Aviva 2007 Annual Report Download - page 54
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Australia
Our strategy is for continued growth of our existing
independent financial adviser channel while diversifying
distribution into new channels. 2007 has been a year
of outstanding growth for our investment and
superannuation products provided through the Navigator
platform and our protection business. This growth was
based upon the continued strength of our product and
service offer and significant contributions from the key
adviser groups in which Aviva holds strategic stakes.
Favourable changes in superannuation legislation during
2007 have driven strong market growth for Navigator
and we have seized these opportunities to outperform
the market. We are currently ranked seventh in the
individual protection market based on new business
and sixth in the platform market based on net
inflows and are increasing market share in both areas.
Our service excellence on protection resulted in Aviva
being recognised as the number one protection provider
in the Taylor Life Insurance Survey. This survey is the
benchmark in the Life Insurance sector.
China
Aviva-COFCO operates a multi-channel, multi-product
strategy which now includes direct telemarketing.
We have always been focused on our 10x10x10 strategy –
to achieve 10% new business market share across
10 provinces by 2010 – and 2007 was a significant year,
being the joint venture’s fifth anniversary. In the space
of those five years we already have eight branch licences
with operations in 25 cities. We are ranked second largest
foreign life provider in terms of total premium among
25 foreign insurers in China.
Hong Kong
Hong Kong is a dynamic financial market which plays
a leading role in the regional economy. Our business here
progressed significantly in 2007 with over 80% growth
against 2006. Strong performance came from the rapid
development of our independent financial adviser (IFA)
channel, which now accounts for more than half of our
sales, and our continued bancassurance success with the
Development Bank of Singapore (DBS), South East Asia’s
largest banking group. As one of the fastest growing
life insurers in Hong Kong, we aim to continue to build
our market share through further development in the
growing bancassurance and IFA channels.
Aviva plc
Annual Report and
Accounts 2007
Business review continued:
Asia Pacific continued
50
Business
review
Australia – Riskfirst,
changing the way the life
insurance industry operates
Aviva’s new Riskfirst system,
the first signature-free online
underwriting platform in Australia,
is changing the way the life
insurance industry operates.
The online process enables faster
completion of life insurance policies
which has improved advisers’
turnaround time by a third and
benefited relationships with
their clients.
The Riskfirst applications accounted
for 25% of new business just
three months after launch –
a clear demonstration that this
is breakthrough technology that
sets Aviva apart. Our pioneering
technology was a contributory
factor as Aviva earned first place in
the prestigious Taylor Life Insurance
Industry Survey in December 2007.
The survey is based on the views
of more than 1,600 protection
advisers across the industry.
For more information visit
www.avivagroup.com.au
Singapore
Australia 0
500
1,000
1,500
2,000
2004 2005 2006 2007
2,500
Navigator investment sales
(£m)