ROLE OF PRIVATE LIFE INSURANCE COMPANY IN INDIA
SUMMER TRAINING PROJECT REPORT.doc (Size: 610.5 KB / Downloads: 618)
AVIVA LIFE INSURANCE COMPANY LIMITED
Aviva is UK’s largest and the world’s fifth largest insurance Group . It is one of the leading providers of life and pension products to Europe and has substantial businesses elsewhere around the world. With a history dating back to 1696, Aviva has a 40 million-customer base worldwide. It has more than £364 billion of assets under management.
In India, Aviva has a long history dating back to 1834. At the time of nationalization it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995.
In India, Aviva has a Joint Venture with Dabur, one of India's oldest, and largest Group of companies . A professionally managed company, Dabur is the country's leading producer of traditional healthcare products.
In accordance with the government regulations Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.
With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), Aviva has initiated an innovative and differentiated sales approach to the business. Through the “Financial Health Check” (FHC) Aviva’s sales force has been able to establish its credibility in the market. The FHC is a free service administered by the FPAs 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.
Aviva pioneered the concept of Bancassurance in India, and has leveraged its global expertise in Bancassurance successfully in India. Currently, Aviva has Bancassurance tie-ups with ABN Amro Bank, American Express Bank, IndusInd Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. And Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra and regional Banks.
When Aviva entered the market, most companies were offering traditional life products. Aviva started by offering the more modern Unit Linked and Unitised With Profit products to the customers, creating a unique differentiation. Aviva’s products have been designed in a manner to provide customers flexibility, transparency and value for money. It has been among the first companies to introduce the more modern Unit Linked products in the market. Its products include: Whole life (Life Long), Endowment (Life Saver, Easy Life Plus, Life Saver Plus), Child Policy (Young Achiever, Save Guard Junior, Aviva Little Master) Single Premium (Life Bond and Life Bond Plus), Pension (Pension Plus), Term (Life Shield), Fixed Term Protection Plan (Freedom Life Plan) and a Tax Efficient Investment Plan with limited premium payment term (Life Bonds). Aviva products are modern and contemporary unitized products that offer unique customer benefits like flexibility to chose cover levels, indexation and partial withdrawals.
Aviva’s Fund management operation is one of its key differentiators. Operating from Mumbai, Aviva has an experienced team of fund managers and the fund options includes Unitised With-Profits Fund and seven Unit Linked funds:
Protector Fund, Secure Fund, Balanced Fund, Growth Fund, Enhancer Fund, Index Fund and Bond Fund.
Aviva has 193 Branches in India (including rural branches) supporting its distribution network. Through its Bancassurance partner locations, Aviva products are available in more than 2,795 locations across India.
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 reach the weaker sections of the society and provide life insurance to them.
Aviva has been felicitated with the "Bronze Award for Excellence in People Management" by Grow Talent Company Limited and Business world. This honour is given to Aviva based on the ranks received in top 25 list of the Great Place to Work India studies conducted in the last four years. Aviva was ranked 12th in 2003, 14th in 2004 and 13th in 2005.
HISTORY OF AVIVA LIFE INSURANCE COMPANY LIMITED
The company was incorporated as stock life insurance company under the law s of New York on March 25, 1981 and licensed to do an insurance business on April 6, 1981. the company was incorporated as CU life insurance company of new York. The company changed its name to CGU life insurance Company of new York effective November 1 ,1999 . Effective March 24, 2004 the company completed another name change to Aviva Life Insurance company Limited.
Aviva – where exceeding expectations through innovative solutions is "our” way of life. This is the compelling vision that Aviva India has created through the active contribution of its employees. These lines not only define the way we live and work but also serve as a reminder, colleagues, partners & employees at all times.
Embedded in this vision are the core values of Integrity, Customer centricity, Passion for winning, Innovation and Empowered team that we have collectively defined and committed to working towards.