IRDA unveils new consumer awareness Bima Bemisal campaign on insurance created by Adfactors Advertising
Through a multi-agency pitch, IRDA has selected Adfactors Advertising as the sole agency to create and advise them on the communication across media. To begin with the agency has created a mnemonic to bind the various campaign initiatives. The mnemonic "Bima Bemisaal" has been well received by all stakeholders. As the name suggests, insurance as an investment tool does not have any comparison, thereby making it unique. That is going to be the thrust of the communication to all segments.
Tweet-- Through a multi-agency pitch, Insurance Regulatory Development Authority of India (IRDA) selected Adfactors Advertising as the sole agency to create and advise them on the communication across media. To begin with the agency has created a mnemonic to bind the various campaign initiatives. The mnemonic "Bima Bemisaal" has been well received by all stakeholders. As the name suggests, insurance as an investment tool does not have any comparison, thereby making it unique. That is going to be the thrust of the communication to all segments.
The Idea for the new campaign:
· Create awareness among people about insurance and the relevance and importance of insurance in our lives
· To educate the policyholder about the protections made available by IRDA through regulations.
· To educate policyholders about their rights and obligations.
· This message should be conveyed to them, that everybody is exposed to risks. Though risk cannot be eliminated, so we should know that it mitigate risk through risk transfer
· To educate the policyholders about the existence of various grievance redressal channels.
· The campaign needs to reposition life/ general insurance in the mind of people as a top priority.
· It should educate them in a simpler way that how in today's life we need insurance which is not only securing our future but also our present to some extent.
Goals of the campaign:
· To create awareness through campaign.
· Ads should be simple enough to make people understand what problems we face in our daily life or say what are the risk which is with us in daily life which need to be secured.
· It should cover all the insurance schemes.
· To educate people how insurance make a difference in their life.
Challenges to be overcome:
· Fear among people that insurance is wastage of money.
· They think they are not going to get back the claim money back.
· People are unaware how insurance company works. Poor comprehension of insurance in terms of benefit and the process - What / why/how it works.
· People do vary in different types of insurance. They give preference to life insurance more because they think they will get their money. But when it comes to health or personal accident insurance, people think a lot.
· Weak distribution channels, inaccessibility of the agent.
· They should enjoy their present instead spending money on securing future. Who knows what will happen in future.
· They think insurance companies 'swallow' hard-earned money.
· Sometime they don't understand how to go for it.
Our present campaign is simpler in presentation, which will make easy for people to understand what are the risk which we avoid in our daily life. These campaigns are easy to understand and give a clear picture of insurance in our daily life.
Target Audience:
· Uninsured Population as well as insured population.
· Mainly people in middle and lower-middle income groups.
· Educated and internet savvy population in age group of 25-40 years.
· Sec A,B,C in urban / semi urban India.
· Sec R1,R2,R3 in rural / semi urban India. Age group 25 to 45 years.
· For Travel insurance, Medium and High income group who travel on Business or holiday.
· Property Insurance, medium income group who generally look at various options before taking most economic decision.
BACKGROUND:
In India, the per-capita consumption of Insurance is very low. The problems exist on three fronts:
1. Development Aspect: This relates to creating an awareness for the need for insurance among all segments of people. Life Insurance is largely seen as a tax-saving instrument and is often limited by it. In the case of non-life insurance too rational thinking is not applied. For e.g.
a) People buy cars/two-wheelers and do a third-party insurance rather than comprehensive insurance
b) Houses and household goods are bought but not insured
c) In many instances, shops and the good within the shop are not insured
All this leads to predicaments eventually. When the earning member of the family dies suddenly, the dependants are left high and dry as there is not insurance to cover their requirements. When natural or un-natural calamities or misfortunes strike the loss is compounded as the vehicles, shops, houses, goods etc. are either not insured or inadequately insured.
2. Policyholder protection (Rights and duties): In most cases insurers are not aware of their rights and duties. For eg. How many people are aware that a any policy has a 'look-in' period of 15 days. If the insurer is not happy with the policy or believes that the policy does not meet his requirements or is as per the explanation given to him by his agent he can return the policy and get a full refund.
In many instances, correct information is not given by customers while taking an insurance policy. It is imperative to give correct and factual information so that no difficulty arises when you are seeking a claim.
It is also the duty of the insurance company/agent to give you all information related to the policy that you are opting for.
3. Grievance and dispute resolution: Most insurance purchasers do not have any clue as to what they should do if they have a disagreement on any issue with their insurance company - whether it is a simple thing as repeatedly asking for a change of address or receiving the policy itself or a slightly more difficult one that involves a dispute/ difference of opinion on the claim settlement. They need to be aware that there is an insurance ombudsman who looks into such grievances and resolves the matter.
Over the last decade several new insurance companies have been launched in India. The consumer has more choice but needs to understand what is best for him. The market is become very aggressive with DSAs and banks promoting insurance across the country. But the consumer should be aware of his rights and duties and should not be end up buying a policy that is not suited to meet his requirements.
Insurance Industry in the year 2000-2009 had 16 new entrants.
In Jan 2001 - 02 : Insurance Industry in this year, so far has 5 new entrants
Life Insurance - 2 General Insurance - 3 .
In 2004 - 05 This industry adds 1 new entrants and this continues till today.
In 2008 - 09: We have 4 entrants. Life Insurers - 3 and General Insurers - 1.
Insurance in India :
· Ownership of insurance is directly proportional to urbanisation and level of education.
· Large gap between ownership amongst salaried and self occupied.
· Ownership increases with age.
· High awareness across all income group.
· Ownership of insurance is higher amongst males as compared to females (insurable interest).
· Ownership of insurance increases after marriage (sense of responsibility).
· Ownership of TV and Mobile is high among both - policy holders and non-policy holders
Against this backdrop, IRDA has taken the responsibility to launch a multi-media, multi-pronged awareness campaign to address the issues related to he above mentioned points.