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Aviva takes majority stake in startup Wealthify

In View Summary

Aviva’s recent acquisition of a majority stake in Wealthify, a robo-advisory platform, will further accelerator its ambition to disrupt its legacy operating model.

Wealthify launched in 2016 offering investors access to one of five low-cost investment plans through ISAs and general investment accounts for just £1.

John Lawson, Aviva’s head of retirement solutions policy said, “I think the seeds of real robo-advice are beginning to appear. IBM has a tool called Watson and I think that is the seeds of artificial intelligence. If that could swallow the knowledge the advisers have and then the soft skills the advisers have, that might help you get to that real robo-advice. But that’s a long way off.

The Wealthify investment will help Aviva’s strategy to build customer loyalty by providing customers with a wide range of insurance and investment services all managed through the convenience and simplicity of Aviva’s digital hub, MyAviva.

Wealthify offers investors access to one of five low-cost investment plans through ISAs and general investment accounts for just £1

Blair Turnbull, managing director at Aviva UK Digital has said of the investment: “This is another important step in Aviva’s digital strategy. It underlines our commitment to invest in and partner with leading digital businesses, allowing our customers to benefit from new technology and making insurance and investments simpler, easier and more convenient.”

For Wealthify, the investment means the acceleration of its growth plans and allows it to develop its technology further.

Reported Benefits

Benefits to Customers:

  • Transparency
  • Convenience
  • Real-time accessibility
  • Improved response time

 Benefit to the Insurer:

  • Reduced time and costs
  • Real-time accessibility
  • Transparency
  • Improved customer engagement

The Digital Insurer's View

Customers increasingly expect improved response times and real-time accessibility. This is fuelling the growth of the digital advisory market. and many insurers are now partnering with robo-advisors to make the most of rapidly improving chatbots that will soon automate many of the mundane customer service tasks currently being fulfilled by call centres.

References

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