Aviva - more expansion into the indian life insurance marketSource: Aviva Life Insurance Company India Pvt. Ltd.
Monday, November 07, 2005 01:58 PM IST (08:28 AM GMT)
Editors: General: Consumer interest; Business: Banking & financial services, Stock exchanges
Aviva Life Insurance Ties-Up with 11 Co-Operative Banks Across India
Expands distribution network in Gujarat, Maharashtra, Rajasthan and Jammu & Kashmir. Increases penetration to 224 locations, Strengthens Bancassurance business with select Co-operative Bank partners with a mix of Urban Co-operative Banks and District Central Co-operative Banks, Covering 400 branches, which will be expanded to 1000 Co-operative Bank branches by the end of year 2006, Targets to sell 6000 policies in 2006, Launch products such as Anmol Suraksha a traditional Product, which is suited to the risk and protection needs of the customers of these banks.
New Delhi, Delhi, India, Monday, November 07, 2005 -- (Business Wire India)
Speaking on the occasion, Mr Stuart Purdy Managing Director, Aviva Life Insurance, said, “This is a big day for Aviva in India. Rural and semi-urban areas in India have immense business potential, and with these partnerships we are confident that we will be able to reach out to the length and breadth of the country.”
“Bancassurance is a major distribution channel for Aviva in Asia. Since the time we entered the life insurance market in India, we have been on the road of fast-paced growth and expansion. We pioneered the Bancassurance channel in the country, which now contributes to 65% of our total business. These tie-ups are yet another strategic step towards establishing Aviva as the leading Bancassurer in the country”, added Mr Purdy.
Rajesh Relan, Director – Bancassurance & Business Partnerships, Aviva Life Insurance said, “Aviva has found partners that are not only India's most reputed banks but also share its vision of providing world class financial solutions to its customers. Through these tie-ups the Company has gained a footprint in those areas and locations, which were so far not being tapped by its existing bank partners. By establishing its partnership with these banks in these areas and locations, Aviva would be able to create a network that will pave the way for the expansion of its distribution network in the hinterland.”Loans
Names of the banks Aviva has partnered with:
Products like Anmol Suraksha (a traditional endowment product with guaranteed benefit), EasyLife Plus (a unit-linked endowment product), LifeLong (a flexible whole life plan), PensionPlus (a retirement solution), LifeBond 5 (unit-linked with limited premium payment term of 5 years) will be available to customers through the above mentioned banks. The business model with these 11 Co-operative Banks will be similar to the existing Bancassurance relationships that Aviva already has in place with its current partners – ABN Amro, AMEX, Punjab & Sind Bank, Canara Bank and Lakshmi Vilas Bank.
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 320 Crores. Dabur are the 74% shareholder and Aviva the 26% shareholder. Aviva plc is the UK’s largest insurance Group and the world’s oldest insurance Group, with a history dating back to 1696. Today, it is the sixth largest insurer worldwide, with 30 million customers and £291 billion assets under management. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market.
Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with the Group’s consolidated annual sales in excess of Rs 1,537 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its Bancassurance partner locations, Aviva products are available in 224 towns and cities across India.
Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce Unit Linked products in the market.
Aviva has a unique need based sales approach through the “Financial Health Check” (FHC). The FHC is a free service administered by our FPAs (Financial Planning Advisers) for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the Financial Health Check assesses and recommends the right insurance product for them.
Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with BASIX (a micro financial institution) and other NGOs, it has been able to cover lakhs of lives.
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