Aviva In The News – 25 July 2016
The launch of Aviva Financial Advisers accelerates the move towards the future of insurance
New Aviva FA business responds to growing customer desire for more choice in insurance and individualised financial advice
SINGAPORE, 25 July 2016 – Aviva, a leading insurer in Singapore, today announced the launch of Aviva Financial Advisers, a financial advisory firm. The firm is launching with approximately 280 financial advisers. They are licensed to advise on a full range of life, health, general insurance and investment products.
Mr Nishit Majmudar, CEO of Aviva Singapore said, “At Aviva, we are very excited about the launch of Aviva Financial Advisers. We hope this move will provide the catalyst for the shift of Singapore’s insurance industry towards more mature markets such as the UK and Australia, where most financial advisers offer solutions from multiple product providers. We believe customers will benefit from greater options to meet their needs.”
The FA channel in Singapore has grown consistently over the last decade. The market share at the end of 2015 was 20%. On the other hand, the tied agency channel has declined steadily from 68% in 2006 to 39% in 2015.
Customers in Singapore are becoming increasingly savvy, as they have greater access to information in today’s digital era. In tandem with improved financial literacy, customers are also expecting more options and accessibility to financial planning advice and solutions that cater to their unique needs and preferences.
The launch of the compareFIRST web aggregator last year, as part of the FAIR initiatives, allows consumers to quickly compare the features and premiums of similar life insurance products, offered by different insurance companies. It helps consumers make informed decisions. The launch of Aviva Financial Advisers is aligned with this initiative – in addition to a comprehensive suite of Aviva solutions across life insurance, health insurance, general insurance and investments, they will also provide customers more choices with access to an extensive range of products from other trusted providers as well.
Mr Majmudar added, “The launch of Aviva Financial Advisers marks an important milestone for Aviva, and signals our strong conviction that the Financial Advisory (FA) channel will dominate the future of insurance. Among all distribution channels, FA firms are best placed to deliver quality holistic financial planning services to their customers.”