The last time IDBI Federal Life Insurance advertised ten months ago (on print and outdoor), it was known as IDBI Fortis. Amish Tripathi, national head marketing and product management, explained, "Earlier, the share holding was 48 per cent IDBI, 26 per cent Federal Bank and 26 per cent Fortis. The share holding remains the same, but due to a restructuring six months ago, Fortis has become Ageas. Now we thought we had to rebrand in any case [from IDBI Fortis to IDBI Federal], this was a good opportunity to give the Indian brand a lot of prominence, since Federal is a known brand here."
There has been no shift in the positioning as such, but there is a change in the treatment seen in the new campaign, which has been created by Ogilvy & Mather. Tripathi said, "Our strategy has always been to focus on our products. We believe our products are our differentiator and they add tremendous value to the consumer. This time, we’ve tried to communicate those benefits of our products in a humorous manner, where it’s a little more lighthearted. Otherwise, insurance films can be a little heavy."
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In the first film for Wealthsurance, a wealthy businessman decides to forsake all his material possessions to embark on a spiritual journey, much to the dismay of his near and dear ones. Just as he's leaving, however, an IDBI Federal representative arrives for his appointment with the man and proceeds to tell him all about the Wealthsurance Milestone Plan. The man changes his mind about leaving and asks his assistant for his chequebook instead. The voiceover then says, "Jisne bhi suna, khareed liya [Whoever heard of it, bought it]."
In 'Alley', the other film for the same product, when an IDBI Federal Life Insurance representative is almost mugged by a robber, he gets out of the situation by selling him the Wealthsurance Milestone Plan.
In 'A Suitable Boy', a young man is grilled about his future plans for the girl he wants to marry, by her protective father and brother. He responds with specific things he will gift her on the exact dates it will happen in the coming years. The voiceover reveals it's because he has "Guaranteed income ki exact bhavishyawani" with IDBI Federal Incomesurance.
When asked whether humour in selling financial products is a trend that would continue in 2011, Abhijeet Avasthi, national creative director of Ogilvy & Mather, said, "There’s no one way of doing it. Some insurance players work in the warm, emotional area, there are some who play in the realistic, borrowed from life insight area, and some who play more on doing stuff which brings a smile and breaks clutter. So different players have different objectives. In this case, IDBI Federal knew they wanted to dramatise the product benefit, give enough importance to the nomenclature, and do it in a clutterbreaking way."
Agency: Ogilvy & Mather
National creative director: Abhijit Avasthi
Copywriter: Amitabh Agnihotri
Art director: Samir Sojwal
Production house: Soda Films
Director: Rajesh Krishnan