Aviva has announced expansion plans for the Russian market, confirming it is on track to achieve a top five position within five years.
Building on its strong start in the life insurance market, Aviva is now entering the direct sales market with the launch of its Moscow-based direct sales force, and the company is hoping to introduce a type of unit-linked product to Russia.
Aviva has entered into three bancassurance partnerships with three retail banks operating in Russia, namely Credit Europe Bank, Banque Accord, and Probisnesbank. As part of the partnership agreements, Aviva provides insurance coverage for banks' loan customers and credit cardholders, and stand alone protection products through banks' branches.
Andrei Doubinine, Aviva Russia chief executive officer, commented: "Our strategy to become a partner of choice for each bank we cooperate with bears fruit. Over 200,000 bank customers are now covered by Aviva's insurance. We see huge potential in partnering with banks, and our world-wide bancassurance experience affords an excellent opportunity to grow this business and add value to customers.
