Life Insurance Advertising in India Analysis of Recen 337186587

Trend Analysis
of 12
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Similar Documents
  Life Insurance Advertising in India–Analysis of Recent Trends Nihit Jaiswal, Himanshu Gupta** The Research paper is based on understanding the basis of marketing in any industry, viz. Consumer Proposition  ,   Consumer Perception  ,   Awareness and   Positioning The industry in respect of which the above-mentioned factors would be studied here is Life Insurance. Life Insurance being one of the growing Industries and giving a major contribution to the country’s present growth trend has become a very tempting Piece of Meat for the “Profit Hungry” Corporate Players. Thus, it becomes highly inevitable for the Insurance governing body of the Country “IRDA” to take active interest in making people aware of the regulations made for protection of their rights. With the new beginning made by opening gates for private players in Insurance Industry, clearly mark a significant potential in Indian Market for the Insurance Players. Each private player strives to create a differentiation in the minds of the consumer. Each Awareness program and Advertising Campaign done by the Life Insurance Companies tends to make promises to offer the best of the lot services. This Document would strive to list down the regulations put down by “IRDA” towards Advertising of Life Insurance Companies and Products. …help understand Company’s offers and value propositions for the consumers …help companies understand the perception of their brand and product in the minds of the consumer. INTRODUCTION Analysis of Selected Life Insurance Advertisements Based on Primary Survey Four television commercials for life insurance products were selected for this part of the research. The principal criteria for selection of these advertisements were that (1) they advertised specific insurance products, and (2) had a high degree of creative content. They were not just advertisements that directly pointed out the features and advantages of the insurance products from a cognitive view point. The survey had two principal objectives. (1) Firstly, it tried to explore as to how effective are the advertisements in connecting with the target audience. (2) Further, given the nature of the advertisements, it was also quite important that they adhered to all the relevant IRDA guidelines on insurance advertising, both in letter and spirit. The regulations as laid down by IRDA are the only ones keeping an eagle’s eye regarding objectivity in insurance advertising. The main purpose behind IRDA notifying these regulations is to ensure that consumers are not misled by inaccurate advertisements, thus eventually leading to their losing faith in the same. Advertisements are very important because they constitute the main source of information for prospective customers. At the same time, it is important that they present basic information in a clear, objective and accurate manner; and lead the consumer to appropriate sources for seeking more detailed information. The four television advertisements chosen for the study are listed below.    ã   Birla Sun Life – Children’s Dream Plan ã   Reliance Life Insurance – Money Back Guarantee Plan ã   HDFC Standard Life – Home Loan Protection Plan ã   Max New York Life Insurance – Smart Steps Unit Linked Child Plan The survey respondents were predominantly the general public/consumers, but also included a sprinkling of insurance company executives. The general public/consumers were from the educated and middle/upper middle income class, who were well aware of life insurance and were already holders of life insurance policies. The survey was carried out with a limited sample size on an exploratory basis, and not with the objective of establishing statistical validity. The survey covered a broad range of issues and was hence carried out with a limited sample. Specific aspects brought out in this survey can be further studied and validated through extensive research with requisite sampling plans. Responses to the objective part of the survey are tabulated at Exhibit 1 for the four advertisements numbered as 1 to 4 in the same sequence as listed earlier above. The objective part of the survey began with estimating advertisement recall through a four stage process. The respondents were thereafter shown the advertisements and their responses were sought on various aspects on a five point scale. The respondents were also subjected to a brief interview and were encouraged to give qualitative feedback on the advertisements. A summarization of the findings from this part of the survey, together with basic details about the advertisements, is presented in the paragraphs that follow. Selected images from the storyboards of the four advertisements together with a brief narration, are provided for ready reference at Annexure 1 to 4 respectively. Exhibit 1: Survey on Selected Life Insurance Advertisements – Responses to Objective Questions Particulars Advertisement   A1 A2 A3 A4 Sample Size Total Respondents 22 20 19 26 General Public 16 16 13 20 Insurance Company Executives 6 4 6 6 Recall Round - General Public Only (Cumulative numbers who could recall the advertisement at the end of each stage) Instant Recall – By Name of Insurance Product 3 4 2 4 1st Clue – Brief Description of Advertisement 8 13 8 16 2nd Clue - Audio Clip. 14 14 10 19 3rd Clue – Snapshot 16 15 13 19 After the 3rd Clue the advertisement clipping was shown Content Round – General Public & Insurance Company Executives (Rating:1 - Very Low, 5 - Very High)  A. Emotional Content Family Bonding/Attachment 3.8 1.4 4.6 4.3 Traditional Values 1.6 1.2 4.6 2.1 Pride/Motivation 2.2 2.0 3.7 4.8 Sadness/Pathos 3.5 1.2 2.8 4.0 Anxiety/Fear 2.3 1.6 4.3 2.1 B. Attractiveness of Advertisement Use of Colors 3.6 3.2 4.2 2.8 Characters 3.6 3.7 4.6 3.9 Storyline & Structure 2.1 2.6 4.0 4.8 Sound/Audio 3.9 3.1 3.2 4.1 C. Data & Analysis Price/Cost Information 1.6 1.2 4.3 1.6 Graphical Data 2.9 1.3 1.6 2.0 D. Mandatory Information  Mandatory Disclosures 2.8 2.2 2.7 2.4 Time Duration Sufficiency 1.3 1.9 2.3 1.5 Contact Details 3.2 4.6 3.7 3.5 Overall Likeability - General Public & Company Executives (Rating:1 - Very Low, 5 - Very High)  Avg. of B+C Above 3.0 2.5 3.7 3.2 As Indicated By Respondents (Considering Aspects Covered in A, B, C & D) 3.8 2.7 3.2 4.6 Aggregate Ranking Based on Likeability 2 4 3 1 Note:  A1 = Children’s Dream Plan, A2 = Money Back Guarantee Plan, A3 = Home Loan Protection Plan, A4 = Smart Steps Unit Linked Child Plan Source:  Survey feedback The advertisements are analyzed under the following heads: ã   Type of Advertisement ã   Advertisement Theme & Content ã   Insurer’s Proposition ã   Viewers’ Perception ã   Meeting IRDA Regulations Advt. 1: Children’s Dream Plan (Birla Sun Life) – 41 Sec. Type of Advertisement This is a life insurance advertisement with ‘invitation to contract’ as well as to ‘acquire knowledge’. It invites the viewers to not only acquire information about the specific product, i.e., Children’s Dream Plan, but also advices them to invest in the same, as it would help fulfill their aspirations as parent(s) and the dreams of their children. Advertisement Theme & Content The basic focus of the advertisement seems to be on relieving the child from the pressures of this competitive world, which restricts and reduces a child’s leisure time. A child needs to prepare himself adequately and develop a well-rounded personality. Parents are over anxious to mould the child and equip him with all possible skills, so that he gets ready to face life. But
Related Search
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks

We need your sign to support Project to invent "SMART AND CONTROLLABLE REFLECTIVE BALLOONS" to cover the Sun and Save Our Earth.

More details...

Sign Now!

We are very appreciated for your Prompt Action!