ICICI Prudential has established itself as a leader in the private life insurance space with 6.91 per cent market share in the total pie. It has registered a growth of 77 per cent over previous year and is bullish about maintaining the same leadership growth.
As an indicator to the growth of the brand, its communication strategy, too, has moved on from showcasing soft subtle protection to being able to provide for a robust protection whenever and wherever and every time it is required.
Sujit Ganguli, Marketing Head, ICICI Prudential, said, “We have been pretty successful in our marketing strategy and we have managed to successfully innovate our products and campaigns. However, after the recent brand audit, we have found out that even though we are the leaders in the private space, we have a lot more work to do in the areas of building trust and emotional bonding with our target audience.”
“We did not want to miss out on an opportunity of being associated with a successful game show on Indian television – ‘Kaun Banega Crorepati’. Thus, we have branded the micro-site of the show on www.indya.com. We have also sponsored the CNBC-TV 18 and Awaaz show ‘Kaun Rahega Crorepati’. This is the way we want to continue leading the market and associate ourselves with the right products,” he added.
As a mark of the brand going truly global, ICICI Prudential has opened up its first branch in Bahrain. This branch is expected to serve the NRI population in the Middle East. With this, ICICI Prudential becomes the first Indian life insurance company to have an international branch.
The focus now is to make the brand more powerful and more trustworthy than ever before.