Over the past thirty years, insurance advertisements in India have significantly evolved. Whether through television commercials, print ads, or billboards, the transformation is quite evident. Previously, most of the advertising within this industry exploited our constant apprehension about the future and the unfamiliar. For instance, companies like United India Assurance, National Insurance, and Oriental Insurance often used television advertisements to promote their insurance policies for incidents such as fire, theft, and natural calamities.
Television advertisements during that time used to consist of unpolished scripts that were hastily put together to sell products. These commercials always played on our fears. However, in the new millennium, advertisements in this industry have transformed their image. They no longer include exaggerated visuals, dramatic voiceovers, or melodramatic music. The entrance of foreign insurance companies such as Bharti AXA, ICICI Prudential, Max NewYork, Iffco Tokyo, and Aviva has brought a more sophisticated tone to the ads. Even Oriental life insurance’s more recent television commercials clearly reflect this change in perspective.
Instead of using fear-based advertising, firms like Prithvi, Agni, Jal, Aakash focus on earthy and radiant visuals. Their ads often have a subtle undertone. Old age, once seen as a burden, is now seen as a chance to explore the world without responsibilities. Examples of prominent life insurance taglines include HDFC Life Insurance’s “Hamesha Aapke Saath” and SBI Life Insurance’s “With Us You are Safe.”
Insurance advertisements today primarily emphasize the significance of valuing and taking care of relationships. This is exemplified by a recent ICICI television commercial, where an urban couple affectionately discuss the responsibility of ensuring the future security of their loved ones. Additionally, HDFC Life Insurance’s ad campaign underscores the importance of financial independence, regardless of age, gender, or income, in order to avoid burdening others.
One of the television commercials challenges the traditional idea of pampering children with affection and care, as it depicts a father encouraging his child to become sturdy and self-sufficient. In a different commercial, old age is portrayed as a new phase of adulthood, with a couple in their sixties celebrating their togetherness. These insurance ads show a significant departure from the past, where visuals focused on potential catastrophes and fear needed to be explicitly stated. LIC
The Life Insurance Corporation of India, being true to its name, was the pioneer in introducing life insurance policies in the insurance sector of the country. In the pre-liberalization era of India, LIC was considered a safety net when economic stability was not a reality but a wishful characteristic. Many advertisements during that time took full advantage of the general skepticism about the future. These ads used simple images emphasizing the security of your loved ones and belongings, which often resonated with the audience.
During that time, many of the images in the ads portrayed utopian scenes with people wearing smiles and appearing stress-free. The brand positioning of LIC at that time focused on the understanding of Indian concerns, needs, and fears better than other companies (Hum Jaane Bharat Ko Behtar). The creative visuals during that period were often poorly done, lacking attention to aesthetic details. However, LIC’s current advertisements are more visually appealing and coordinated in terms of color compared to their previous ones.
The focus now is on stating the important aspects of the policy instead of using vague concepts such as fear, relationship, and security. The approach and visual elements are much cleaner. While having a strong brand presence, LIC now prefers to highlight its policies in its ads rather than the characteristics of its brand personality. Additionally, ochre yellow, a color symbolizing prosperity and stability, has consistently been featured in recent LIC ads.
Regarding the policy features, the images used in the current ads are noticeably distinct. They give off a more intense and down-to-earth vibe compared to previous advertisements. It is not entirely fair to compare LIC’s past and present ads since the former came during a period when LIC was the sole significant player in its field. In fact, during that time, the entire insurance sector was synonymous with LIC’s authoritative name. As a result, their ads were able to be excessively extravagant in terms of visuals and language without consequences.
However, now LIC is faced with competition from numerous other insurance companies, each with a distinct brand positioning targeted at different segments of the market. As a result, LIC’s advertisements have adopted a more focused and concentrated tone. They have likely realized that highlighting the policy features and terms and conditions is the most effective approach. Considering the strong brand equity that Life Insurance Corporation of India holds in the insurance industry currently, their current strategy appears to be the most logical choice.
