One of Australia’s biggest insurers, Insurance Australia Group (IAG), has awarded its $25 million annual media spend to IPG’s Initiative.
IAG’s brands include such household names as the NRMA, SGIO, CGU and Swann Insurance.
There had been reports that the account was worth over $50 million, however, an industry source close to the pitch has told B&T the figure is more likely around the $25 million-mark.
GroupM had held the account for the past decade, with MediaCom running the show previously to Mindshare taking control in 2018. IAG’s creative is handled by The Monkeys and CHE Proximity.
Mindshare again pitched for the business, however, it was apparently done in collaboration with the WPP agency whiteGREY and was to be called the whiteGREY Collective.
Insiders have told B&T that IAG was impressed with the idea of the hybird agency, particularly its strong focus around digital and strategy, but ultimately went with a traditional agency in Initiative instead.
Initiative was appointed after a swift six-week process that challenged the standard conventions of pitching, in the search for the market’s most strategic and inventive agency.
IAG’s chief marketing officer Brent Smart (left in photo) said: “We hadn’t reviewed media for more than six years and a lot has changed in the space. The Initiative team blew us away with their energy and cultural fit, but in the end, we want great media thinking, and Initiative demonstrated that they could deliver it.
“Before we transition to Initiative, we would like to thank Mindshare and personally thank Katie Rigg-Smith (right in photo) for their partnership over many years,” Smart said.
Initiative national managing director Sam Geer said: “Our team is humbled to be working with the industry’s most progressive marketers at IAG and their iconic brands.
“We were deeply impressed by the respect shown at every stage in the pitching process and the demand for high quality thinking. I am excited to move beyond pitch mode and embrace the opportunity ahead to create career defining work together,” Geer said.
Initiative Australia CEO Melissa Fein said: “I could not be prouder of our Initiative team in being selected by IAG following such a respectful and professional review process. The stage is set for a very strong partnership focused on creative media work that challenges conventions in brand communications.”
Katie Rigg-Smith, Mindshare Australasia CEO added: “We’ve been proud to do some amazing and innovative work with IAG over the past 7 years. A few highlights include being part of the NRMA rebrand ‘HELP is who we are’, launching CGU’s Ambition platform, a market-leading Connected TV approach through FInecast and some bold out of home work that included First Nations creative and printed on recyclable skins.
“We have hustled hard for NRMA and CGU through every crisis and remained adaptive through adversity. We are incredibly grateful to all our media partners who worked alongside us to respond to quickly to issues including bushfires, storms, floods and the pandemic all of which impacted Australians’ lives. We wish IAG the very best going forward,” Rigg-Smith said.
