Marketing Mix of Aviva Life Insurance [Step By Step Guide]

Marketing Mix of Aviva Life Insurance focuses on 4Ps Product, Place, Price, and Promotion. Aviva Life Insurance is a very well-known insurance provider, with its headquarters in London, United Kingdom. Established in 2000, Aviva’s CEO is Mr. Mark Wilson. It has around 53 million customer base and has been spread across 28 countries. It has various subsidiaries and joint ventures across countries. It is the world’s fifth-largest insurance firm and UK’s second.

marketing mix of aviva life insurance

Since 2002, it operates in India as a joint venture named Aviva India with the Indian conglomerate Dabur group. The major competitor of Aviva in the UK is Allianz and In India company is in competition with LIC, Bajaj Allianz life insurance, and HDFC Life, Max Life Insurance.

Let’s discuss the Marketing Mix of Aviva Life Insurance :

Product in the Marketing Mix of Aviva Life Insurance

Life insurance policies and health insurance plans are very specific fields in which the following are listed as follows:

Child Insurance Plans

  • Young Scholar Secure
  • Aviva Young Scholar Advantage

Saving Plans

  • Aviva Family New Income Builder
  • Aviva i-Growth
  • Aviva Life Bond Coverage
  • Aviva Dhan Samruddhi
  • Aviva Life Smart
  • Aviva Wealth Builder
  • Aviva Affluence
  • Aviva Dhan Vriddhi Plus
  • Aviva Dhan Nirman

Retirement Plans

  • Aviva Next Innings Pension Plans
  • Aviva Annuity Plus
  • Aviva New Family Income Builder
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Term Insurance Plans

  • Aviva i-Life Term Insurance
  • Aviva i-Shield Term Insurance
  • Aviva Life Shield Advantage Plan
  • Aviva Life Shield Platinum Term Insurance
  • Aviva Life Shield Plus Term Insurance

Rural Insurance Plans

  • Aviva Jana Suraksha
  • Aviva Group Term Insurance Plans

Health Insurance Plans

  • Aviva Health Secure
  • Aviva Heart Care

These products are finely tailored to customer needs. Customers will choose insurance based on age, ability to pay a premium, and returns or Retirement benefits. This is Product Mix of Aviva Life Insurance.

Place in the Marketing Mix of Aviva Life Insurance

The distribution network is very critical for an insurance company since direct sales force forms the business base. Other channels for sales are its partnership through various financial planning advisors and private sector banks. Aviva life insurance has more than 121 offices throughout India, with approximately 3,000 staff and a strong network of agents on board.
Over the years, the online channel for selling insurance policies has also become common where you will get an insurance policy with minimal details and trouble-free procedure. Bancassurance is also a very popular way of selling Insurance policies today company has tie-ups with many banks to promote and sell its products.

Price in the Marketing Mix of Aviva Life Insurance

Instead of price, an individual selecting a company before being insured looks at the company’s successfully settled claims. Aviva’s 2014-2015 lawsuit settlement figure is 83.07 percent. Say you need to pay a premium for Rs 480 per month for 1 crore insurance cover, and the same coverage in HDFC regular life is for Rs 535 per month, and Reliance life offers it for 450 per month, but they have lower payout ratios for Aviva.

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But in India, Aviva is well behind LIC with a claim settlement ratio of 97.73%. It is a big concern where Aviva’s consumer sales struggle. Small rates don’t draw customers these days. Every insurance company uses value-based pricing and provides extra value in their insurance policies. Claim Settlement Ratio is the most important factor for customers buying a Life Insurance Policy.

Promotion in the Marketing Mix of Aviva Life Insurance

Aviva Indian company has been promoting the Aviva brand through various ads like online, print media, etc. and has managed to get the Sachin Tendulkar brand ambassador since 2007. The company is known to give back to society through various social responsibility programs aimed primarily at education. Aviva primarily advocates using brand ambassadors, but also with some hard-hitting tweets. Aviva’s are quite “to the point” and demonstrates the value of life insurance. cIts major competitors in India are the LIC (India’s Life Insurance Corporation), ICICI Prudential, Max Life Insurance, Bajaj Allianz, HDFC Life. The company is concentrating on Social Media Platforms like Facebook, Twitter, TikTok, etc to attract customers. The company is also using Adsense as its preferred ad network for advertising its products in India. The company is also participating in Trade Fairs. The company is giving good commission to its Insurance Advisors hence they are also promoting its products. Bancassurance is also a very popular way of selling Insurance policies today company has tie-ups with many banks to promote and sell its products.

Conclusion:

This Marketing Mix of Aviva Life Insurance presents the product, price, place, and promotion. It was concluded that Aviva’s life insurance policies are good to cater to the need of customers. Aviva Life Insurance has insurance policies for Children, Retirement Planning, Unit Linked Insurance Plans, and Health Insurance Plans. Promotions in the Marketing Mix of Aviva Life Insurance states that the company is following various methods of promotion like Social Media Marketing, Facebook Marketing, Whatsapp Marketing, Television Advertisements, Radio Advertisements, Advertisements in Newspapers, etc. Place in the Marketing Mix of Aviva Life Insurance states that the company is using every possible sales channel for its products like direct marketing, trade fairs, bancassurance, etc. Price in the Marketing Mix of Aviva Life Insurance states that their premium rates are competitive and provides multiple payment options. One can also pay the premium with the help of their website.

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