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.