Aviva Singapore delivers 19% growth in 2015
Over the 12 months, Aviva Singapore achieved a strong set of results, with value of new business (VNB) increasing 19% to S$216 million.
Topline and bottomline results were both strong, driven by growth in the savings as well as the protection space. Their group insurance business also continued on an upward trend, where Aviva is currently one of the biggest providers, insuring more than 850,000 employees in Singapore.
Aviva's general insurance business, which comprises car insurance primarily, remained stable in a soft car market.
Funds Under Administration (FUA) for Navigator, the insurer's unit trust platform, closed at S$1.87 billion for the year. Aviva is the only insurer in Singapore to have its own unit trust administration platform.
Focussing on providing an efficient and seamless experience to its customers and partners, Aviva Singapore has rolled out several initiatives that leverage on digital technology, in line with its "Digital First" strategy.
- New mobile application and portal – Aviva ClaimConnect – for Group Insurance customers that improves turnaround time and reduces paperwork for brokers and HR personnel, by allowing insured employees to self-serve and submit employee claims electronically. Since its introduction late last year, about 140 companies insured by Aviva have already signed up for the programme, and 52% of their employees' claims are now put in via e-submission.
- In July last year, the Aviva EzSnap app was launched to facilitate independent financial advisers (IFAs) in submitting relevant documents for their clients' new applications to Aviva, digitally. This not only makes it easier for IFAs, it also reduces turnaround time so customers can get covered sooner. At the same time, encrypted email and SMS notification systems to IFAs have also been implemented to replace hardcopy letters, so that updates and requests can be conveyed in a timelier manner.
- Aviva has also streamlined and automated processes so that consolidated statements can be sent to customers. For example, Health customers now receive renewal notices for the entire family in one consolidated statement, so they can view their family's coverage details holistically.
- The official opening of a Digital Garage in Singapore in December 2015 is testament to the company's commitment to create the products and services that customers want, how they want them and when they want them. The Digital Garage 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.
Quote from the CEO of Aviva Singapore, Mr Nishit Majmudar:
"It was an exciting year for Aviva last year. We made great headway in harnessing digital technology to simplify processes and improve the user experience for both customers and partners. For example, we launched the Aviva EzSnap app exclusively for our FA partners last year, as well as an online ClaimConnect portal and app that benefits our Group Insurance brokers, HR partners and insured employees. These were the result of getting to the root of the pain points for our customers and partners, and finding solutions to address them, so that there is seamless service and easy access to Aviva. I believe that our focus on putting customers and partners first has helped drive our business growth over the last few years.
In 2016, we will continue to leverage on our composite suite of solutions to deliver comprehensive propositions for our customers. We will also continue to focus on delivering digital solutions to improve the entire journey from application through to claims for our customers and partners. This is a winning combination that has worked well for us."