Life Insurance Ad Campaigns – Creative Insights

 Life insurance companies and banks face similar challenges when it comes to advertising; the plans or products offered by insurance companies or banks are usually very similar so making a distinction depends heavily on creativity in advertising. In this post I will discuss advertising in the Indian life insurance sector; I plan to discuss bank advertising some time later. 

There are two dozen life insurance companies in India; possibly in future this number could increase. LIC is the market leader, this financial year it is aiming to retain 82% market share according to reports. That leaves only

Max New York Life -- Correct Advice?

There are about two dozen or more life insurance companies operating in India at present, competition is stiff; every life insurance company needs to stand out of the crowd by making a differentiated offering to the consumer. But this difficult, that is because there is little or no significant difference among the various plans/products offered by various life insurance companies.  Max New York Life has upon an idea to be different from others and that is by showing that there insurance advisers do business ethically by putting the customers’ (or prospects’) interest above their own unlike others.

Max New York Life has launched a ad campaign through which it cautions people against wrong advice given by life insurance agents in order to grab business. It is trying to show that insurance agent generally tend to misguide prospects by making false promises and also by making them take more insurance than

Life Insurance Advertising

Ever since the insurance sector opened up several new players have entered the fray, each trying to make a place for itself. In the good old days the life insurance sector was synonymous with Life Insurance Corporation of India or LIC, a public sector undertaking, which was the only player. Since there was no competition the advertising was relatively basic. LIC did not have to worry about competition; it only had to fight resistance of people towards life insurance.  

Times have changed, now there are many private players, at least 22 of