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Digital innovation in insurance

Aviva, the British Government and the Government of Singapore to promote digital innovation in insurance

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."