The UK-based Aviva Group has announced expansion plans for the Russian market, aimed at achieving “a top five position within five years.”
A year ago it launched Aviva Russia, which the bulletin indicated, “has already gained a leadership position in the life insurance market, providing life insurance contracts to more than 200 companies and establishing a non-state pension fund aimed at corporate clients.”
Aviva said it is “now poised to enter the direct sales market with the launch of its Moscow-based direct sales force, and the company is driving product innovation with a campaign to introduce a type of unit-linked product to Russia, a first for the market.”
The Company has also “entered into three bancassurance partnerships with leading retail banks operating in Russia, namely Credit Europe Bank (formerly, Finansbank), Banque Accord (part of the Auchan Group), and Probisnesbank,” the bulletin continued. “As part of the partnership agreements, Aviva provides insurance coverage for banks’ loan customers and credit cardholders, and stand alone protection products through banks’ branches. Aviva will continue to expand its bancassurance partnerships and plans to introduce new initiatives such as launching savings products to specific bank customer groups.”
Andrei Doubinine, Aviva Russia CEO, commented: “Aviva has been growing at a fast rate, and we are on a sure track to establish ourselves as a strong player in the Russian life insurance market. In less than a year, we have concluded life insurance contracts with over 200 companies, providing insurance cover to more than 50,000 employees.
Aviva’s Executive Director Philip Scott added: “Aviva has a long history in Russia [i.e. its predecessors CGU and Norwich Union have a long history], dating back to 1856, and we are excited by the significant potential the Russian market offers. We are aiming for a top five position in Russia and our talented local team has made an excellent start, establishing a number of bancassurance partnerships, driving product innovation and capturing a sizeable share of the life insurance market.”
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