Aviva Life Insurance has not only met but has also exceeded its stipulated social and rural targets for the year. Through a focused distribution and marketing plan and through its tie-ups with Micro Financial Institutions (MFIs) and NGOs it has spread insurance coverage to the most vulnerable sections of the society.
Aviva Life Insurance has not only met but has also exceeded its stipulated social and rural targets for the year. Through a focused distribution and marketing plan and through its tie-ups with Micro Financial Institutions (MFIs) and NGOs it has spread insurance coverage to the most vulnerable sections of the society.
For the rural sector, the target for the year was 6200 policies while Aviva achieved the figure of 10,000 policies. Under the social sector, though the target for the company was 8880 lives, it was able to cover 61,000 lives.
For the rural areas, Aviva has adopted a differentiated approach, which focuses on the special needs of the customer. It includes introduction of special products, which are easy to understand, do not require medical tests and have simpler documentation. The approach also involved setting up of a special distribution network of four rural branches exclusively set up for these areas with Financial Planning Advisors (FPAs) recruited from the local populace using simple communication to convey the need for insurance as well as create awareness about Aviva through wall paintings, vans, association with local events and melas (fairs) in local languages.
For targeting specific social groups, Aviva has associated with Basix, a micro finance institution and Rajasthan Co-operative Dairy Federation (RCDF). With Basix, Aviva has covered over 50,000 lives. Unlike some other insurance companies, Aviva has not gone to rural areas adjacent to big cities. Instead the focus has been to reach out to those customers, in the interiors of the country, who have not had access to life insurance previously. By tying up with Basix, the company has reached artisans, self employed women and other weaker sections of the society and provided life insurance to them.
Aviva is also using its Bancassurance distribution network to reach some of these sections of the society. Through its association with The Lakshmi Vilas Bank, Aviva distributes its Jana Suraksha product. The scheme provides them with an individual life cover at a very low premium. Through its Canara Bank relationship Aviva is distributing the Amar Suraksha product, a term insurance policy with premium back.
Speaking on the achievement, Stuart Purdy, managing director, Aviva Life Insurance, India said, “We do not look as our entry into the rural and social sectors as an obligation that we have to fulfill. Instead we are happy that we have been able to spread insurance coverage to those areas and sections of the society who otherwise do not have easy access to the benefits of life insurance. In fact, even while associating with micro financial institutions like Basix we look at it as a business partnership where we are closely involved in the training programmes of their field executives and literally “hand hold” them while creating the processes for the delivery of insurance.”
For further information, please contact:
Preeti Bakaya
Aviva Life Insurance Company India Pvt. Ltd.
tel: 91124 2804141 ext: 5406
e-mail: preeti.bakaya@avivaindia.com
About Aviva
- Aviva Life Insurance is a joint venture between Dabur and Aviva. 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 seventh largest insurer worldwide, with 30 million customers and Ł 240 billion assets under management.
- Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with annual sales in excess of Rs 1,350 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.