BWI: Max Vijay Aims to Empower the Underserved Masses with its New Campaign - “AUKAAT PAR VIJAY”

Press release from Business Wire India
Source: Max New York Life Insurance
Wednesday, September 23, 2009 03:56 PM IST (10:26 AM GMT)
Editors: General: Consumer interest, Economy; Business: Advertising, PR & marketing, Banking & financial services, Business services, Financial Analyst, Media & entertainment
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Max Vijay Aims to Empower the Underserved Masses with its New Campaign - "AUKAAT PAR VIJAY"


Mumbai, Maharashtra, India, Wednesday, September 23, 2009 -- (Business Wire India) -- Max New York Life, one of India's most admired life insurance companies, today announced the brand positioning for Max Vijay, its unique offering for the underserved masses. After extensive research, the company has finalized a brand positioning - 'Aukaat Par Vijay' - a proposition that all people from the underserved segment can relate to, irrespective of their age, location or gender.

Max Vijay is a business model that breaks away from the paradigms of traditional life insurance on all facets - product design, distribution, marketing and service.

For the first time in the history of the life insurance industry in India, Max Vijay aims to move the playing field to the grass root level. The core challenge for Max Vijay has been to re-shape category behavior, from 'Push' - the way the Life Insurance industry has operated for decades, to 'Pull', by creating a flow of pre-disposed customer walk-ins.

According to Anisha Motwani, EVP - Marketing and Chief Marketing Officer - New Markets, Max New York Life, "Since Max Vijay targets more than 100 million underserved people, spread evenly across rural and urban markets, a key challenge for us was to develop a compelling brand proposition that the underserved segment across the country could identify with, irrespective of geographies, or the rural / urban divide. The brand proposition also needed to bring the urgency in consumers to start saving today for a more financially secure future tomorrow."

"In addition to a compelling brand proposition, we also had to address a critical pillar of trust, targeting an audience for whom every Rupee is spent after due deliberation. Superstar Amitabh Bachchan is the prefect ambassador to help build awareness and trust for Max Vijay. He enjoys a very credible patriarchal image, signifies 'Vijay' over difficult real life situations and cuts across geographic and cultural boundaries", Ms. Motwani added.

According to Piyush Pandey, Executive Chairman & Creative Director - South Asia, Ogilvy & Mather, "Max Vijay is meant to be a movement, a creator of hope and optimism among the underserved masses. Extensive research helped us identify a key insight for this target audience - "I don't want my son to be 'ME'" is a unwavering ambition of the low 'fixed-income' earner who does whatever he can to ensure a better position in society for his family."

"In essence, what he is aiming for in life is to increase his family's 'Aukaat' in society. This forms the DNA of the brand positioning - Max Vijay will help the common man to achieve his dream - 'Aukaat par Vijay', as every little rupee saved helps him to rise up in hierarchy", Mr. Pandey added.

The new proposition will be brought to life via a 360-degree high intensity marketing campaign that encompasses ATL - Print, Radio, TV & Outdoors; BTL, CSR, Initiatives to inculcate savings habit.

ATL

The ATL campaign has 3 pillars of messaging:

-- Teaser campaign - instigating the reader to think about his 'Aukaat' in society

-- Compelling messages around 'Aukaat par Vijay' - that create a need for action:

- "Office key chotte babu, bade sahib kyon nahin ban sakte" - Why cant a office clerk become a big officer?
- "Ek mamuli sa salesman ab dukaan ka maalik kyon nahin ban sakta?" - Why cant a ordinary salesman become a shop owner?
- "Roz bus ke dhakke khaane wala, khud ki gaari kyon nahin chala sakta?" - Why cant a person who travels by bus, become a car owner?

-- Product-benefit centric messages:

- "Ab Badti bachat ke saath mille badta bima bhi' - Now with increased savings, get increasing insurance
- "Ab chotte-chotte paise banenge badi taakat." - Now small money will become big strength
- "Ab kahin bhi, kabhi bhi aur kitna bhi bachat karren" - Now save wherever, whenever, whatever

BTL - Retailer contact programmes, colony contact programmes, Audio Vans.

CSR - To build trust and credibility in local communities. The company will be launching a scholarship programme for underprivileged children.

Initiatives to inculcate Savings Habit - A Giant Gullak road-show associated with a civic cause relevant to that city, that encourages people to save; a special game - 'Kaun Banega Bachat King' for homogeneous communities, Factory & Community contact programmes.

Max Vijay - The product

Max New York Life Insurance Co. Ltd has revolutionized the way insurance is procured, sold and serviced through its new and innovative business concept called - 'MAX VIJAY'. It not only fulfils the customers' primary need of protection, but also facilitates long-term savings. It has been designed specifically for the underserved segment of the society to meet the unique challenges of unpredictability in life and their income flow. A unique technology driven distribution and service model ensures reach of Max Vijay to the customers even in the remotest of places.

Affordable

Max Vijay available in three premium-paying options of 'Rajat', 'Swarna' and 'Heera' enables the customer to enter the plan at a minimal initial premium amount of Rs. 1000, Rs. 1500 and Rs. 2500 respectively.

The Sum Assured is guaranteed. The investment returns once credited to the policyholder's account value are also guaranteed. In case of natural death the claimant receives the guaranteed sum assured and the account value. In case of an accidental death the claimant receives the account value and double the amount of Sum Assured.

Flexible

Max Vijay provides customers the flexibility in financial planning by offering a choice to invest any amount, anytime, anywhere.

Accessible - Insurance at the consumers' doorstep

The distribution approach adopted for this product is designed to make insurance available in the remotest areas of the country. Neither does the product require any financial and medical underwriting nor any supporting documents for age, etc. In terms of documentation, the customer is required to fill a simple one-page form and submit only an ID proof to own the policy.

Lapse-free

The policy will not lapse as long as there is sufficient value in the policy account to meet the charges.

Robust backend support through internationally renowned partner

The company has tied-up with IBM to provide end-to-end technology backbone for fulfillment.

About Max New York Life Insurance (www.maxnewyorklife.com)

Max New York Life is a joint venture between Max India Ltd., one of India's leading multi-business corporate and New York Life International, the international arm of New York Life, a Fortune 100 company. Max New York Life Insurance, incorporated in 2000, is one of India's leading and most admired life insurance companies. The company offers both individual and group life insurance solutions. It has established a wide distribution network across India. Through its wide network of highly competent life insurance agent advisors and flexible product solutions, Max New York life Insurance is creating a partnership for life with its customers in India to facilitate them to achieve more.

To view the photographs, please click on the links given below:

Fizool Kharchi

Badhti Bachat

Chote Paise Banenge

For picture(s)/data to illustrate this release click below:

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CONTACT DETAILS
Rahul Mehta, Asst. Vice President - Corporate Communications, Max New York Life Insurance Co. Ltd., +91 9999007334, rahul.mehta@maxnewyorklife.com
Garima Arora, IPAN Hill & Knowlton, +91 9891221255, garima.arora@ipan.com

KEYWORDS
CONSUMER, ECONOMY, MARKETING, BANKING, BUSINESS SERVICES, Financial Analyst, MEDIA

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