Branding In Insurance Sector: Brand Recall of Insurance Companies amongst the College Students of Delhi and Mumbai

Abstract

The study highlights the awareness level and brand recall of life insurance companies among the college students of Delhi and Mumbai. The intent of the study is to understand the outlook of college students, and the brand recall of insurance companies among the young generation of India. The college students are the potential customers for insurance companies and their outlook towards insurance is very critical for the insurance players. The study uses a survey approach methodology of around 810 college students from Delhi and Mumbai to gauge their understanding level and brand preference for life insurance companies in India. Data from the study confirms that 1 % of the respondents have life insurance policies and around 2.5 % of the respondents are aware about insurance as a concept. Amongst the life insurance companies, LIC, HDFC Life, ICICI Prudential and Max Life are the top companies with the highest brand recall whereas LIC and ICICI Prudential are the companies with whom, the students are most likely to get insured with. Factors such as age, gender and education are significant determinants of overall awareness levels and brand recall. In addition, geographic location also had a significant impact on the awareness and brand recall towards insurance companies. College students in Mumbai are more aware and have a positive outlook towards insurance as compared to Delhi. It can be concluded that the awareness pertaining to insurance in India is low and even lower among the college students. Secondly, even though every insurance company has a branding strategy in place but the brand recall for insurance companies varies from individual to individual. Brand recall for insurance companies in college student are influenced by marketing and advertising efforts and parents preference towards a particular brand.