Life insurance has traditionally been sold on the plank of duty and responsibilty. It has been about jeevan, zindagi and suraksha. But a resurgent India is rewriting the rules of living in its mission to create indulge and celebrate. Earnings, savings, investment, consumption is the force multiplier that will feed this virtuous cycle of needs and wants as people move from denial to desire.
Studies conducted by McKinsey Global Institute and demographic research by Max New York Life Insurance point to the modern Indian consumer as predominantly young and more confident than ever before, willing to take risks and unabashedly ambitious. This radical change in the thought process of the consumer has inspired Max New York Life Insurance to revamp the brand and change the tagline from Your Partner for Life to Karo Zyaada Ka Iraada in partnership with you for life to get you more. This new image has been aptly captured not only in the soon to be released new ad campaign but is also reflective in the transformation of the company as it gears up to meet consumer expectations.
Speaking on the occasion Mr. Debashis Sarkar, Senior Director & Chief Marketing Officer, Max New York Life said, According to the latest World Insurance Report 2008 published by Capgemini Consulting 88% of the consumers use insurance as a means to improve personal finances which means wealth creation. The consumer has evolved over time and is no more content with the basics of life. His desire for more is ever so evident. At Max New York Life Insurance we believe in staying by the consumers side at every stage of his life and this translates into our new brand positioning.
As we are in an aggressive growth and expansion mode, we want the brand to reflect the same. Realizing a large change in the life of emerging India with abundance and optimism as the biggest liberator, where more is good and has become a way of life for them, Max New York Life would like to be seen and perceived as an enabler to a better life. Karo Zyaada Ka Iraada is a unique though provoking concept, which has been used for the first time in the life insurance sector. Max New York Life will be releasing a 360- degree campaign starting the last week of August. This campaign has been created by Ogilvy and Mather, he added.
Piyush Pandey Executive Chairman & National Creative Director Ogilvy & Mather Limited India Board said, Through the TV commercial we have tried to highlight the basic human tendency of Desire for More, whether it is applied to what we do, or the customers we serve, Karo Zyaada Ka Iraada, is the new work way. This is a call for action to wish for more, to take actions that deliver more and to constantly beat the status quo. The beauty of the times we live in is that we can dream big and do bigger.
With this overhaul of Max New York Lifes brand personality, the company also aims to reiterate the brands functional benefit of offering more of what matters most, as well as conveying a positively charged brand that energizes and propels people towards achieving their life goals.
Max New York Life has already embarked on an aggressive growth strategy. During the period JanuaryJuly 2008, Max New York Life Insurance has added more than 5,000 employees and now has over 11,000 employees. The companys advisor strength is close to 50,000 agents. The company plans to significantly expand its distribution footprint by opening more than 250 new offices every year for next four years. The number of agent advisors is also expected to touch 3,00,000. The growth in agency distribution will be complemented by strong growth in partnership distribution. Another 700 offices will be opened in emerging markets.