After taking a call on its creative agency in May 2006, Bharti AXA Life Insurance has awarded its media duties to Madison Media. The account will be handled by Madison Media Infinity. The creative agency on the business is Contract Advertising. The account is pegged at Rs 20-25 crore.
Even though the client and the agency were not willing to comment, a source close to the development confirmed the development. The media pitch was on since May 2006 and the final tug of war was between Madison Media and Starcom.
As is known, following the agreement signed in August 2005, wherein Bharti Enterprises and AXA Asia Pacific Holdings Ltd (AXA) established a joint venture -- Bharti AXA Life Insurance Company Ltd – to carry on life insurance business in India, operations have commenced in India.
Under the joint venture agreement, AXA will have 26 per cent equity in the venture, while Bharti will hold the balance. The JV will have access to AXA’s global life insurance and asset management expertise. Bharti will bring its strong local market knowledge, reputation and India-wide retail presence to the venture.