Mumbai, Nov 11 (UNI) Aviva Life Insurance has entered into a strategic tie-up with leading brokerage house Anagram that will enable it to increase its market penetration.
Announcing the tie-up here today, Aviva CEO&Managing Director T R Ramachandaran said, ''The tie-up will increase our presence in India by an additional touch points accross the country.'' Both are looking for a long term partnership, with Aviva gaining access to Anagram's investors.
Anagram, with 500 touch points across the country, with strong presence in the western and southern markets, is also increasing manpower in the north market.
This is expected to bode well for Aviva, which already has 223 branches and over 3,000 touch points in the country with a workforce of 8,600.
Speaking on Aviva's performance in the current market scenario, Mr Ramachandaran said that the company's fall in business has been lower than the market's, and its product portfolios had delivered better results than the company's internal benchmark.
'' Our Unit Linked Insurance Policies (ULIP) customers have been allowed to switch funds, but the current record of 90-95 per cent of our funds coming from ULIPs will no longer be possible and the rate will come down. However this is not a debate between ULIPs and traditional insurance products.'' he said.
The company is also chalking out growth plans for FY '09, which Mr Ramachandaran said will be in the region of 50 per cent. The company had invested Rs 339 crores in the first quarter of present fiscal.
For growth in the next fiscal, Aviva will focus on the childspace segment of the market that is growing at 30 per cent and expected to be worth Rs 3,000 crores.
''The company has three new products lined up in childspace, capital guarantees and protection segments, which will be launched by FY 08 end,'' Mr Ramachandaran said.
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