Aviva Life Insurance today announced the launch of distribution of its products through ABN AMRO Bank.
Aviva Life Insurance today announced the launch of distribution of its products through ABN AMRO Bank. The bank will now sell Aviva life insurance products from its branches in a phased manner. In the first month of operations Aviva life insurance products will be available in the four metros through ABN AMRO’s branches in Mumbai, Delhi, Kolkatta and Chennai.
Aviva Life Insurance will make available a full range of flexible and value for money products that include whole life, endowment, single premium savings and protection plans to the banks customers. The key to the selling strategy will be a needs based selling approach that is designed to give customers an overview of their financial needs based on their life stage and individual requirements.
This partnership aims to combine the product strengths of Aviva along with the service differential of ABN AMRO Bank to offer an unbeatable proposition to the end winner – the ABN AMRO customer.
Speaking on the occasion of the launch Stuart Purdy, CEO, Aviva Life Insurance, said:“We will place our trained Financial Planning Advisers (FPA) in each of the branches from where we intend to sell. This model of distribution provides the best service to the customer who has been banking with ABN AMRO Bank for years. Now at the same trusted bank he can avail of professional services of a world class insurance provider and under the same roof."
Romesh Sobti, Executive Vice President & Country Representative, ABN AMRO Bank India, said: “The tie-up with Aviva Life Insurance will help us achieve our strategic vision of becoming a one-stop shop for all our customer’s financial needs. With this partnership, ABN AMRO Bank now offers its customers a comprehensive range of life insurance products. I am also happy that the needs based approach we will use assures our customers of solutions that are tailor-made to their individual insurance needs."
ABN AMRO Bank internationally has a strong focus on the bancassurance business and has developed expertise in this area through its operations in Netherlands, USA, Brazil etc. Best practices developed in the areas of distribution, customer understanding and cross selling opportunities would be put into practice in the Indian market as well.
The two companies had signed a signed a Letter of Intent in October last year to retail life insurance products. ABN AMRO’s 10 branches across India will offer a wide range of Aviva life insurance products to the bank’s customers. Aviva will utilise ABN AMRO Bank for its routine requirements on Custodial, Fund Accounting and Cash Management services.