cashless in over 4,956 network hospitals, customers just need to swipe their Health Card like they do for their credit card and IndiaFirst’s Call Center will instantly authorise the payment after checking the eligibility. This is the first of its kind facility offered in India and will be most convenient for customers in case of medical emergencies.”
The plan is a long term plan for 5 or 10 years and offers dual tax benefit of Section 80C and 80D, under the current tax laws.
The television commercial, developed by Saatchi & Saatchi, captures this idea in a humorous dramatisation showing a young man who would go to any extent, even injuring himself, so that he can get some returns from his health insurance. Keeping in line with the IndiaFirst brand personality, this TVC too has the flavour of real India and reflects the aspirations and challenges of young Indians.
Explaining the genesis of the campaign idea, Ramanuj Shastry, National Creative Director, Saatchi & Saatchi, said, “Young people don’t want to spend money on things that they believe have a very low chance of giving them returns or benefits. And being young, falling sick is not something that they are overtly worried about. This, we realised, is what holds them back from buying health insurance policies. The creative idea ‘returns without the pain’ evolved from this understanding.”
To further maximise the reach of this never-before Money Back Health Insurance Plan to its target consumers, IndiaFirst Life Insurance has also chalked out an interesting outdoor campaign that has been developed by Think WhyNot, the agency that has earlier has lend its creative support in maneuvering IndiaFirst’s Above-the-Line campaign for ‘Ask-Apply-Get’, the new outdoor campaign kicked-off with a witty teaser to build a buzz around the USPs of this never-before plan.
The first leg of the promotion involved a teaser campaign, aimed at highlighting the benefits of the plan and at the same time evoking curiosity for the product and anticipation for the date of the launch of the campaign. To generate maximum interest, the teaser campaign for instance read “To secure the entire family with a single plan, one should: Get a big umbrella or Wait till 8th Aug.”, which was to keep the target consumers waiting for more. The next leg of the outdoor campaign, leveraged mainly through hoardings aimed at bringing to fore the four key features with brevity and clarity.
Cashing on the advantage of the Digital Space, an innovative online campaign has also been devised by Think WhyNot through the use of humorous web banners across various sites.
Apart from the outdoor and the online campaign, IndiaFirst will try to reach out its target customer via other Below-the-Line collaterals that will support the campaign. The campaign was rolled out on August 1, 2011, while the digital innovations would roll out by mid-August.
Through this campaign, Indiafirst tries to reach out to its target customer and evoke interest, curiosity, and surface expectations from product experience. The idea behind developing the complete campaign was to generate mental engagement with the company as well as introduce the new health insurance plan to potential target consumers.
About IndiaFirst Life Insurance
Headquartered in Mumbai, IndiaFirst, which is capitalised at Rs 455 crore, is the country's youngest life insurance company promoted by two of India's largest public sector banks - Bank of Baroda and Andhra Bank along with UK's leading risk, wealth and investment company Legal & General. Bank of Baroda holds a 44 per cent stake in IndiaFirst, while Andhra Bank and Legal & General hold a 30 per cent and 26 per cent stake, respectively.
Creative: Ramanuj Shastry, Rakesh Pandit
Account planning: Sourabh Mishra
Production House: Whodunnit films
TV commercial director: Sujay Shetty