Ogilvy & Mather and Dentsu are expected to face off in the final round of the pitch, following an initial phase which also included Hakuhodo, DraftFCB and McCann Erickson.
However, a source familiar with the process noted that Hakuhodo — which has previously handled projects for Prudential Japan — could yet return to the fray.
While Prudential is ranked a lowly 35th in Japan’s congested insurance market, the account covers the full range of disciplines and is expected to be worth US$7 million to $12 million in revenue to the selected agency.
“Basically, it wants to generate leads to build its business,” said the source. “But it needs to put quite a lot of money behind the effort if it wants to compete in Japan.”
While domestic players in Japan’s insurance market have found growth hard to come by, foreign entrants — including Prudential — have fared better.
Prudential is now the biggest manager of retail funds in Japan, despite writing off £120 million (US$240 million) following its acquisition of Orico Life to enter the market in 2001.
