Aviva India

Aviva India
Private
Industry Financial services
Insurance
Founded 2002
Headquarters Gurgaon, Haryana[1]
Area served
 India
Key people
 Mr. Trevor Bull (Managing Director & Chief Executive Officer)
Products Protection, Investment, Savings & Retirement
Website Aviva India

Aviva India is an Indian life assurance company, and a joint venture between Aviva plc, a British assurance company, and Dabur Group, an Indian conglomerate. Aviva began operations in July 2002 as a joint venture with Dabur Group, one of India’s oldest business houses. As per the Indian insurance sector regulations, Aviva plc has a 26% stake and Dabur has a 74% stake in the JV partnership. [2]

Operations

Aviva India employs close to 3700 people, over 20,000 Financial Advisers with 135 branches across the country. Aviva has also partnered with more than 70 insurance brokers.

Distribution

Aviva has a balanced distribution network through Assurance, Direct Sales Force and online products. This includes a direct sales force of more than 20,000 financial planning advisers, in 99 branches across the country and multiple bancassurance partnerships with private sector banks, co-operatives and regional rural banks. Through its distribution setup and partnerships, Aviva reaches customers in over 1000 towns and cities across India.

Aviva has been focusing on the Online Platform in recent years, and a number of products, including Aviva i-Life, Aviva Health Secure and Aviva i-Shield were launched recently. This is in line with the company’s strategy to focus on newer formats and products that are easier for customers to understand and buy.[3]

Products

Aviva India was amongst the first companies to introduce modern unit-linked and unitised with-profit policies. Its products include: Fixed term protection plans (Aviva LifeShield Platinum), endowment plans (Aviva Moneyback, Aviva Dhanvriddhi, Aviva Sachin Extra Cover Advantage, Aviva Dhanvarsha, Aviva FreedomLife Advantage, Aviva LifeSaver Advantage), Child policy (Aviva Young Scholar Advantage, Aviva Young Scholar Secure), Single Premium plans (Aviva LifeBond Advantage). In addition to these, a new traditional plan called Family Income Builder was launched in August 2012.[4]

Aviva India has also been expanding its distribution through online products. Aviva i-Life, an online fixed term protection plan and Aviva Health Secure, an online health insurance plan were launched to cater to the fast developing online insurance market.

On the other side Aviva India products, especially Unit linked ones, are highly expensive compared to that of competitors. It almost takes 30% of the premium as hidden charges, and this is one of the main reasons why even after so many years in the country, Aviva has not established a strong foothold in Indian insurance market.

Aviva promotes its brands and products a variety of advertisements in various mediums, featuring Sachin Tendulkar, Aviva India’s brand ambassador since 2007.

Corporate social responsibility

Aviva India is involved with education of underprivileged children, under the Street to School programme, the international corporate social responsibility programme of Aviva plc. Within India, it works with NGOs in various parts of India to enable education for street and slum children, and helps them with funds for setting up and running outreach centers.

Aviva India also conducts the Aviva Great Wall of Education in various cities each year, which collects books for underprivileged children. Over the last three years, the Aviva Great Wall of Education has collected more than 2 million books, which have been given to more than 500,000 underprivileged children across the country. The Aviva Great Wall of Education collected over 1.1 million books in 2011 alone.The Aviva Great Wall of Education was also listed in the Limca Book of Records for being the ‘largest wall of books’ for its debut year.[5] It has received multiple awards, including the Bronze award at the inaugural CRY Child Rights Champion Award, 'Highly Commended Award' at the TVE Corporate Sustainability Awards given at BAFTA, London, Gold at Spikes Asia 2010, a Bronze at Effies 2010 and a Silver at the Effies in 2011. It also won an Indy’s award in the ‘Community and Social Welfare’ category in 2011, and was awarded ‘Out of the box PR idea’ award at India PR & Corporate Communications Awards in 2012.[6]

Aviva India employees volunteer time to conduct workshops with children enrolled with its partner NGOs as well.

References

  1. ↑ "Contact Us". Aviva India. Archived from the original on 12 December 2010. Retrieved 2010-12-28.
  2. ↑ NULL. "Aviva Life to Infuse more capital as per IRDA norms". Moneycontrol.com. Retrieved 2010-12-28.
  3. ↑ Gaurav Rajput, Director Marketing & Products, Aviva India speaks about Online Insurance http://www.youtube.com/watch?v=TlK43tjuPSw
  4. ↑ Preeti Kulkarni. "Aviva India launches Family Income Builder". Economic Times. Retrieved 2012-08-14.
  5. ↑ Aviva Great Wall of Education placed in the Limca Book of Records http://www.indiainfoline.com/Markets/News/Aviva-Great-Wall-of-Education-enters-The-Limca-Book-of-Records/5148957275
  6. ↑ E4m News Service. "Maruti, Corporate Voice shine at PR Awards". exchange4media.com. Retrieved 2012-03-23.

External links