Differentiation: Why it is the key to win for Indian insurance brands

Arun Sharma, Satya Nanda and Sukriti Kala

Pramerica’s Arun Sharma, Satya Nanda and Sukriti Kala say insurance brands lack meaningful differentiation and they need to amp up on attitudinal equity and memorability to be noticed and make an impact on consumers’ lives.

The life insurance category in India is the post-liberalisation baby and home to some of the youngest companies. It was in the early 2000s when the private life insurance companies entered the fray to challenge Life Insurance Corporation of India’s monopoly. However, the category is still waiting for meaningful differentiation.

Brands look and behave like each other

Life insurance brands have fallen into the trap of cloning each other. They are struggling to make a mark, get noticed and be remarkable in consumers’ lives. In a span of over two decades, they have consistently exhibited extremely low tendency to create...

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