Aviva and BASIX are pleased to announce the launch of a pioneering process – Straight through processing that aims to automate end-to-end retail microinsurance policy inforcement process.
- Introduces - "Straight through processing" (STP), a new process for instant issuance of Grameen Suraksha, a low cost microinsurance policy
- First ever in the microinsurance sector
- Enhanced customer experience by quick and hassle-free issuance of the policy
- A unique low cost process using technology integration between the two partners.
Aviva and BASIX are pleased to announce the launch of a pioneering process – Straight through processing (STP) that aims to automate end-to-end retail microinsurance policy enforcement process. Being first of its kind, through this initiative, both organizations have achieved a seamless integration of their technology systems to enable bulk processing of small ticket microinsurance policies with minimal processing cost and manual intervention.
The key challenge that the company wanted to address was high cost and turn- around-time of processing for a microinsurance policy with an average ticket size of just Rs 500. BASIX has a network of over 220 remote branches and most of these branches are equipped with computers, internet connectivity and BASIX’s CRM software. With simplification of the proposal form, data entry at source and direct integration of BASIX’s data entry system with Aviva’s policy administration system, the objective has been achieved to a huge extent and policy is enforced by Aviva within 24 hours of data entry by Basix.
Speaking on the launch, Monica Agrawal, director, strategic initiatives & business development, Aviva Life Insurance, said: “We, at Aviva, seek to provide prosperity and peace of mind to our customers through our innovative and relevant products and processes. The launch of STP is a step in this direction, and will help us serve our financially excluded and rural customers better and faster and enable us to provide them world class services at low cost through technological intervention. In future, we plan to replicate this process for other rural insurance products as well.”
Manmath Dalai, managing director, Bhartiya Samruddhi Finance Limited (BASIX), said: “BASIX is a Pioneer in Livelihood Promotion in India and we value our relationship with Aviva, with whom we have protected more than three million lives. This technology integration with Aviva will further strengthen our partnership with Aviva and help us reach out to many more people in rural India with affordable protection and savings products.“
The relationship between Aviva and BASIX commenced nine years ago in 2002 and since then, both the organizations are relentlessly working towards increasing the outreach of financial services in the remotest rural areas of India to achieve the mission of financial inclusion. Aviva has covered more than three million lives in 2010 under the group insurance policy and have provided financial assistance through claims settlement of more than Rs 33 Crs to over 19,000 households. Aviva has also been one of the largest microinsurance players since 2009 amongst all private insurers in India in terms of covering social lives.
Aviva was one of the first companies to launch an individual microinsurance product for the lower-income segment to provide the families necessary financial aid in the unfortunate event of the death of the bread-winner.
The product called Grameen Suraksha provides long term (five or 10) years cover to the policyholder at a very affordable premium that can be paid in two annual instalments. With a huge potential in the untapped and uninsured population in rural areas and an average policy ticket size of Rs 500, the need was to increase the outreach through a scalable, cost-efficient and easily replicable business model in addition to providing door-step superior services to the rural clientele.
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For additional information, please contact:
Aditi Vij
Aviva India
E-mail: aditi.vij@avivaindia.com
Phone: 0124 2709890
Preeti Harkare
Adfactors PR
E-mail: preeti@adfactorspr.com
Phone: 9654418182
Notes to editors:
- Aviva is the world’s sixth largest* insurance group, serving over 53 million customers across Europe, North America and Asia Pacific
- Aviva's main business activities are long-term savings, fund management and general insurance, with worldwide total sales of £47.1 billion and funds under management of £402 billion at 31 December 2010. We are the largest insurance services provider in the UK and one of the leading providers of life and pensions products in Europe.
- Aviva India is a joint venture between Dabur Group and Aviva Group. Current paid up capital amounts to Rs 2004 crore. Dabur Group is the 74% shareholder while Aviva Group holds 26%. Aviva Group is a UK based insurance company and one of the world’s oldest insurance Groups, with a history dating back to 1696.
- Aviva’s products have been designed to provide customers flexibility, transparency and value for money. We address all lifecycle needs of a customer – savings, protection, investment and retirement.
- In the 2011 FTSE4Good index, Aviva is recognized as the top insurance company for corporate responsibility in the world, out of more than 100 other organisations in our sector. The Reputation Institute’s 2011 rankings, also place Aviva as the UK’s “most reputable” financial services company.
- Aviva is the global bancassurance leader and in majority of our countries, bancassurance is the only distribution channel. In India too, we pioneered the concept of bancassurance.
- Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through our association with BASIX (a micro financial institution) and other NGOs, we have been able to cover lakhs of lives.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.
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* based on gross worldwide premiums at 31 December 2009