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Complete SWOT Analysis Of Aviva – A Life Assurance Company Originated From The UK

Updated on: Feb 20, 2022
SWOT Analysis of Aviva - Featured Image

In our previous blog, we talked about the SWOT Analysis of Progressive. This time let’s dig into the SWOT Analysis of Aviva.

With a history dating back to 1696, the Aviva Insurance Group is one of the largest providers of insurance and pension services, with headquarters in London, United Kingdom. Since 2002, it has operated in India as a joint venture called ‘Aviva India’ with the Indian corporation Dabur.

Aviva uses a variety of methods to market its services to different demographics. Aviva’s marketing activities have been extremely beneficial to it. Before launching any marketing effort, Aviva conducts extensive research and surveys to have a clear understanding of its market. It has a fully working website for each nation, where it creates several campaigns to increase the website traffic. 

Marketing aids in the fulfilment of the target audience’s needs and preferences. Because digital marketing is now used by every other organisation, it has become a very vital and necessary skill to learn. If you’re interested in learning more about today’s marketing strategies, attend our Free Masterclass on Digital Marketing 101, led by Karan Shah, CEO and Founder of IIDE. 

But, before we begin with the SWOT Analysis of Aviva, let us learn more about Aviva the company, founding, products, financial status, and competitors.

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About Aviva

SWOT Analysis of Aviva - Aviva

Aviva plc is one of the world’s oldest continuously operating insurance companies. Its origins can be traced back to 1696 when the Hand in Hand Fire & Life Insurance Society was founded in London. Aviva was formed through the merger of two British insurance companies, Norwich Union and CGU plc in February 2000. 

Aviva’s primary activities include general and life insurance, long-term savings products, and fund management services. The company employs approximately 31,000 people and serves 18 million customers. 

Aviva Investors manages £263 billion in assets. Aviva offers a wide range of general and life insurance services, including fire, car, marine, aviation, and transportation insurance. Unit trusts, stockbroking, long-term savings, and fund management are among the financial services provided by the company. The company values are based on the beliefs of ‘’Care more, kill complexity, never rest and create a legacy.’’

Quick Stats on Aviva
Founder George Culmer
Year Founded 1696
Origin London, United Kingdom
No. of Employees 31,000
Company Type Public
Market Cap $16.275 Billion (2022)
Annual Revenue £46.569 Billion (2020)
Net Income/ Profit £2.910 Billion (2020)

 

SWOT Analysis of Aviva - Aviva Life Insurance


Products & Services by Aviva

Aviva’s Insurance Plans are insurance that speaks to you individually and recommends the best solutions to meet your needs.

  • Life insurance
  • Health insurance
  • Investment management
  • Mutual fund
  • Pension


Competitors of Aviva
 

Aviva offers services all over the world hence it faces a lot of competition. The following are some of Aviva’s main competitors:

  • The Hartford
  • Old RepubAviva
  • Bajaj Allianz Life Insurance Co. Ltd
  • Life Insurance Corporation of India
  • AXA


Now that we understand the company’s core business, let’s delve into the SWOT analysis of Aviva.


SWOT Analysis of Aviva

A SWOT analysis determines the strengths, weaknesses, opportunities, and threats of a company. It is a proven management paradigm that allows Aviva to benchmark its business and performance against that of its competitors and the industry as a whole.

This is a great tool for identifying where the business is doing well, where it is failing, developing countermeasures, and determining how the business can grow.

To better understand the SWOT Analysis of Aviva, refer to the infographics image below

SWOT Analysis of Aviva - SWOT Infographics of Aviva

Now first let’s begin with the strengths of the company from the SWOT analysis of Aviva.

Strengths of Aviva

The unique skills of a company that gives it an edge in gaining more market share, attracting more customers, and maximizing profits are known as its strengths. The following are Aviva’s strengths:

  • Reputation & Brand Name: Aviva is the most well-established firm in its industry. It is the world’s sixth-largest insurance company which serves more than 25 countries with its main customer base of more than 34 Million in the United Kingdom, Ireland and Canada.
  • Focus on Social Schemes: Aviva Life Insurance has long been a supporter of child care and has worked to provide educational opportunities to impoverished children. With a variety of world-class services, it leads the industry in protection and child plans.
  • Marketing and Advertising: Advertisement campaigns provide brands with a lot of exposure. Aviva Life Insurance has one of the most effective marketing strategies and campaigns in the industry. At the 2014 DMAI Awards, the company was named “Most Effective Marketing Campaign of the Year.”

