IRDAI puts INR 30-crore media account on pitch

The Insurance Regulatory and Development Authority of India (IRDAI) has invited media agencies to submit bid as it looks to appoint several agencies to handle its multi-media and multi-lingual campaigns across India, according to invitation documents seen by Campaign.

The pitch, currently underway in Hyderabad, involves an account of upwards of INR 30 crores and the winning agency will be awarded a three year mandate. Agencies may participate if they are accredited with at least three of the following professional bodies: The Indian Newspaper Society (INS), Advertising Standards Council of India (ASCI), Advertising Agencies Association of India (AAAI), Directorate of Advertising and Visual Publicity (DAVP)/Bureau of Outreach and Communication and Indian Broadcasting Federation (IBF).

Pre-bid meetings have already been held and interested agencies have been asked to make the Earnest Money Deposit (EMD) of INR 30 lakhs, which is one per cent of the estimated account size. The deadline for physical submission of bids is April 23, 2024 while online bids close two days later on April 25.

In its invitation, IRDAI has outlined its requirements for participating agencies and has mentioned that chosen agencies would be required to suggest media planning and buying strategies across various media, including print (newspapers, magazines), radio, television, cinema halls, digital media (including web portals & social media), mobile phone communication, public transport including railway/metro stations, outdoor etc.

The chosen agency will also be expected to identify priority target markets, segments, audiences along with its rationale and approach. Its recommendations to IRDAI on media-mix including television channels, newspapers, magazines, radio channels, outdoor options and digital media, basing its research on reach and impact.

The objective of the campaigns will be to create general awareness about the need for insurance amongst different sections of the society, such as insurance customers, insurers, insurance intermediaries and the public at large. The ultimate objective of IRDAI is to increase insurance penetration in the country and achieve last mile coverage through media.

The Insurance Regulatory and Development Authority of India (IRDAI), is a statutory body formed under an Act of Parliament for the overall supervision and development of the insurance sector in India.