Aviva announces 'Digital Garage' in Singapore
Aviva announces today 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.
The digital centre will have a starting team of 30 people, supported by a further 200 technology specialists based in Singapore. The building will be designed to support a different working style from traditional insurance offices, in a bid to drive greater collaboration and project-based working, and to encourage fresh thinking.
The Garage will take a place in Singapore's emerging digital economy. Building on collaborations thus far, Aviva will establish lasting relationships with the Singapore FinTech community and start-ups, with partners, and with research bodies.
Aviva is a pioneer of digital insurance in Singapore, and the Digital Garage will build on Aviva's experience of providing motor insurance, travel insurance, home insurance, pensions and investments online in Singapore and internationally. Aviva has already established a similar Digital Garage in London and will share expertise and insights into digital insurance gained in the UK with the new digital centre in Singapore.
Prime Minister David Cameron said:
"The UK and Singapore are at the forefront of digital innovation. It's great news that Aviva are launching this digital hub, bringing together experts to develop new digital products and services to customers."
Ravi Menon, Managing Director, Monetary Authority of Singapore, said:
"MAS looks forward to partnering industry players, like Aviva, to promote the use of innovative ideas and new technologies to provide customised insurance solutions at affordable prices in key areas such as health, wealth, and retirement. We are well placed to do this, given Singapore's vibrant FinTech community, strong digital capabilities, and deep talent pool in analytics."
Mark Wilson, Group Chief Executive Officer, Aviva plc, said:
"Aviva puts digital first because that's how our customers want to deal with us. The new digital garage will create the products and services they want, how they want them and when they want them. But the Singapore innovation centre is far more than a building – it's a campus, where the best brains bring the best ideas and make them happen."
Chris Wei, Executive Chairman of Aviva Asia and Global Chairman of Aviva Digital, said:
"This new space will help Aviva deliver revolutionary digital products and services. In this way, we will capitalise on our major strength as a composite insurer offering a full range of life, general, health insurance and asset management products, to help our customers at every stage of their lives."
The UK's largest insurer builds on its commitment to Singapore
The new Aviva Digital Garage in Singapore underlines Aviva's long term commitment to Singapore. Aviva is an industry leader in Singapore, having built a meaningful market presence and is one of the few composite insurers able to offer a one-stop shop for all their customers' savings, retirement, life, health and general insurance needs.
In addition to its local Singapore business, Aviva opened its Asia regional office in Singapore in 1999 to be a centre of expertise and governance from which to grow its businesses around the region. Aviva's Asia business is a significant part of the group and in 2014 grew value of new business by 30%.