Aviva’s Digital Garage

Aviva digital garage will create the products and services customers want, how they want them and when they want them

In a rare yet welcoming example of a public/private partnership within digital insurance, Aviva, the British Government and the Monetary Authority of Singapore have recently struck a partnership to promote digital insurance solutions in Singapore and across Asia. As part of this initiative, Aviva announced the establishment of a ‘Digital Garage’ in Singapore – a dedicated space where technical specialists, creative designers and commercial teams explore, develop and test new business models and services which make financial services more personalised and tailored to specific segments.

Aviva is considered a pioneer of digital insurance in Singapore, and the Digital Garage will build on Aviva’s experience in underwriting motor insurance, travel insurance, home insurance, pensions and investments online in Singapore and abroad. Furthermore, Aviva has already established a similar digital garage in London with more planned for mainland Europe.

According to Mark Wilson, group CEO of Aviva, “Aviva puts digital first because that’s how our customers want to deal with us. The new digital garage will create the products and services they want, how they want them and when they want them. But the Singapore innovation centre is far more than a building – it’s a campus, where the best brains bring the best ideas and make them happen.”

Furthermore, Aviva is establishing lasting relationships with the Singapore FinTech community, start-ups and research bodies. The Digital Garage will also help Aviva to push forward a change in the internal organisation’s culture through the use of IT and digital technology.

View the slides Webinar on Innovation in Asia

Benefits to Customers

• Enhanced customer experience
• Exposure to innovative products and services
• Access to anytime, anywhere, personalised service
• Lower premiums

Benefits to the Insurer

• The Digital garage will help in developing product and service innovations that will support and improve customer retention and acquisition
• The Digital garage will help in enriching customer experience and regaining direct control of the customer relationship
• Investing in innovation will lead to quicker outcomes and lower costs of operations
• The Digital garage will help in acquiring new digital skills and enhance the competency of the internal workforce

By focusing on Asia’s digital and often mobile first consumer base, Aviva’s  Digital Garage is perfectly positioned to leverage its internal technical resources in order to capitalise on Asia’s digital insurance opportuniuty. For insurers such as Aviva, ensuring relevance in the digital world requires more than just redefining existing business models or launching mobile solutions. Insurers need to instill a culture of digital responsiveness throughout their organisation. The era of innovation driven by the connected home, connected car and connected self is here. Peer to peer insurance distribution models like Friendsurance are changing the industry’s overall market dynamics whilst silicon valley elites such as Google are pushing into aggregation and distribution. Initiatives like the Digital Garage are a good start, but more aggressive measures will be needed to keep pure play digital disrupters at bay in the emerging digital landscape.

Aviva announces Digital garage In Singapore

Aviva promotes digital innovation in Insurance

Click on this link to access Aviva’s video on the The Digital Garage