LIC, which is gearing up to celebrate its 50th
anniversary in September 2005, has decided to make
reasonable noise around the brand. In the process, the
financial major has called for a pitch to handle the
activities around the anniversary celebrations.
Informed sources divulged that only LIC’s empanelled
agencies would be part of the pitch proceedings. The
account size is to the tune of Rs 10-15 crore.
In November last year, LIC had signed on four agencies
– JWT, FCB Ulka, Everest Brand Solutions and Mudra. These agencies are
contesting to be a part of the anniversary business as well.
At the time of filing the story, company officials were not available for comments. The pitch processes began a few weeks back and the presentations are still going on. Sources in know of the situation informed that the process would be over by this week and the decision would be made next week.
As is known, LIC’s total account size is in the region
of Rs 125 crore. The empanelled agencies are
responsible for both the media and creative duties for
LIC has its corporate office in Mumbai with seven
zonal offices. There are 100 divisional offices and
2,048 branch offices, while the number of agents for
the insurance major is 1,002,149.