On May 17, Aviva-Cofco received formal approval from CIRC to establish branch operation in Chengdu. The "who will be the first joint venture foreign life insurer in the city of Hibiscus" mystery was finally revealed.
On May 17, Aviva-Cofco received formal approval from CIRC to establish branch operation in Chengdu. The "who will be the first joint venture foreign life insurer in the city of Hibiscus" mystery was finally revealed.
Aviva-Cofco Life Insurance Co Ltd is a joint venture between Aviva plc and COFCO Group. It was set up in Guangzhou in January 2003, with a registered capital of RMB 500 million. Drawing on Aviva group’s 300 years of experience in the industry, world class managerial and technological expertise as well as its quality services, Aviva-Cofco aims to become a major provider in Chengdu’s life market, making tailored life products for Chengdu citizens.
"We have been long-time friends with the Chengdu people," intimated Mr Charles Anderson, managing director of Aviva Asia Financial Services and vice chairman of Aviva-Cofco, "the Chengdu representative office has been operative since the beginning of 1990s; starting from 1994, we have also worked in close partnership with SWUFE on various projects, including among others, sponsoring the establishment of China insurance accountant training centre for domestic insurance accountant master’s programme; meanwhile, we have been maintaining a very good relationship with the Chengdu government."
Mr Anderson was very pleased indeed that Aviva-Cofco can now extend its insurance business to Chengdu, and was especially pleased to see that Aviva-Cofco has been honoured Chengdu’s very first foreign funded life insurer.
As the pioneer foreign life insurer to enter the Chengdu market, Aviva-Cofco is now ready to leverage fully on its early-entry advantage and obtain as much market share as possible. This market share ranking will not only be in terms of premium income, but also in terms of renown, customer recognition and ability to attract top talents.
"Research shows that Chengdu people regard insurers with foreign background very highly, and we certainly will not disappoint them." Mr Eric Chang, general manager of Aviva-Cofco, was very confident about the company’s strength, "We will bring protection against uncertainty to thousands of Chengdu families through tailor-made life insurance products especially designed for Chengdu citizens; we will win customer recognition with our superior pre- and post-sale services, advanced management as well as standardized operations; we will also attract more top talents to join us, using the professional training at the Aviva-Cofco centre for professional talent development as well as excellent career outlook."
Aviva-Cofco will display to the people in Chengdu the trustworthiness, professionalism and pragmatism of a life insurer of foreign background. According to Mr Chang, Aviva-Cofco will provide the citizens with comprehensive protection plans encompassing retirement/pensions plan, juvenile education scheme, family income protection, mortgage loans protection and health care protection, etc, through a multitude of distribution channels to meet the diverse need of various customer groups.
Aviva-Cofco was granted its Beijing branch license by CIRC not long ago. The establishment of Chengdu and Beijing branch offices means we have made substantial progress towards Aviva-Cofco’s "10*10*10" strategic goal, namely that, by 2010, the company is to have a market share (by life new premium) of 10% in each of the 10 targeted cities of significant importance in China. Chengdu will then become Aviva-Cofco’s regional headquarters for its business operations in western China. As the centre of "western operations", Chengdu will pose as a uniquely crucial battlefield in the company’s strategic blueprint for future development.
Aviva-Cofco has already started an intense preparation project for its Chengdu branch operation. The first policy sold by a foreign life insurer in Chengdu is expected before 2004 is out.
Aviva-Cofco provides financial protection products including retirement/pensions plan, juvenile education scheme, family income protection, mortgage loans protection and health care protection.
Aviva-Cofco achieves its success through leverage on Aviva’s several hundred years of experience in life insurance operations and management, professional sales by a select and well-trained direct sales force, quality insurance products designed to meet different customer needs, as well as strong services support. Believing in "people focused" and "customer priority", the company seeks to provide comprehensive financial protection for all its customers.
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For further info please contact:
Aviva-Cofco Life Insurance Co Ltd
Ms Angie Ruan
Tel: 8620 84108080-312
Fax: 8620 84108079
E-mail: Angie_ruan@aviva-cofco.com.cn
Ms Cecile Liu
Tel: 8620 84108080-253
Fax: 8620 84108079
E-mail: Cecile_liu@aviva-cofco.com.cn