Bright Future, Generali speaking

09 Feb,2012

By Shubhangi Mehta


The overall slowdown has not spared the life insurance industry – a recent report by CNBC stated that overall de-growth has been in the region of 30-40 per cent, which effectively means the industry is at 2008-09 levels three full years later. Against this very challenging environment, Future Generali India Life Insurance has posted an overall business growth of 14 per cent on a year to date basis over last year.


Future Generali is now increasingly looking at localised below the line activations and “reach out” programmes to promote the brand and reach out with advisory services to customer prospects. This includes school based programmes, park or recreation based programmes, mall/shopping programmes, health oriented programmes/camps, renewal camps etc. They are exploring various ways to reach out beyond the clutter and high costs of pure play advertising. Future Generali does approximately 200 such activities across the country per month.


Abraham Alapatt, Senior Vice President & Head – Brand & Corporate Communications at Future Generali India Life Insurance Company & Future Generali India Insurance Company, said, “Our General Insurance business is doing very well and is well on track to possibly being among the fastest General Insurance companies in India to achieve operating break-even. We offer best in class ‘Total Insurance Solutions’ in the form of products and services across Life and General Insurance, and top-notch post-sale experience. We also offer the convenience of dealing with our branches, agents, online via our portal to buy, service and renew your policies or even via our unique Mallassurance outlets at Big Bazaars across the country.”


As per the marketing initiatives this year by Future Generali, there is an overall brand budget of Rs40 crore which is line with their budget of the last FY.


Among the various marketing initiatives by Future Generali is a ‘Financial Planning Tool’ which is a simple interactive tool they ask their advisors or FPAs to complete with customers/prospects. This is a 10-minute exercise, that helps one understand where one stands by comparing short-term financial needs with short-term income streams and then helps one check if he/she is prepared to meet their medium- to long-term goals.


Another initiative is the FG Game of Life, a simple Facebook game which allows one to journey through the perils of everyday life and collect ‘shaguns’ along the way for protection. This game was launched in December, and a contest for higher scorers was launched 10 days ago. Since then there have been a large number of new followers, and now there are close to 18,000 followers with over 20 per cent people “talking” about it.


Future Generali has also just launched the Online Video Bank which is an intuitive service, allowing a person who has bought their Online term Plan ‘Future Generali Smart Life’ to upload a short video message to his family/loved ones. This video will be stored against his policy data and at the time of claim settlement, they undertake to retrieve and deliver this message on a CD to the nominee/nominees of the policy. He/she can change/replace the video as often as they want during their lifetime as long as they are existing/registered customers.


Mr Alapatt adds, “We have a five-year strategic plan towards break-even and growth and we are doing what it takes to stay true to that. I am particularly excited about Video Bank this because it delivers a huge emotional payoff to the customer (in absentia) and his/her family at the real ‘moment of truth’. Our plan is minimising cost while maximising ROI in printing and production, innovation in idea and execution for ATL, more localised reach programs in BTL and aggressive online and social media initiatives and investments.We have a five-year strategic plan towards break-even and growth and we are doing what it takes to stay true to that.”


The continuous balloon chain formed of the balloons signed by people during FGIW were strung together on February 9, 2011 at Mumbai to form a 20+km-long chain – adjudicated by a Guinness World Records representative as the world’s longest balloon chain.


The FGIW campaign also went on to win Indian Marketing & Advertising’s highest recognition of effectiveness, by wining an Effie award at the Advertising Club of Mumbai in the Financial Services category in December 2011.


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