Today we are going to be talking about how the ‘trust factor’ works and is applicable almost everywhere in our lives! We take immense pride in saying that this year, Aviva Life Insurance Company has been awarded the Most Trusted Private Life Insurance Brand of the Year by Trust Research Advisory (TRA). So why are we talking about it and is trust really that important a topic to discuss? The answer is a definite YES!

Trust is the cornerstone of all successful brands and plays a major role in underpinning confidence and in determiningtheir customer’s preferences and loyalty. Building trust is important in establishing credibility – After all, customers may think twice about doing business with a company that appears unpolished or illegitimate. When there’s a lack of trust, it’s likely that customers will refrain from making a purchase while the brand will struggle to, develop relationships, win business, and retain customers.

Trust factor in the Insurance Industry

The biggest brands have one factor in common– a loyal base of trusting customers to fall back upon. However, in the life insurance industry, trust takes on a greater magnitude because the entire industry revolves around the values of trust, of ‘Uberrimae Fidei’- Utmost Good Faith. Owing to several mis-selling scandals, the insurance industry, on the whole, has always been under intense scrutiny leading to distrust amongst the general public. Inevitably, trust and insurance are inextricably intertwined and trust is perceived as a powerful business currency in the insurance sector.

Building and preserving trust in the minds of customers takes on a greater priority in the insurance sector, as the very existence of these companies is defined by how well they can take care of the customer and their loved ones in their time of need. When a company commits to protecting the families of their customer during unfortunate times, they go beyond asking them to buy their product - they ask them to trust the company. Aviva has always been at the forefront in this regard, with one of our core values being Customer First.

In this regard, we have been successful to deliver the desired trust, confidence and growth consistently and hence have been looked upon favorably by our customers as the easiest insurance provider to deal with. This is further reinstated by the fact that this year, we received the ‘Most Trusted Private Life Insurance Brand of the Year’ award by the Trust Research Advisory (TRA) – a Brand Intelligence and Data Insights Company that makes extensive use of research, data analysis, strategy and planning tools towards showcasing the brands that Indian consumers trust.

Trust being a cornerstone

Customers generally feel comfortable doing business with a company if they feel that the company is looking out for their best interests. Hereof, owing to Aviva’s customer-centric culture as a brand, we have been able to enhance public trust, so that when consumers purchase their insurance products and services, they can be confident knowing that these products do exactly what they say they will. Besides the financial parameters, we have also constantly strived to improve upon a bunch of ‘quality of business’ metrics that it keeps track of persistency, customer complaints, and claim settlement ratios.

We are positive that this unerring attitude and dedication will no doubt help us maintain our top position for several more years to come! But, we would not have been able to do it without all of you sitting out there. So a big thank you goes out those who placed their trust in us and believed we could do it!

AN July 63/18

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