Singapore: Aviva re-enters Singapore’s general insurance market and states intent on regional expansion
09 Apr 2010
Singapore to serve as launch pad for Aviva’s planned regional expansion
First dedicated direct online car insurance provider, with home and travel insurance to follow.
Aviva, the world’s fifth largest insurance group, today announced it has re-entered Singapore’s general insurance market and stated its intent on rolling out the business in key markets in Asia. Starting with direct online car insurance, the company will gradually increase its portfolio of products to include home and travel insurance.
By launching a direct insurance business, the company has built upon its existing brand presence in Singapore and has developed an attractive and differentiated proposition that challenges the traditional agency models of the market’s major insurers.
“Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia,” said Simon Machell, chief executive of Aviva Asia Pacific. “The rising affluence of Asian consumers has led to an increasing need to insure their growing assets. Our online model enables us to pass on significant cost savings along with greater convenience and flexibility.”
Aside from reducing cost by cutting out commissions and complex back office processes, Aviva’s online presence allows it to introduce a greater number and variety of products to the customer more efficiently. It also enables the firm to further develop its capability of using the internet as the way to communicate, acquire, retain and manage its customers.
Simon Newman, chief executive, Aviva Singapore, said: “I am delighted that we’re adding to our established life, health and investments business with a set of personal lines products that benefit from unique distribution, a unique claims model and competitive prices. The result is an even stronger customer proposition from Aviva Singapore.”
A “Real Good Deal”
In 2009, average premiums for motor insurance premiums increased by 21.5% in Singapore. As the first purely direct writer in the market, Aviva intends to capitalize on its competitive position to offer drivers attractive rates coupled with greater flexibility and convenience. An online quote takes just 60 seconds and requires answers to just nine simple questions, six regarding driving experience and three about the vehicle. The website also provides a convenient, safe and secure payment process via credit card or Nets, and confirmation can be received by SMS or email.
For greater flexibility, the website enables consumers to tailor their price by selecting only the extra covers they want. Customers can choose from a variety of options including named driver, higher excess, audio coverage, personal accident, identity theft, loss of keys and loss of use. Policies can be modified or renewed online at any time, and customers can save $25 by selecting the "Go Green" option that sends their policy documents instantly by e-mail.
To further differentiate itself from the competition, Aviva car insurance offers best in class claims service. Accidents can be reported via a 24/7/365 dedicated hotline number and at-scene "accident-support" will be provided within 20 minutes anytime, anywhere in Singapore.
The firm will also complete paperwork on scene, take photographs, record witness statements and get its customers home in a complimentary taxi. For further peace of mind, all repairs undertaken through Aviva’s professional approved repair network are guaranteed for 12 months.
All Aviva’s general insurance solutions in Asia will leverage the company’s leading global expertise in the sector and incorporate its philosophy of keeping rigorous cost control, disciplined underwriting, excellent customer service and product innovation at the core of its operations. This approach has already seen the company become the largest provider of general insurance in the UK and Ireland, the second largest in Canada and one of the top five in the Netherlands.
More information on Aviva’s motor insurance can be found at www.aviva.com.sg.
For more information:
Head of Communications, Aviva Asia Pacific
Telephone: (+65) 9477 6667
Edelman Public Relations
Telephone: (+65) 6347 2314
Notes to editors:
Aviva is a leading provider of life and pension products in Europe (including the UK) with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2008.
Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of £45.1 billion and funds under management of £379 billion at 31 December 2009.
* Based on 2009 published life and pensions PVNBP on an MCEV basis, total investment sales and general insurance and health net written premiums, including share of associates' premiums.