SBI Life Insurance has appointed Mullen Lintas as their creative agency and Mindshare as their Media agency, following a closely contested multi agency pitch.
In 2017-18, India’s domestic life insurance industry registered 10.99 per cent y-o-y growth for new business premium, generating a revenue of Rs 1.94 trillion (US$ 30.1 billion). With 57 players, the overall insurance sector in India is one of the most competitive globally. The need for brands to establish a differentiator and a deep emotional connect with consumers is ever so more, given the limited scope for product differentiation. In this context the roles of creative and media agencies are crucial for brands to reach out to the right target audience with the right message.
Ravindra Sharma, SVP & Chief of Brand & Corporate Communication, SBI Life said: “In today’s landscape where new marketing tools and techniques are launched every other day, staying imprinted on the minds of consumers is a continuous challenge. As a brand SBI Life is building a culture to connect with consumers emotional motivations, which are deep-rooted in their need for protection. In this context the strategic thought process and approach presented by Mullen Lintas & Mindshare aligned with our brand ethos reinforcing our confidence to bring them on board.” He further added. “We look forward to see both agencies jointly deliver on developing a unique refreshed communication for SBI Life, which will create a deeper emotional connect with our consumers”.
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Amer Jaleel, Chairman at Mullen Lintas said that SBI Life is one of the largest Life Insurance players in the category and it feels like an organization with real belief in brand creation and consumer connect.
He further added, “The brand has created some really memorable work in the past which we hope we can build on to take the brand higher. I am personally excited at coming back into the life insurance space again. I have a lot of fond memories of working at Lowe with Balki on the category and am really excited for this new journey,”
Commenting on this, Prasanth Kumar, CEO, Mindshare, South Asia, MENA and Africa noted, “Being one of our esteemed client partners, this is a joyous moment for us that SBI Life is continuing our relationship. We appreciate the renewed opportunity by SBI Life as we now look forward to strengthening our delivery across brand strategy coupled with insightful data, engaging content and innovations to contribute to the brand’s success.”