Private life insurance player ICICI Prudential Life Insurance has aligned itself with MindShare, for the execution of its media mandate. The account, estimated to be in the vicinity of Rs 20 crore, rested previously with Initiative. There were two rounds of presentations, the first involved nine agencies and amounted to a credentials presentation, while the second narrowed the margin down to five, and inspected ability for innovation and efficiency in planning and buying. As per confirmed sources, the five agencies that were pitted against each other in the second round included Starcom, Lodestar, MPG, MindShare and Initiative.
Says Abhishek Bhatia, Chief Marketing Manager, ICICI Prudential, “We were looking for an agency which would deliver beyond traditional media requirements. As a company, we place a premium on innovation, which made us bond instantly with MindShare. Besides obvious factors such as planning and buying capabilities, we felt that we needed an agency which doesn’t just display tools but knows how to employ them in the best possible manner. A big factor that worked in their favour was the creativity involved in their approach and their instant comprehension of our brief.”
Bhatia adds, “As a company, ICICI Prudential has always had the ability to think beyond the conventional. And to the best of our knowledge, MindShare is an agency which plans beyond tools on paper and rises above mere negotiation.”
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 6.75 billion with ICICI Bank and Prudential plc holding 74 per cent and 26 per cent stake respectively. In the year ended March 31, 2004, the company had issued over 430,000 policies, for a total sum assured of over Rs 8,000 crore and premium income in excess of Rs 980 crore. The company has a network of about 30,000 advisors; as well as 12 bancassurance tie-ups.