Focusing on great customer outcomes enables Aviva Singapore to achieve double-digit growth for third consecutive year
Singapore – Aviva Singapore achieved double-digit growth for the third consecutive year with a 35% year-on-year new business growth for its life business in 2019. Annual Premium Equivalent (APE) rose from S$237 million in 2018, to S$319 million in 2019.
This can be attributed to an increase in demand for protection solutions. In particular, Aviva’s disability product remained the best-selling protection product in 2019. The leading insurer is currently one of three appointed insurers to offer ElderShield Supplements to Singaporeans and Permanent Residents aged 40 and above to financially protect them against disability. This year, the government will be launching CareShield Life, with a lowered entry age from 40 to 30. To support the transition for those aged 30 to 40, Aviva launched a Disability Support Programme earlier this year. This free programme is designed to provide interim financial assistance before CareShield Life launches. The programme has seen immense popularity, with one successful signup every two minutes.
In the group life space, Aviva achieved a 16% growth in new business. Aviva is one of the largest providers of employee insurance in Singapore, insuring almost one in four employees in Singapore.
Always putting people at the heart of initiatives, Aviva also recognises the importance of implementing progressive policies in the workplace that provide equal opportunities for all.
- Aviva Singapore was the only insurer to be conferred the inaugural Workforce Transformation Award by the Institute of Banking and Finance (IBF) and Workforce Singapore (WSG) in 2019.
- As part of Aviva’s plan to identify, hire, train and deploy differently-abled individuals, Aviva launched an AvivAbility Scholarship, a first-of-its-kind in the insurance industry to financially support and provide internship opportunities to students with physical or learning disabilities.
- A cloud-enabled environment has become a priority for many organisations, including Aviva. As at end 2019, 40 employees from Aviva have completed the IMDA Cloud Computing Programme to re-skill existing employees and upskill new graduates.
Mr Nishit Majmudar, Chief Executive Officer of Aviva Singapore, said:
“We operate primarily in the non-exclusive financial advisory space, where our distributors have access to solutions from a range of product providers. For them to recommend our solutions to clients, our products must be competitive and our service must be excellent. Aviva’s delivery of great customer outcomes is reflected in our positive results of double-digit growth for the third year consecutively.”