Aviva, the international savings, investments and insurance group, has announced a new bancassurance tie-up with Induslnd Bank in India.
Aviva, the international savings, investments and insurance group, has announced a new bancassurance tie-up with Induslnd Bank in India.
Induslnd Bank has 148 branches in over 118 locations throughout India, reaching a broad customer base of 1.4 million. Through the new partnership, Aviva Life Insurance will offer Induslnd Bank customers a range of innovative life insurance and savings products.
Aviva Life Insurance, one of the pioneers of the bancassurance model, now has 30 bancassurance partners in India, the largest number of bank partnerships by any private insurer. Through its branches and its bancassurance partner locations, Aviva products are available in a total of 497 towns and cities across India.
Philip Scott, executive director, Aviva International, said: "We are delighted to have signed a bancassurance deal with IndusInd Bank, one of India’s fastest-growing private sector banks. This partnership is another important milestone for Aviva India, further strengthening our position in the bancassurance market, and will assist in our rapid growth in the region."
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For further information:
Sue Winston, head of group media relations +44 (0)20 7662 8221
Vanessa Booth, group media relations manager +44 (0)20 7662 2482
Notes to editors:
About Aviva India
- Aviva Life Insurance is a joint venture between Dabur and Aviva. Aviva plc is the world’s fifth-largest insurance group and the UK’s largest insurance services provider (based on gross worldwide premiums at 31 December 2005), and is one of the leading providers of life and pension products to Europe, with substantial positions in other markets around the world.
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of Ł36 billion and assets under management of Ł322 billion at 31 December 2005.
- Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. It was among the first companies to introduce unit-linked products in the market.
- The bancassurance channel contributes close to 65% of Aviva’s business in India.
- Prior to nationalisation, 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. It is the country’s leading producer of traditional healthcare products.
- Aviva is also keen to reach out to the underprivileged that have not had access to insurance so far. Through its association with BASIX (a micro financial institution) and other NGOs, it has been able to cover hundreds of thousands of lives.
- The Aviva media centre at www.aviva.com/media includes images, logos, company and product information and a news release archive.