Customer centricity at the heart of Aviva Singapore delivering 25% growth in 2018
Singapore – Aviva Singapore achieved strong growth year-on-year, with a 25% jump in Value of New Business (VNB) from S$218.7 million to S$273.6 million.
The financial advisory (FA) channel remains the biggest contributor to Aviva's growth and saw a 15% year-on-year growth in VNB, resulting from the support from Aviva's FA partners. Its own FAs, Aviva Financial Advisers (AFA) and Professional Investment Advisory Services (PIAS), have also done well and they continue to attract experienced and new advisers, signalling the continued growth of the FA channel as a whole.
"FA representatives remain especially important as a key touchpoint with customers. Well attuned to customers' needs, they apply their breadth and depth of expertise to offer the most suitable solutions for customers, across a range of product types and solution providers. With this in mind, we continue to support our FA partners through investment in digitalising the sales process and enhancing training for FA representatives to empower them to better serve customers' needs," said Mr Nishit Majmudar, CEO of Aviva Singapore.
On the product front, Aviva has seen significant growth in demand for protection products, with an increase of 22% in Annual Premium Equivalent (APE) over the year. This result is reflective of Aviva's focus on designing and refining its product offerings in anticipation of customers' changing needs. For example, in November, Aviva launched a new critical illness and diabetes complications plan, specially designed for those with Type 2 diabetes, pre-diabetics or those with high Body Mass Index (BMI), high blood pressure and/or high cholesterol. This was to address the rising incidence of diabetes in Singapore and empower those who are at higher risk for critical illnesses to financially protect themselves.
Last year also saw Aviva expanding its General Insurance suite to include commercial solutions that help businesses protect their physical assets and liability. Aviva is currently a leading provider in employee insurance in Singapore; the addition of commercial business insurance makes Aviva a convenient one-stop shop that provides seamless, comprehensive and tailored solutions for businesses.
As part of Aviva's commitment to staying abreast of customers' evolving needs, the company remains dedicated to building a diverse, inclusive and highly-skilled workforce. Recognising the benefits of a gender equal workforce, the company advocates equality in the workplace through initiatives such as equal parental leave for all employees, to help them better balance work and family. As a result of its strong focus of putting employees at the heart of its people initiatives, Aviva recently won the Tripartite Alliance Award (TA Award) in three categories:
- The Fair and Progressive Employment Practices category, which recognises organisations with effective workplace and people practices,
- The Work-Life Excellence category, which recognises excellence in work-life strategies that effectively maximise employee performance, and
- Leadership Award (Fair and Progressive Employment Practices) for Chief Executive Officer Nishit Majmudar.
Last year, Aviva also became the first insurer to partner with the Infocomm Media Development Authority (IMDA) to offer a Company Led Training (CLT) programme in cloud computing, designed to upskill new and existing employees and strengthen the company’s internal digital capabilities.