Aviva 2007 Annual Report Download - page 45
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Aviva plc
Annual Report and
Accounts 2007
41
Business
review
Our strategic priorities are:
Double scale
– Grow in new and existing markets and geographies
– Optimise our new regional business model
– Engage our people and customers
How will we achieve this?
– Meet the retirement needs of the “baby boomer” generation
– Deliver competitive advantage through product innovation
– Build upon the recent re-rating of our US life business to widen distribution
– Leverage group expertise to expand asset management capabilities in the region
– Streamline back-office processes, enhance risk selection and pricing sophistication
– Build brand awareness across the region, including employee brand
– Instill customer centricity
Progress in 2007:
Delivered on target integration benefits
– Our life operations located in Boston were successfully combined with those of
the former AmerUs companies
– Exceeded our target of £23 million in cost savings within our cost target of £25 million
Implementing specific local initiatives to improve service to attract and retain
customers
– Our Canadian business is the only insurer in the world to have achieved accreditation
by the Commission on Accreditation of Rehabilitation Facilities, an independent,
non-profit accreditor of service providers in many areas of healthcare, community
programme and medical rehabilitation
Capture opportunities presented by retirement of the “baby boomer” generation
– Launched innovative market leading products such as Wellness for Life
– Achieved ratings upgrade from AM Best which will help us be more competitive
Continuing to strengthen our relationship with key brokers and other partners
– Achieved exceptional satisfaction scores from our brokers in Canada, with 88%
responding that they would recommend Aviva to their customers
Exploiting and sharing our knowledge and skills in multi-channel distribution,
product development and service delivery
– Joined forces with colleagues in Asia Pacific on product design and industry trends
– Led discussions on the potential for equity indexed annuity products in other Aviva
businesses
Looking forward:
Our medium-term targets are to:
– Double the volume of US life new business sales within three years of the acquisition
of AmerUs, while maintaining margins
– Realise the benefits of our strategic investments in our general insurance business
to accelerate growth and improve profitability
– Further expand distribution and continue to deliver innovative products
– Continue to meet or beat a 98% combined operating ratio