Indian insurance industry is soon to experience a compete shift in trend as far as brand awareness and recall are concerned, says a Taylor Nelson Sofres Insurance Tracker report.
According to the TNS report, private insurance companies are aggressively heading on to big-bang advertising campaign to build brand awareness and recall. While life insurance baron LIC still dominates the market with 99 per cent brand-awareness and a 75 per cent share of mind, private players are increasingly making inroads into the consumer mindspace.
As the global market information major reports, the war to win your mind turns interesting, taking into account the leading players and their advertising-mix. ICICI Prudential – the second in the league, with 66 per cent awareness and only nine per cent mindshare is emphasising on a mix of corporate (Suraksha Zindagi Ke Har Kadam Par) and product (Chintamani – no Chinta only Money) advertising campaigns to get hold of a bigger pie.
When SBI Life, the third in the row, is banking solely on corporate (Woh Bacchpan Ke Din Lauta Do) advertising, Dabur Aviva is focussing more on product advertising.
Referring to the report, Shobha Subramanian, Senior Vice President, TNS India, says: "For private insurance players, the key task is to build awareness, trust and positive disposition – for behaviour that creates the impact in the marketplace." Subramanian believes as a consequence of such heightened media activity, private players are gaining in acceptance across the market, and LIC has started to lose its share of mind.
Conducted in seven major cities, Delhi, Mumbai, Kolkata, Chennai, Bangalore, Ahmedabad and Hyderabad during December ’03 to January ’04, the study aims to monitor the impact of marketing initiatives that the insurance marketers adopt and reflect the competitive activity and the evolving needs of investor groups. “This is the only continuous brand-health monitoring study for the insurance sector,” says Subramanian.