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Aviva India LTD.: Background Factors For Success

Aviva India is a joint venture between UK's largest life insurance company Aviva and Dabur group of India. In its three years of operations in India, Aviva has emerged as a leading private life insurance player with nearly 200,000 policies sold. Aviva leverages bancassurance partnerships with 10 banks and industry partnerships to distribute its wide range of life insurance products. Through effective use of CRM and training programs, Aviva aims to continue its rapid growth in the Indian market.

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89 views4 pages

Aviva India LTD.: Background Factors For Success

Aviva India is a joint venture between UK's largest life insurance company Aviva and Dabur group of India. In its three years of operations in India, Aviva has emerged as a leading private life insurance player with nearly 200,000 policies sold. Aviva leverages bancassurance partnerships with 10 banks and industry partnerships to distribute its wide range of life insurance products. Through effective use of CRM and training programs, Aviva aims to continue its rapid growth in the Indian market.

Uploaded by

Atul Katoch
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Aviva India Ltd.

Background Insurance India one of the biggest bancassurance


players in the country.
Aviva is UKs largest and the worlds sixth largest Life
Insurance Company with 30 million customers and
assets under management of US$ 291 billion. The
Factors for Success
company entered India in July 2002 as a joint venture
Business partnership with local players
with the Dabur group of India to form Aviva India.
The principal business activities of the company include The company has entered into strategic business
long-term savings and fund management. partnerships with major incumbent banks like ABN
AMRO, Canara Bank, American Express, The Lakshmi
Aviva India has a distribution network of over 5000
Vilas Bank and Punjab & Sind Bank to sell its insurance
agents and bancassurance partnership with ten banks.
policies. The company has also recently tied up with
Through its 35 branches and bancassurance
four cooperative banks to increase penetration in the
partnerships, Avivas products and services are available
rural areas - The Prime Cooperative Bank in Surat,
at more 200 locations across India. The company has
Citizens Cooperative Bank and Jammu Central
achieved the distinction of selling nearly 200,000
Cooperative Bank in J&K and Shri Warna Sehkari Bank
policies within three years of starting operations.
in Kolhapur. The company generates about 65 per
cent of its business through this channel.
Rapid growth in three years,
In addition to banks, Aviva has tied up with industry
to emerge as a leader
majors for insurance promotion:
in the Indian market
Partnered with Bangalore-based Canfin Homes
In a short span of three years since commencing its
the housing finance arm of Canara Bank to provide
operations in the country, Aviva has emerged as one
life insurance cover to those who avail of housing
of the leading players in the Indian private sector life
loans at competitive rates of premium. The premium
insurance market. Sales grew to 83110 policies in
is priced as low as US Cents 4.35 per day.
April 2004 March 2005 up from 70,997 in the
previous fiscal. Aviva Life recorded revenues of Formed a broking arm with Bajaj Capital Insurance
US$ 43 million in Annualised Premium Equivalent Broking Ltd. to sell its products
(APE) in 2004-05, a growth of 119 per cent over the
previous year. Wide range of product offerings,
customised for India
Nearly 65 per cent of its premium income is through
selling insurance through banks, making Aviva Life Aviva India offers diverse products to a wide range of

UK COMPANIES IN INDIA PAGE 24


SUCCESS STORIES PAGE 25
customers. Aviva offers three funds in its portfolio - Leveraging IT effectively through
Secure, Balanced and Growth Funds. Customer Relationship Management
Products in India: A full range of transparent, flexible The company has implemented CRM in its operations,
and value for money products that include whole which facilitates quick analysis of Avivas sales and
life (LifeLong), endowment (LifeSaver, EasyLife Plus), marketing initiatives. This helps the company modify
child policy (Young Achiever) single premium its products and services and customise them to suit
(LifeBond, LifeBond Plus), Pension (PensionPlus), customer requirements. In addition, it helps the
Term (LifeShield) and a 5 year recurring premium company track customer details and respond to
investment cum protection plan (LifeBond5) are queries at short notice, thereby enabling it to win
available in India. Aviva products are modern and more customers and retain existing ones.
contemporary unitised products that offer unique
customer benefits like flexibility to choose cover Training individuals for better results
levels, indexation and partial withdrawals Aviva India conducts initial training before agents go
Rural India Specific: The company has also launched on field to sell policies, and also conducts refresher
policies customised for the rural Indian market courses to keep the agents abreast of current
such as Amar Suraksha, Jana Suraksha and Anmol happenings. This enables the agents to address the
Suraksha. market with a good skill set and updated information
on the insurance market.

Future Plans
Aviva expects to break even by 2008 and grow at
over 100 per cent in the coming fiscal. With a large
untapped domestic insurance market and an
experience of healthy growth, Aviva has significant
plans for future. The companys plans for the future
include:
Increasing its bancassurance partnerships
Ramping up the agency force to 6594
by the end of 2005
Increase the number of branches to 37 by
end of 2005
Hiking its stake in Aviva India to 49 per cent
Focusing more on advertising its products

UK COMPANIES IN INDIA PAGE 26


SUCCESS STORIES PAGE 27

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