Star Union Dai-ichi, the proposed new insurance venture promoted by Bank of India, Dai-ichi and Union Bank, has invited advertising agencies to pitch for its creative business. Kamalji Sahay, CEO, Star Union Dai-ichi Life Insurance, has confirmed the development. The pitch would take place from September 18- 25, 2008. The agencies will commence their presentations with branding activity of the group as briefed by the client.
The group plans to empanel agencies as per its ATL and BTL activities. The official launch of the company will be announced in December 2008. The new company will focus mainly on bancassurance for distributing its products. Bank of India has a 51 per cent stake in the new company, while Dai-ichi and Union Bank hold 26 per cent and 23 per cent stake, respectively.
As per media reports, the operations begun with a capital base of Rs 250 crore and based on the solvency requirements, it would be hiked to around Rs 450-500 crore in the next five years.
Star Union Dai-ichi Life Insurance Company Ltd is also committed to providing insurance to rural and weaker/ social sectors. Both the domestic partners are in the process of implementing Government of India’s initiative of financial inclusion and their pan-India network of branches, giving the company a natural edge in catering to these sectors effectively.