Aviva Singapore announced today its strong growth over the first six months of the year ended 30 June 2018. Value of New Business (VNB) for its Life and Health business increased 47% year-on-year.
Growth was driven mainly by strong performance in the financial advisory (FA) channel, which rose by a remarkable 55% in VNB terms compared to the corresponding period last year. As at end June 2018, Aviva partners with about 60 FA firms and has expanded Aviva Financial Advisers to a 770-strong team.
Mr Nishit Majmudar, CEO of Aviva Singapore, said, “We are pleased that the FA channel continues to be the biggest contributor to our growth as we believe the FA channel is most aligned to customers’ needs and interests. FA representatives are able to offer holistic advice across different product lines, be it life, health, general insurance, or funds. They also provide access to the most suitable solutions from various product providers. Apart from ensuring Aviva’s products are competitive, we continue to invest in initiatives to digitise processes and enable greater productivity with our FA partners, so they can better serve customers.”
On the product front, Aviva has seen an increased take-up of its protection solutions. One of the contributors is the new MyMultiPay Critical Illness Plan. When the plan was launched last year, Aviva disrupted the market by being the first in Singapore to cover recurrence of the same cancer, on top of covering multiple claims across all stages of critical illness (early, intermediate and severe). In April this year, the plan was further enhanced to cover a greater number of conditions as well as recurring heart attack and stroke.
Mr Majmudar shared, “We put customers’ needs at the heart of our product design process, investing in research to identify their pain points so we can help them defy uncertainty in their lives. Given that FA representatives have access to products from various insurers, the strong growth in Aviva sales is positive endorsement of the quality and innovation of our market-leading products.”
Aviva is also committed to giving back to the societies that it lives and works in. They recently entered a partnership with Jurong Central Grassroots Organisations (GROs) and Singapore Red Cross (SRC) to offer a Home Monitoring and Eldercare (HoME+) system in the homes of fifty elderly Singaporeans. The HoME+ system leverages smart sensors to track the elderly’s movement patterns and facilitates emergency assistance by alerting SRC in the event of abnormal activity.
“There are vulnerable, elderly people amongst us who are living alone and socially isolated, many of whom contributed to making Singapore what it is today. We are happy to be a part of this initiative, which uses innovative technology to provide round-the-clock monitoring to ensure the elderly’s safety. Through this, we hope to give the elderly and their family greater peace of mind, and a safer environment in which to enjoy their golden years,” Mr Majmudar said.