Insurance is all about a 'Promise'. A promise that needs to be fulfilled during the hour of need. This is a unique category where the value of the product is realised not at the time of purchase but sometime in future when an unfortunate event/accident occurs for which the insurance cover was purchased. It is this 'moment of truth' that separates one insurance company from the other in terms of whether or not a claim is settled and the speed of settlement thus adequately compensating the insured for the loss.
ICICI Lombard General Insurance Company Ltd., the country's largest private sector general insurance company, has launched a campaign that tries to exemplify this moment of truth and its commitment to honouring insurance claims. ICICI Lombard settled more than 43 lakh claims in FY 2011-12, thus earning the distinction of being India's largest settler of insurance claims during this period.
The television commercial depicts a college hostel situation, with the protagonist being highly regarded for living up to his promise at all times. The moment of truth arrives when he has to decide between wearing his lucky jacket for an interview and handing it over to a friend who he had promised to do so. True to his words, the protagonist hands over the jacket to the friend, thereby living up to his promise. The script effectively captures the company's focus on abiding by its promise of settling insurance claims in the shortest possible time. The visual story line is well supported by the audio "Vaade wahi mayne rakhte hain jo nibhaye jaaye".
Talking about the ad campaign, Mr. Shankar Nath, Head of Marketing and Direct, ICICI Lombard GIC Ltd. said, "For any customer, the true value of having purchased an insurance cover is realized at the time of claim. This is the moment of truth that tests the earlier decision of purchasing the insurance policy from a particular insurance company. Having settled over 43 lakh claims in FY 2011-12, we thought it was apt to focus on the 'Claim settlement' part of the product consumption cycle which is actually the core proposition of any insurance product."