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Interview of Saugata Gupta, Chief-Marketing, ICICI Prudential
Life Insurance Company
Which banks have you tied up with for bancassurance?
ICICI Prudential currently has the largest number of bancassurance
tie-ups, which include ICICI Bank, Bank of India, Federal
Bank, South Indian Bank and Punjab and Maharashtra Co-operative
Bank.
Does an individual receive any additional benefit, if
he buys the risk cover through his bank rather than from the
insurance advisor?
We believe that customers should have the option to approach
life insurance companies from any channel that they want -
be it through advisors, banks, direct mailer, etc. Since customers
transact frequently with their bank, purchasing life insurance
through the bank is yet another value-added service they can
avail of through a channel with which they are already familiar
and comfortable with
What is your customer base?
As on March 31, 2002, ICICI PruLife issued 100,000 policies.
What is your advertising budget and how do you plan to
take on competition?
Our advertising spends last year were Rs 14.8 crore. This
year we are looking at maintaining our share of voice and
spending accordingly. While we were not the largest spender
last year, we were the most efficient. Cost per saliency point
(i.e money spent per awareness unit) as per the ORG Marg survey,
is the least for ICICI Prudential. Our media planning and
buying has been smarter than that of our competition. Our
brand is already one that is well recognized, so we already
have a lead over the competition.
How do you plan to go about improving brand awareness
of your product?
We will continue to build our brand and drive consumer awareness
through advertising, seminars, direct marketing, etc.
While awareness has been increasing it is still observed
that the slant is towards LIC products. When do you think
a situation will come when customers will ask for private
insurers' products by name?
Customers today are becoming more discerning and evaluate
life insurance policies based on their specific benefits.
We frequently launch new, innovative policies with wide customer
appeal. Such efforts not only build the brand, but also drive
customers to purchase life insurance from us. So customers
are already beginning to seek alternatives to LIC and are
asking for policies from specific life insurers, based on
the brand, customer service and value proposition.
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