Aviva Life Insurance Case Study

Aviva Life Insurance Joe Oliver Mae Ryan Lyngdoh*

Abstract-
This paper is a study on Aviva as a life insurance company detailing its structure, financial assets and will focus on its Corporate and Social responsibility in India mainly. It also gives a history of insurance in India.
Key words: Aviva, Insurance, Corporate and Social Responsibility, Fact Sheets
INTRODUCTION
Insurance is defined as “A contract or policy in which an individual can receive financial protection or assistance or reimbursement against losses from an insurance company.”1 A company usually pools in risks to make payments more affordable for the insured. Insurance is also defined as a risk assurance mechanism that might ensure financial assistance or compensation

107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1st 1973.
Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders’ interests.

Aviva

Aviva India concentrates on social welfare in rural India. According to its Corporate Social Responsibility (CSR) Policy India Aviva assures that its CSR program will developed with the active involvement of all employees who will believe in its policy. It goes on to say that it will support causes related to elderly and children including mentally challenged and physically challenged children.
Aviva believes in the policy of “Giving Back” so the CSR policy will work towards that belief.
David Hyam says this as a what Aviva CSR is all about “Looking out for the planet, anything from cutting down meetings face to face to making sure that we've got the keep cups in the canteen so people don't throw away paper cups all the time.”
Aviva India’s CSR policies have an emphasis on education. It believes that “Education is Insurance.” With this belief it has started a number of initiatives to empower children via many programs in co-operation with different NGO’s. This has been done with the thought that education as an investment will never depreciate and the more educated children in rural India, the more development can be achieved via the same