Article date: 29 July 2015
Aviva, Her Majesty’s Government of the United Kingdom and the Monetary Authority of Singapore have signed a statement of intent to support and promote digital innovation in insurance in Singapore and across Asia for the benefit of customers.
The agreement was reached as part of the UK Prime Minister’s trade mission to South East Asia to promote the UK’s insurance and financial technology sectors. Mark Wilson, Group Chief Executive Officer, Aviva plc, is part of a delegation of 30 UK business representatives to join the Prime Minister’s trade mission.
As part of the statement of intent, the parties agreed to work in collaboration to support and promote digital innovation initiatives to:
- Drive digital innovation in the insurance sector and help develop new business models, products, processes and channels to meet consumers’ risk management needs in areas such as life, savings, retirement, health, general insurance, specialty insurance and reinsurance.
- Bring global digital skills and resources to inform and develop the Singaporean and regional insurance sectors.
- Support FinTech start-ups with expertise, resource, and facilities.
- Understand and respond to customers’ changing needs in the digital age to help design better insurance propositions and enable customers to more easily access them directly or through the channels most convenient to them.
- Look at how business practices, policies and regulation contribute to this, exploring options to promote competition, lower costs and minimise barriers to digital products and distribution.
As part of the trip, Aviva announced on 27 July the development of a ‘Digital Garage’ in Singapore. This is a dedicated space where technical specialists, creative designers and commercial teams explore, develop and test new insurance ideas and services which make financial services more tailored and accessible for customers.
Mark Wilson, Group Chief Executive Officer, Aviva plc, said:
“This agreement paves the way for Singapore to be at the forefront of the digital revolution in insurance and for Aviva to lead the revolution.”
Yasmin Saleh: +44 (0)207 662 8710
Notes to editors
- In July 2014 Aviva set out its ‘Digital First’ strategy. We put Digital First because our customers are increasingly choosing this as their preferred way to deal with us. Through digital we can support customers more quickly with their enquiries and transactions, wherever they are in the world.
- Digital is how Aviva will capitalise on being a true customer composite (providing customers with all their insurance needs, across life insurance, general insurance, health insurance and asset management).
- In putting Digital First, Aviva has:
Strengthened Aviva’s digital leadership team:
- Chris Wei was appointed Global Chairman, Aviva Digital, in addition to his responsibility as Executive Chairman, Aviva Asia.
- Andrew Brem joined Aviva in August 2014 as Chief Digital Officer.
Brought a greater digital focus to Aviva’s operations:
- Aviva is creating UK Digital, a separate legal entity working alongside our UK Life, General Insurance, Health and asset management businesses and focused on building a direct, truly composite relationship with our customers.
- Aviva has created a digital and innovation centre (Aviva’s ‘Digital Garage’) in Shoreditch, in the heart of London's technology community, to develop and test new insurance ideas and services which make financial services more tailored and accessible for customers.
Launched and tested new innovative products and solutions worldwide such as:
- Aviva announced the development of a ‘Digital Garage’ in Singapore – a dedicated space where technical specialists, creative designers and commercial teams explore, develop and test new insurance ideas and services which make financial services more tailored and accessible for customers. Watch more on http://www.aviva.com/media/news/item/aviva-announces-digital-garage-in-singapore-17510/#video
- Aviva-COFCO (China) launched its Health and Wellness Platform, a service offering remote GP consultations, with 150,000 users in its trial period. Watch more on https://www.youtube.com/watch?v=BXVhbAGXse8
- Aviva was the first company to introduce online/direct car insurance to the Singapore market in 2010.
- MyAviva online platform, allowing customers to view all their policies across life, general and private medical insurance all in one place.
- The Aviva Drive app, designed to reward safe drivers with lower premiums, has achieved c.400k downloads and registered almost 30million miles of customers’ driving since it was launched.
- In Poland, Aviva has set up its virtual branch’, where customers can hold a video conference with a professional advisor on their investment choices, complete their application and make their investment online.
- Aviva signed a partnership with Babylon, a virtual health service app aimed to improve customers’ access to healthcare, was launched in the UK and Ireland in 2015.
- Aviva is continuously testing new ideas. As an example, we recently beta- tested a new insurance app specifically designed to provide cover for drivers who wish to borrow a car for the occasional short journey.
Aviva was awarded UK Digital Insurance company of the year at the Incisive Media Awards
- Aviva provides life insurance, general insurance, health insurance and asset management to 34* million customers, across 16 markets worldwide.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £245 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £24.6 billion in benefits and claims in 2014.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
- The Aviva media centre at http://www.aviva.com/media/ includes company information, images, and a news release archive.
- For an introduction to what we do and how we do it, please click here http://www.aviva.com/about-us/aviva/
- For an overview of Aviva’s businesses in Asia, please click here https://www.aviva.com/media/upload/Overview_of_Asia.pdf
- For broadcast-standard video, please visit http://www.aviva.com/media/b-roll-library/
- Follow us on twitter: www.twitter.com/avivaplc/
* Before the deduction of Aviva and Friends Life overlapping customers.