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.
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.