By Pawan Verma
Competition in the market place is fast changing the face of the Indian life insurance industry. Gone are the days when you could find an insurance agent with his hands in his own pocket. Being an industry insider, I am also aware of CEOs whose eyes earlier sparkled talking about plunging necklines and rising hemlines. Today, they have all developed hazy eyes and long faces, all the time brooding over plunging top lines and rising solvency margins.
During the earlier decades, competition was best reflected by the Cola companies and their cola wars. But, the new century belongs to the insurance companies and their Ad wars. And it is not the meek and the humble who will inherit the earth, but the ones who make the most noises, grabbing maximum mind share, but incidentally, at the same time, making life difficult for the industry regulator.
For a student of marketing, it will be quite interesting to research a topic like, “Insurance Ads ke Side Effects”. One may not be sure how much the sale of its insurance policies went up when a company stormed the print and electronic media with its Ads for Instant Insurance, but, we all know that the sale of instant coffee and instant food like burgers, went up drastically during the period. Likewise, the Viagra producers were the happiest lot, when a company advertised, “Always Up Never Down”, obviously referring to its investment returns.
However, this is just the trailer. As the industry moves on and competition gets tougher, the fight for customer mind share is going to be more intense and the voices more shrill. No longer are the Ads going to be simple and innocent, like, “Jeete Raho” or “Life mein hamesha rahen taiyar”. There is definitely going to be more spice and action, pricks and punches in the Ad speak of the companies.
Consider, for example, this sample of a future Ad war and judge for yourself :
Company A comes out with a tried and tested Ad line : “We cover your risk from Life to Death”
Company B would try outdoing it : “We take care of you from Cradle to Grave.”
Company C will further expand the scope of cover : “Risk covered : from Womb to Tomb”
Company D would apparently have the final word, “We cover your risk from Sperm to Worm”.
But if you thought that this could be the last word on the subject, you are mistaken. Company E would expand the scope further and announce, “Risk Insured – from Erection to Resurrection”.
So what, you would say, the General Insurance industry is already having an Erection All risk Policy and it is doing well in the market. But no, my dear, life insurance is different. I am afraid, the industry regulator would have a tough time, working overnight, watching the promise and the performance.
During the earlier decades, competition was best reflected by the Cola companies and their cola wars. But, the new century belongs to the insurance companies and their Ad wars. And it is not the meek and the humble who will inherit the earth, but the ones who make the most noises, grabbing maximum mind share, but incidentally, at the same time, making life difficult for the industry regulator.
For a student of marketing, it will be quite interesting to research a topic like, “Insurance Ads ke Side Effects”. One may not be sure how much the sale of its insurance policies went up when a company stormed the print and electronic media with its Ads for Instant Insurance, but, we all know that the sale of instant coffee and instant food like burgers, went up drastically during the period. Likewise, the Viagra producers were the happiest lot, when a company advertised, “Always Up Never Down”, obviously referring to its investment returns.
However, this is just the trailer. As the industry moves on and competition gets tougher, the fight for customer mind share is going to be more intense and the voices more shrill. No longer are the Ads going to be simple and innocent, like, “Jeete Raho” or “Life mein hamesha rahen taiyar”. There is definitely going to be more spice and action, pricks and punches in the Ad speak of the companies.
Consider, for example, this sample of a future Ad war and judge for yourself :
Company A comes out with a tried and tested Ad line : “We cover your risk from Life to Death”
Company B would try outdoing it : “We take care of you from Cradle to Grave.”
Company C will further expand the scope of cover : “Risk covered : from Womb to Tomb”
Company D would apparently have the final word, “We cover your risk from Sperm to Worm”.
But if you thought that this could be the last word on the subject, you are mistaken. Company E would expand the scope further and announce, “Risk Insured – from Erection to Resurrection”.
So what, you would say, the General Insurance industry is already having an Erection All risk Policy and it is doing well in the market. But no, my dear, life insurance is different. I am afraid, the industry regulator would have a tough time, working overnight, watching the promise and the performance.
No comments:
Post a Comment