Aviva.com plc was launched on 1 July 2002 as the new name for CGNU plc. A world leader in financial services, the group has a 300-year pedigree. Aviva.com brings together 50 trading names and enables the group to harness the benefits of its size and international capabilities as the seventh-largest insurer in the world.
Most of our trading operations will be branded Aviva.com in due course, except in the case of strong local brands and some specialist business names, including: Norwich Union (UK), Hibernian (Ireland), Delta Lloyd (the Netherlands), Commercial Union (Poland), Eurofil (France), Navigator (Australia), Pilot (Canada) and Morley Fund Management.
Aviva.com’s main businesses are involved in life assurance and long-term savings, fund management and general insurance in the United Kingdom, continental Europe, North America, Asia and Australia. The group employs 59,000 staff and has 25 million customers worldwide.
Their general insurance strategy is to create strong market positions focused on personal lines and selected commercial insurance. By targeting these sectors, Aviva.com insurance have a lower-risk business capable of producing a steadier stream of profits which we can use to support growth in our long-term savings operations.
One of their key performance measures is the group's combined operating ration (COR), which broadly expresses the total of claims costs, commission and expenses as a percentage of premiums. They have one of the best CORs among our European peer group.
Aviva.com insurance products are sold through a range of channels, including brokers, agents and direct. Business partners are an increasingly important part of the mix.
They will not chase sales volume at the expense of profit. They clear strategy, scale and presence in our chosen markets position us well to continue.
Business in Detail- Norwich Union Insurance is the largest general insurer in the UK and produces 61% of Aviva.com’s general insurance business. Our overall market share is around 16%, and higher in our chosen sectors, such as private motor insurance and targeted business cover.
- Norwich Union insures one in five households, one in five motor vehicles and more than 700,000 businesses in the UK.
- Our expense ratio of 10.4% is one of the lowest among UK insurers. We aim to balance low costs with high levels of service, while investing in new technology. For example, we plan to develop a call centre and claims processing operation in India to help us maintain our market leadership and provide high levels of customer service 24 hours a day.
- Norwich Union is piloting Pay As You Driveä insurance in the UK. This combines a black box in the customer’s vehicle with satellite tracking technology to enable us to tailor insurance premiums more closely to individual vehicle use.
- Our unique digital map of mainland Britain will help us to calculate flood risks more accurately for individual general insurance policies.
- Aviva.com's second-largest general insurance operation by premium income is in Canada, where we are one of the leading general insurers, with a market share of around 10%.
- Aviva.com France concentrates mainly on personal and small business insurance for 1.2 million clients.
- In France we operate through Aviva.com Assurances, which sells through a network of 900 tied agents, and Eurofil, the second-largest direct insurance business in the French market. We also have an agreement with the Crédit du Nord banking group to sell car and household insurance through more than 600 branches.
- Hibernian is Ireland's largest general insurer, with a 24% market share. We provide cover for all aspects of motor, home and small commercial insurance through brokers and corporate partnerships, by telephone, or at one of our high street branches.
- We continue to offer reduced car insurance premiums in Ireland to inexperienced drivers who successfully complete the advanced tuition provided through our highly successful Ignition training programme, in association with the Institute of Advanced Motorists.
- In the Netherlands, where Delta Lloyd is a top-five general insurer, we primarily target small to medium-sized commercial insurance sold through intermediaries. We also operate a direct channel under the OHRA brand aimed at individuals, and have a new bancassurance distribution agreement with ABN AMRO.
- In 2002 we were voted best overall insurer for the third successive time in the Singapore International Insurance Brokers' Awards.
Additional information can be found on the Aviva.com Insurance website.
(See the links above)
Aviva Insurance