BANKING SECTOR ADVERTISING
In the past, banks would compete by offering different interest rates for fixed deposits and savings accounts. Each bank had its own unique selling proposition (USP), usually based on high FD interest rates or attractive savings account schemes. However, due to liberalization and regulations, the banking sector in India has experienced a significant shift in approach and positioning, resulting in intense competition.
Instead of focusing on tangible benefits, banks now emphasize intangible aspects such as trust, pride, and care. They prefer to highlight their comprehensive customer services instead of specific offerings. This has led to a rise in institutional advertisements. However, banks often end up discussing their organization more than their specialized services. Kotak Mahindra Bank, for example, recently aired a series of 25 ten-second television commercials that portrayed turning 25 as a liberating and memorable experience.
In the days before liberalisation, such an approach was unfathomable. Standard Chartered serves as another instance, as it provides annual funding for the Mumbai Marathon, the largest long-distance run in South Asia in terms of participant numbers. Over time, the event’s reputation has become intertwined with the value of the brand. As the stature of the event has increased, so has the extensive influence of the bank. Presently, Standard Chartered is recognized as a charitable financial institution, with much credit attributed to its association with the Mumbai Marathon.
The presence of services such as ATM’s, educational loans, and credit cards in bank advertisements has had a clear impact. SBI State Bank of India has always had a reserved presence in their advertisements. However, they consistently released seasonal ads during major Indian festivals. SBI has maintained an image of being stern and lacking a personal touch. They would create ads in the local language or dialect for specific regions, although the visuals would still be relatable to the wider Indian audience.
In the mid 90’s, advertising in the banking industry was stagnant until banks worldwide began promoting their wider range of services. However, the creative aspects of these ads were often compromised in order to appeal to local sensibilities. Regional branches such as State Bank of Patiala, State Bank of Maharashtra, and State Bank of Indore released very few and small ads. However, the upheaval began when State Bank of India started releasing a series of well-designed and visually concise ads during the mid 90’s.
One of the images showed a stick protecting a golden egg from a brick, accompanied by the text “Before You”. This well-crafted message was followed by the State Bank of India promoting its services nationwide. The unique advantage of the Surprisingly SBI campaign was the bank’s extensive branch network, which was highlighted with slogans like “Our 8,999 Branches Made no Sense to a Cold, Tired Soldier in Ladakh. So we Opened One There”. These types of advertisements became commonplace.
The State Bank of India had a large number of automated teller machines (ATMs) nationwide, totaling approximately 3500. This was heavily emphasized in their campaign. Interestingly, SBI also promoted the convenience of obtaining educational loans from the bank. Additionally, they pioneered the promotion of their debit cards through their Welcome to a Cashless World campaign. Clever advertisements portrayed a reformed ex-pickpocket as a cobbler or washerman, highlighting the benefits of using a debit card.
State Bank of India effectively promoted the advantages of debit cards through this campaign, resulting in a substantial rise in usage and sales. The current campaign by State Bank of India showcases and honors its rich heritage. The Banker to Every Indian is a festive tribute to all things Indian, featuring a diverse range of elements that represent the country, including portraits of esteemed leaders and visionaries like Rabindranath Tagore.
The campaign associates itself with nationalistic fervor by featuring images of Rajendra Prasad, Mohandas Karamchand Gandhi, Pandit Jawaharlal Nehru, as well as scenes distinct to our nation such as the local kirana store, the bullock cart-wielding farmer, the uptown urban worker bargaining with a vegetable hawker, and the saree-wielding housewife juggling children, groceries, and the rigors of the kitchen. This response is prompted by the intense competition in the banking sector.
The campaign has been successful in appealing to our innate ethnocentric sensibilities and has utilized an ingenious media plan. For example, the bank strategically places its educational loan inserts near the admission season in universities abroad. Additionally, the brand associates itself with national holidays or birthdays of legendary national personalities to strengthen its connection to current events.
