Aviva Singapore's focus on the "little things" pays off with fifth year of sustained growth
- Fifth consecutive year of growth, with sales increasing 49% to S$301 million in 2014, driven by growth across all key distribution channels
- Insurer remains focused on harnessing digital channels to simplify processes and improve the customer experience
- Opportunities to provide better value and simplicity for customers and partners with composite model
Aviva, a leading insurer in Singapore, today announced a strong set of results with sales (measured by Annual Premium Equivalent (APE)) growing 49% year-on-year to S$301 million in 2014. This marked the fifth consecutive year of growth for Aviva.
Key financial highlights for 2014 with percentage changes year-on-year are as follows:
- Sales grew 49% to S$301 million. This was driven by strong growth across all key channels:
- The relationship with DBS continues to achieve great heights, with sales up 80%.
- Financial Advisory channel has grown strongly, with sales up 36%.
- From the Aviva Advisors channel, sales increased 6%.
- Sales for Group Employee Benefits remained largely unchanged. Aviva finished the year as market leader again, insuring over 850,000 employees.
- And on the Navigator front – Aviva's unit trust platform – sales are up 3% to $306 million. Aviva is the only insurer in Singapore with its own unit trust platform.
Commenting on the results, Mr Nishit Majmudar, CEO of Aviva Singapore, attributed the continued growth to the payoff from the insurer's focus on customers' and partners' needs.
Mr Majmudar said, "We thank our customers and partners for the trust they have placed in us. Being a large global composite insurer, Aviva has a comprehensive suite of products and is fully-equipped to meet the diverse needs of today's customers. You can say we have the big things covered. Now our focus is on delivering the little things that matter for our customers and partners, to provide great service. This approach has paid off and the continued trust from our customers and partners has enabled Aviva to grow its business rapidly over the last few years."
Citing some examples, Mr Majmudar shared that a "little thing" that Aviva focused on last year was to improve its first call resolution for customers and partners. The objective is to address all queries within the first call, so that customers and partners do not have to wait for a call back. Aviva's first call resolution is now at an impressive 90%.
Earlier this year, another "little thing" the insurer rolled out was to simplify the death claims process by accepting paperless claims. Customers no longer have to visit Aviva's customer service centre to sign hardcopy forms and produce the necessary documentation. Instead, they can simply take a photo or scan of the documents and submit everything electronically, simplifying the process tremendously for customers in their time of need, when a loved one passes on. Aviva believes they are the first insurer in Singapore to accept paperless death claims.
"We are pleased with the progress we have made in the way we service our customers and will continue to work on improving it," he said.
Looking forward, Mr Majmudar shared that the insurer is keen to engage more with customers as well.
"Last year, our Fit&Well programme was one initiative where we were able to engage with our Employee Benefits customers. It is gratifying as an insurer to encourage and enable our customers to lead healthier lives, in addition to paying claims when required," he explained.
Another key priority is to find ways to leverage on the advantage that the company has as a composite insurer to benefit customers and partners.
Mr Majmudar commented, "It is an exciting time. Being a composite insurer, we are exceptionally well placed to continue our journey to better service our customers and partners across all segments – life, health, general insurance, and investments. We will aim to be the preferred one-stop shop for all our customers (True Customer Composite), by providing a differentiated product and service proposition for each of our customers."