Aviva

The overview

Aviva is a global brand selling pensions, long-term savings, insurance policies, and fund management services to over 50 million customers each year across Europe, North America and Asia Pacific.

It currently employs over 57,000 employees in 21 countries worldwide, with 45,000 of those based in the UK. It is particularly strong in the UK insurance market, covering both individuals and small to medium-sized businesses. Additionally, it is one of Europe’s leading providers of life and general insurance and runs healthy long-term savings businesses in its Asia Pacific and US markets. In 2010, its total sales profits were £47.1 billion.

Its name has an Esperanto-esque, ‘global’ feel to it… could be English, could be Spanish.

Since 2008, Aviva has been steadily streamlining its businesses, for example combining of its life and general insurance services in the UK. Its various fund management operations have combined to become one division, Aviva Investors, operating across the UK, Europe, North America and Asia Pacific; it is now ranked number 18 worldwide as an institutional fund manager. Separate markets within its fund management business occupy leading positions; for example, the group is the largest pension provider in Poland.

This company restructuring has led to a 'flatter' structure at the highest points of Aviva's management. As well as now focusing on 12 primary countries, Poland, Turkey, Russia and Asia as a whole are considered to be the biggest markets for exploration, known in the company as 'Higher Growth Markets'. The term, 'Developed Markets' will, for the time being, refer to businesses in UK and Ireland, the US, Canada, France, Italy and Spain.

This year it has seen a 20 per cent growth in general insurance in the UK to over £1 billion and 580,000 additional UK motor customers since the start of 2010. The unstable economic climate has also increased demand for investment products, as customers look to save more for their financial security, increasing total funds under management by £23 billion to £402 billion.

Rankings and awards

• Aviva UK Life was Company of the Year at the Money Marketing Financial Services Awards 2010, co-ordinated by the retail financial services industry publication.
• Aviva UK was voted Pensions Provider of the Year in the Personal Finance Awards 2009/10, organised by a personal finance website.
• Ranked number 17 in the brand valuation consultancy BrandFinance’s UK Most Valuable brands survey in 2010.
• Ranked 98 (equal with Procter and Gamble) in Stonewall's Top 100 Employers in Britain for lesbian, gay and bisexual people, 2012
• Ranked 212 in Guardian UK300, 2011-12

Development

Aviva has a 300-year-old heritage with business roots in Norwich Union, Commercial Union and General Accident. In May 2000, Norwich Union and CGU (comprising Commercial Union and General Accident) merged to become CGNU. The new organisation decided that its businesses would benefit from being known as part of a single international organisation called Aviva.

Essentially, the aim was to create a single brand with a universal focus on its global customer base. Its name has an Esperanto-esque, ‘global’ feel to it… could be English, could be Spanish; it’s upbeat and sounds like ‘life’ and ‘vitality'.

• It would mean one distinctive experience for its customers, increasing loyalty.
• It would increase chances of entry into new markets through cross-selling opportunities.
• It would have operational benefits, as resources and expertise could be utilised across the whole company.

Salary and benefits

Trainee salaries depend upon the graduate scheme chosen.

• Actuarial: £23,750
• Business change and IT: £23,500
• Insurance: £23,500
• Chartered accountancy: £27,000
• HR: £23,500
• Business management: £23,500

Other benefits include:

• 29 days annual leave
• performance related bonuses
• a £1,500 golden ‘hello’ in your first pay packet
• share, save and award schemes
• pension scheme
• discounts on Aviva products, from car insurance to healthcare
• subsidised sports and social activities
• up to three days’ paid leave to do work within the community

Culture and values

One of the company’s more interesting personnel initiatives involves employees nominating each other for rewards through a website called www.spotlightrecognition.me (yes, that’s its url). In 2010, this scheme distributed 20,647 rewards, which could be up to £250 in cash, to those deemed by their peers to have exceeded their daily responsibilities.