Topics: Insurance, Organizational structure, Financial services Pages: 13 (4398 words) Published: December 12, 2012

Organizational Behaviour II

Group Assignment-II

Submitted By:
Gunjan Paul (12PGDM141)
Ipsa Bansal(12PGDM144)
Ishaan Makker(12PGDM145)
Minnie Dissoria(12PGDM149)
Nimisha Srivastava(12PGDM155)
Soumya Sharma(12PGDM177)

Q1. What is the name of the organization? What does the organization do? What goods/ services does it produce/ provide? The organisation we chose is Aviva India. Aviva India is a joint venture between one of the country's oldest and largest groups, Dabur, and Aviva group, one of the UK's largest insurance group, whose association with India dates back to 1834. Aviva India wants to be amongst India's leading life insurers with a quality business model, focused on sustainable growth. Aviva began operations in July 2002. As per the Indian insurance sector regulations, Aviva plc has a 26% stake and Dabur has a 74% stake in the JV partnership.

Aviva is UK's one of the largest insurers and one of Europe's leading providers of life and general insurance. Aviva is the world's sixth largest insurance group based on gross worldwide premiums for 2010 year. Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £40.6 billion and operating profits of at £2.5 billion at 31 December, 2011. With a history dating back to 1696, Aviva Group has a 43 million customer base worldwide. Aviva India employs close to 3700 people, over 20,000 Financial Advisers with 135 branches across the country. Aviva has also partnered with more than 70 insurance brokers. The organization deal in selling of financial products and it provides financial services to clients. The product portfolio of Aviva India is designed to meet all customer lifecycle needs related to protection, retirement, investments and savings. Aviva India has initiated and pioneered many innovative sales approaches, including the concept of Banc assurance and financial health check services. They are among the first companies to introduce the contemporary unit link products. Aviva has a balanced distribution network through Banc assurance, Direct Sales Force and online products. This includes a direct sales force of more than 20,000 financial planning advisers, in 135 branches across the country and multiple banc assurance partnerships with private sector banks, cooperatives and regional rural banks. Through its distribution setup and partnerships, Aviva reaches customers in over 1000 towns and cities across India. Aviva has been focusing on the Online Platform recently, and a number of products, including Aviva i-Life and Aviva Health Secure were launched recently. This is in line with the company’s strategy to focus on newer formats and products that are easier for customers to understand and buy. Aviva India is among the first companies to introduce modern unit-linked and unitised with-profit policies. Its products include: Fixed term protection plans (Aviva Life Shield Platinum), endowment plans (Aviva Money back, Aviva Dhanvriddhi, Aviva Sachin Extra Cover Advantage, Aviva Dhanvarsha, Aviva Freedom Life Advantage, Aviva Lifesaver Advantage), Child policy (Aviva Young Scholar Advantage, Aviva Young Scholar Secure), Single Premium plans (Aviva Life Bond Advantage). In addition to these, a new traditional plan called Family Income Builder was launched in August 2012. Aviva India has also been expanding its distribution through online products. Aviva i-Life, an online fixed term protection plan and Aviva Health Secure, an online health insurance plan were launched to cater to the fast developing online insurance market. Aviva promotes its brands and products a variety of advertisements in various mediums, featuring Sachin Tendulkar, Aviva India’s brand ambassador since 2007. Aviva India is involved with education of underprivileged children, under the Street to School programme, the international corporate social responsibility programme of Aviva...
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