New Aviva FA business responds to growing customer desire for more choice in insurance and individualised financial advice in Singapore.
Aviva Singapore, today announced the launch of Aviva Financial Advisers, a financial advisory firm. The firm is launching with approximately 280 financial advisers. They are licensed to advise on a full range of life, health, general insurance and investment products.
Mr Nishit Majmudar, CEO of Aviva Singapore said, “At Aviva, we are very excited about the launch of Aviva Financial Advisers. We hope this move will provide the catalyst for the shift of Singapore’s insurance industry towards more mature markets such as the UK and Australia, where most financial advisers offer solutions from multiple product providers. We believe customers will benefit from greater options to meet their needs.”
The FA channel in Singapore has grown consistently over the last decade. The market share at the end of 2015 was 20%. On the other hand, the tied agency channel has declined steadily from 68% in 2006 to 39% in 2015.
Customers in Singapore are becoming increasingly savvy, as they have greater access to information in today’s digital era. In tandem with improved financial literacy, customers are also expecting more options and accessibility to financial planning advice and solutions that cater to their unique needs and preferences.
An industry-wide web aggregator for insurance products was launched last year, as part of a comprehensive evaluation of the financial advisory industry known as the Financial Advisory Industry Review (FAIR). It allows consumers to quickly compare the features and premiums of similar life insurance products offered by different insurance companies, helping them make informed decisions. The launch of Aviva Financial Advisers is aligned with this initiative – in addition to a comprehensive suite of Aviva solutions across life insurance, health insurance, general insurance and investments, they will also provide customers more choices with access to an extensive range of products from other trusted providers as well.
Mr Majmudar added, “The launch of Aviva Financial Advisers marks an important milestone for Aviva, and signals our strong conviction that the Financial Advisory (FA) channel will dominate the future of insurance. Among all distribution channels, FA firms are best placed to deliver quality holistic financial planning services to their customers.”
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Notes to editors:
About Aviva Singapore:
- In Singapore, we’re a leading provider of retirement, investments, insurance and health solutions.
- Our purpose is to free people from fear of uncertainty.
- We’re a provider of Medisave-approved Integrated Shield plans as well as an appointed insurer for the national ElderShield scheme, and we constantly find innovative ways to enhance our products, ensuring they remain relevant to our customers’ needs.
- Being the pioneer general insurer in Singapore to offer motor, travel and home insurance solely via the internet (aviva.com.sg), we offer simplicity, convenience and cost savings to customers.
- We’re one of the biggest providers of employee benefits and healthcare, including protecting Singapore Armed Forces servicemen since 1983 as well as being the appointed insurer for the Ministry of Home Affairs since 2016.
- Our funds administration solution, Navigator, with its wide variety of funds, remains one of the preferred investment platforms in Singapore.
About Aviva:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers, across 16 markets worldwide
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £289 billion in assets.
- Aviva helps people save for the future and manage the risks of everyday life; we paid out £30.7 billion in benefits and claims in 2015.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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