Aviva Life Insurance announces its plan to launch additional 91 branches taking the total number to 192 branches in India.
- To launch 91 new branches; total branches in India to go up to 192
- Ties-up with six more co-operative banks
- Total of 29 bancassurance partnerships in India, with access to a customer base of 43.5 million through bancassurance
Aviva Life Insurance announces its plan to launch additional 91 branches taking the total number to 192 branches in India. Aviva has been able to rapidly establish its presence in the Indian market by adopting a differentiated approach to sales, distribution, marketing and product strategy. Aviva has plans to increase its field force capacity to nearly 31,000 financial planning advisers.
Aviva has also partnered with six more co-operative and regional rural banks in Gujarat, Bihar, Maharashtra, West Bengal and Andhra Pradesh. The bank partnerships are in addition to the existing bancassurance partnerships with 15 co-operative banks across India under the "Aviva Sahakar" programme. Aviva has emerged as a market leader with the largest number of bancassurance tie-ups by any private insurer present in India.
Speaking on the occasion, Bert Paterson, managing director, Aviva India said: “Aviva has been steadily growing since the launch of its operations in the year 2002. We recorded a growth of 224% for the half year 2006 with PVNBP (present value of new business premium) of Rs 1,392.6 crores. We have successfully followed a dual distribution strategy of bancassurance and direct sales force. We are now present in 398 locations across the country fulfilling our vision of bringing prosperity and peace of mind to all our customers.”
He added: “With the launch of new branches next year and tie-ups with banks, we have further strengthened our presence covering the length and breadth of the country from Pathankot in North to Alwaye in South and from Mehsana in West to Tinsukhia in East.”
List of new bank partners:
| Name of the Bancassurance partner | Location | Number of branches |
|---|---|---|
| Janaseva Sahakari Bank | Maharashtra | 8 |
| Patliputra Central Co-operative Bank | Bihar | 20 |
| Kakinada District Central Co-operative Bank | Andhra Pradesh | 47 |
| Dena Gujarat Gramin Bank | Gujarat | 130 |
| Bardhaman Gramin Bank | West Bengal | 90 |
| Ranchi Kunthi DCCB | Jharkhand | 17 |
The business model with these six co-operative and regional rural banks will be similar to the existing Bancassurance relationships that Aviva already has in place with its current partners.
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For further information, please contact:
Deepti Sharma
IPAN Public Relations
Telephone: 011-42492124
E-mail: deepti.sharma@ipan.com
Pooja Garg Khan
Aviva Life Insurance
Telephone: 95124-2804141
Email: pooja.khan@avivaindia.com
About Aviva India
Aviva Life Insurance is a joint venture between Dabur and Aviva. Current paid up capital amounts to 559 crores. Dabur are the 74% shareholder and Aviva the 26% shareholder. 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 fifth largest insurer worldwide, with 35 million customers and £332 billion assets under management. Prior to nationalization, Aviva was the biggest of the foreign insurers operating in the Indian market.
Founded in 1884, Dabur is one of India’s oldest and largest groups of companies with the Group’s consolidated annual sales in excess of Rs 1,899 crores. A professionally managed company it is the country’s leading producer of traditional healthcare products.
Aviva pioneered the concept of bancassurance in India, and has leveraged its global expertise in this area successfully in India. Bancassurance has been contributing close to 65% of the total sales of Aviva India. Through its branches and its bancassurance partner locations, Aviva products are available in 398 towns and cities across India.
Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. We have been among the first companies to introduce unit linked products in the market.
Aviva has a unique need based sales approach through the “Financial Health Check” (FHC). The FHC is a free service administered by our FPAs (financial planning advisers) for a need-based analysis of the customer’s long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the FHC assesses and recommends the right insurance product for them.