Financial Daily from THE HINDU group of publications
Tuesday, Nov 08, 2005
Financial Daily from THE HINDU group of publications Tuesday, Nov 08, 2005 |
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Money & Banking
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Life Insurance Aviva Life in bancassurance tie-up with 11 co-op banks Our Bureau
Mr Stuart Purdy, Managing Director, Aviva Life Insurance, and Mr Rajesh Relan, Director-Bancassurance & Business Partnerships, Aviva Life Insurance India, at a press conference in Mumbai on Monday. - - Shashi Ashiwal
Mumbai , Nov. 7 AVIVA Life Insurance Company is targeting an annualised new business premium of Rs 320 crore by the end of the fiscal, a growth of 105 per cent from the previous year. The company also plans to infuse additional capital of about Rs 80 crore in January , Mr Stewart Purdy, Managing Director, Aviva Life Insurance Company, told newspersons. As a step to achieve the target of higher growth, Aviva Life has entered into a referral bancassurance tie-up with 11 co-operative banks spread over Gujarat, Maharashtra, Rajasthan and Jammu and Kashmir. At present, Aviva has bancassurance tie ups with ABN-Amro, Canara bank, Lakshmi Vilas Bank, Punjab and Sind Bank and American Express. Currently, 65 per cent of Aviva's premium comes from bancassurance. Aviva will also leverage the direct selling route by expanding the agency force from 6,000 to 20,000 in three years. Mr Purdy said that the tie-up, which was under the "Aviva Sahakar programme", would help the company gain access to 400 branches of 11 co-operative banks. "Rural and semi-urban areas in India have immense business potential and with these partnerships, we are confident that we will be able to reach out to the length and breadth of the country,'' he said. Co-operative banks, on the other hand, hope to increase their fee-based income through this tie-up. The Sabarkantha District Central Co-operative Bank Ltd has sold 300 policies amounting to Rs 20 lakh premium in the first month of tying up with Aviva, said Mr Harish Patel, Chief Executive of the bank. The bank hoped the income from bancassurance would touch Rs 1 crore in this fiscal, Mr Patel said. Mr Gokul Bakshi, Chairman, Prime Co-operative Bank, Surat, said the bank was targeting a fee income of 20-30 per cent as proportion of its total income in one year to make up for fall in income due to rising interest rates.
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