Aviva Life to expand network, aiming for higher marketshare

Aviva Life to expand network, aiming for higher marketshare
In a bid to enhance its footprint in the country, Aviva Life Insurance India plans to add around 60 more branches by next year, taking its network strength to 280, a top official of the company said.
"We will be increasing our branch strength to 280 from the current 219 by the next calender year which would help us to enhance our presence in the country," Aviva India Managing Director and CEO Bert Paterson said. The company was aiming to up its marketshare and having a bigger all-India presence would help it in its endeavour, Paterson said.
In the current year, the company has already launched around six new products, he said adding that a few more products were in the pipeline which would be launched after obtaining regulatory approvals.

"We have already lined up some new products for launch in the market. We have applied to the IRDA and are now awaiting its approval," Paterson said.
"Till date, we have recorded a growth of over 53 per cent and are aiming for an aggressive growth this year," he said.
The company would concentrate on its core business of life insurance and has no short-term or mid-term plan to enter the general insurance segment, he said.
"In India, general insurance is unprofitable. Besides, competition is intense and hence we have no immediate plans to enter the general insurance business," he said.
Within the Asia-Pacific region, India contributes 40 per cent to the group's overall revenue in retail life insurance, he said. The company's most profitable product in the country was Unit Linked Insurance Plans (ULIPS) which contributes over 95 per cent to the total revenue, he said.