Money & Banking

Aviva sees market potential for insurance in North-east

PTI Guwahati | Updated on January 13, 2012 Published on January 13, 2012

Viewing the North-east region as a crucial market for potential growth, insurance major Aviva Life Insurance plans a foray into the rural markets to increase insurance penetration here.

The industry has realised that there is growth potential in the region’s Tier 3 cities and the rural markets which are under penetrated till now, Aviva India Director (direct sales force) Mr Munish Sharda told PTI here today.

“We see a lot of potential for business in the North-Eastern market. The dynamics of life insurance business have changed significantly with the increasing number of insurers. This has resulted in higher penetration in urban markets, including Tier 2 cities”, Mr Sharda said.

Realising the industry has growth potential in the Tier 3 cities and rural markets, he said, “Aviva plans to hire nearly 1,000 high performing agents to increase insurance penetration for bringing a large section of underinsured population within the ambit of insurance protection in the region“.

“The company is focusing on managing expenses and claims, controlling frauds and looking at selective risks where the pricing is appropriate in this market”, Mr Sharda said.

“The N-E market contributes significantly to Aviva’s business but the company also sees a lot of potential for growth here. Our top performing branches are from the North-east”, he said.

Despite considerable slowdown in the life insurance industry, the director said, Aviva has been recruiting agents to increase its distribution base in Assam and other North-eastern states.

It has also been focusing on increasing the agent productivity to provide better service to the customers in the North-east.

Published on January 13, 2012
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