In India, it has been operating as a partnership called Aviva India together with Dabur Group, the Indian multinational Dabur Dabur group since 2002. Allianz has been a major rival to Aviva in the UK but in India, Aviva lives insurance is facing excellent rivals with the LIC as well as Maxlife insurance and Bajaj Allianz.
Marketing Mix Of Aviva Life Insurance is brand-based. In Marketing Mix Of Aviva Life Insurance, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Aviva Life Insurance Marketing Mix. Below is the detailed Marketing Mix Of Aviva Life Insurance.
Let’s talk about Aviva Life Insurance Marketing Mix.
Aviva Life Insurance Main Competitors
- Bharti AXA Life Insurance
- Bajaj Allianz Life Insurance
- HDFC Life Insurance
- Pramerica Life Insurance
- Exide Life Insurance
- Kotak Mahindra Life Insurance
- Reliance Nippon Life Insurance
- PNB MetLife Insurance
Aviva Life Insurance official website: www.avivaindia.com
Product in the Aviva Life Insurance Marketing Mix:
Life insurance plans and the health insurance plan are vast areas that encompass a variety of varieties in insurance items are classified as follows:
- Fixed-term security plans Aviva Life shield Platinum
- Plans for endowment: Aviva money back, Aviva freedom life insurance, and Aviva life saver benefit
- Aviva Health Secure: Online health insurance plan that is able to adapt to the rapidly growing market for health insurance on the internet. marketplace.
- Children’s plans: Aviva young scholar advantage and Aviva young scholar secure.
- Aviva i-shield
They are specifically created to meet the demands of the consumer. Customers can select products according to their capacity to pay premiums, and the desire to accumulate retirement funds.
Place in the Aviva Life Insurance Marketing Mix:
A distribution network is crucial for any company operating in the insurance sector since a direct sales force is the basis of the business. In addition, its partnerships with various different financial planning consultants and the private sector bank are other avenues for sales. Aviva life insurance has more than 121 offices in India and employs more than 3000 employees, in addition to having a strong list of agents.
Over the years, online channels to sell insurance policies have also become popular, and with just a few details and an easy process, you are able to purchase an insurance plan.
Price in the Marketing Mix Of Aviva Life Insurance:
In addition to the price when deciding on the insurance company is looking at the claims which are successfully settled by the firm. Aviva has a settlement ratio of 83.07 percent in the year 2014-2015. For example, if you want one crore of insurance coverage, you have to pay $480 per month. the same plan offered by HDFC regular life costs 535 per month. Reliance life provides it for the same amount, but they have a lower settlement ratio in regards to Aviva.
However, it is true that India Aviva is way further behind LIC which has a percentage of claim settlement of 97.73 percent. This is a significant issue in which Aviva has a problem with the conversion of customers. Therefore, low prices don’t attract customers anymore. Every insurer uses value-based pricing and provides an X value to the insurance policies they offer. But, at the end of the day, in the event that the ratio of claim settlement is lower, the entire company will be affected.
Promotions in the Aviva Life Insurance Marketing Mix:
Aviva Indian company has been working to promote its Aviva brand Aviva by utilizing various ads through print, multimedia, and more. and has been able to secure Cricketer Sachin Tendulkar to be an official spokesperson for the brand from 2007. The company is known for its ability for giving back to society by implementing numerous corporate social responsibility initiatives, mainly geared toward education. Aviva typically conducts promotions with brand ambassadors, but also by delivering some incisive messages. Below is an ad from Aviva that is very “to the point” and illustrates how important life insurance is.
The main competitors that are based in India include the Indian insurers LIC (Life Insurance Corporation of India), Max life insurance, National Insurance, Bajaj Allianz, and HDFC standard life. Brands such as LIC have some ambassadors, such as the singer Abhijeet to announce the latest plan but do not have the same face as the company, even though Max life insurance ads feature the mascot of the company, which has garnered the attention of many. Marketing campaigns in this day and age need to focus on building an emotional bond with customers.
This is the Marketing Mix Of Aviva Life Insurance. Please let us know if you have additional suggestions to add.
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