Mudra to handle Apollo’s JV on health Insurance

Apollo’s health insurance project – a joint venture with German insurance company DKV – will be rolled out by August-end. The creative duties for the same will be handled by Mudra Communications out of its Delhi branch.

This JV, in which Apollo holds a majority stake, plans to roll out five different health insurance products by the end of August.

Besides, Mudra, there were four other agencies in the fray for this business. The pitch for this business was held in June; however, the names of these agencies could not be ascertained. The participating agencies were briefed to come with a detailed presentation on a strategy to position the brand and launch corporate initiatives for the new venture. Only those agencies were invited which do not handle any insurance brands.

Mudra’s mandate will be to launch the brand and position it aptly in the Indian market.

The media plan and the campaign are being put in place. The advertising campaign will be rolled out immediately after company’s official launch. The source informs that the company plans to use print, outdoor, television along with new media to promote its initiatives.

Health insurance has a very low penetration in India. Though in the recent times the awareness for health related insurance has gone up. Earlier consumers preferred to pay up their medical bills but now with rising medical expenses and the burgeoning awareness, it is expected that the health insurance sector will be the fastest growing segment in the insurance category.

Also, the competition within the health insurance segment is growing. An insurance expert informs that this newly launched company will have to do a lot of homework and create a brand out of itself from the scratch.

There is also a buzz that Life Insurance Company of India (LIC) is planning to foray into health insurance within six months. It had earlier planned to do the same though the plan was scrapped.