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  • Highly Skilled Workforce: Successful training and learning programmes have resulted in a highly competent workforce. They are not just highly skilled but also driven to achieve greater success.
  • Global Exposure: Aviva has international exposure since it has its branches all over the world including a geographic footprint in 16 selected markets in Europe, North America and South-East Asia, with us being the only large scale, multi-line insurer in the UK.


Weakness of Aviva
 

Weaknesses are the areas Aviva can work upon. Some of Aviva’s weaknesses are:

  • Need for Investment in Technology: Aviva does not spend much on new technologies. Given the scope of the company’s expansion and the various locations into which it aspires to expand, Aviva must invest more in technology to integrate processes.
  • Financial Instability: The financial planning of Aviva is ineffective and inefficient. The company can use its funds more efficiently than what it is presently doing.
  • High Employee Attrition: Compared to other industry players, Aviva has a higher attrition rate and spends significantly more on employee training and development, which increases its costs.
  • Low Investment in Research and Development: This can harm a company’s performance due to a lack of knowledge of the local and international markets.


Opportunities for Aviva 

Opportunities are uncontrollable external circumstances that a person may be able to take advantage of. These external factors could give the company an advantage in the marketplace. Opportunities for Aviva are:

  • Online Services: People have started looking more at possibilities like insurance as a result of the expansion of internet services, and knowledge of it is now higher than it was previously. This gives labour-intensive suppliers like Aviva the option to save money by substituting people with technology.
  • Shift From Protection To Prevention: There is a general trend toward risk prevention rather than risk mitigation, which indicates that insurance companies should concentrate on risk prevention rather than risk mitigation.
  • Social Media: Huge organizations are leveraging such tools to stay relevant and are seeking specialists for the same, so if you are interested in the field, check out our social media marketing course to get started.
  • Expansion: The expanding opportunities in Asia Pacific markets present a significant opportunity for the company.


Threats to Aviva

Threats are external factors that may cause the firm to lose money over time. Some of the threats to Aviva are :

  • Competition: Since insurance was privatized, Aviva has lost its lustre and now confronts intense competition from private insurance businesses that have given the industry a new lease on life.
  • Changes in Government: Because fiscal and monetary factors vary with each new government, tactics must be altered correspondingly. This results in a slew of issues.
  • Technology: Nowadays, most financial service providers use online banking and financial brokerage services to make technology an intrinsic element of their business. Aviva, on the other hand, still has a lot of catching up to do in terms of technology.
  • New Comers: Several new players have entered the market and are gaining market share by taking market share from existing companies. Aviva is at risk because these new entrants could steal its customers.
  •  


This ends our complete SWOT analysis of Aviva. Let us conclude our learning below.

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To Conclude

Aviva is a British multinational insurance firm that offers a wide range of general and life insurance products. We know from the SWOT analysis of Aviva that it has a great brand reputation and is a well-known firm in its industry. Its core markets are in the United Kingdom, Ireland and Canada. 

One of the organisation’s primary strengths is its regional presence in several places. To understand the market better, Aviva must invest more in research and technology. Aviva’s future growth may be fueled by managing and eliminating these weaknesses.

With increasing competition in a saturated market like fintech, companies must fight back by winning over their customers through better marketing efforts. In a changing landscape where digital marketing is paramount, knowledge of the field is a must for all marketing enthusiasts. If you are interested in learning more and upskilling, check out IIDE’s 3 Month Advanced Online Digital Marketing Course to know more.

We hope this blog on the SWOT analysis of Aviva has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.

If you enjoy in-depth company research just like the SWOT analysis of Aviva, check out our IIDE Knowledge portal for more fascinating case studies.

Thank you for taking the time to read this, and do share your thoughts on this case study of the SWOT analysis of Aviva in the comments section below.

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Aditya Shastri

Lead Trainer & Head of Learning & Development at IIDE

Leads the Learning & Development segment at IIDE. He is a Content Marketing Expert and has trained 6000+ students and working professionals on various topics of Digital Marketing. He has been a guest speaker at prominent colleges in India including IIMs......[Read full bio]

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