Aviva has redesigned its approach for midmarket clients, investing in its technology and specialist partner network to open up corporate-level services and customer-level underwriting to the midmarket segment for the first time.
The UK’s midmarket businesses, which Aviva defines as between £5m and £100m annual turnover, were described as the country’s economic engine in a BDO report last year, contributing one third of private sector GDP and jobs, despite accounting for less than one per cent of all companies.1
According to another report by Natwest, optimism is high among midmarket business owners with more than two-thirds projecting an increase in revenue over the next 12 months.2
However Gareth Hemming, Director of SME Commercial Lines at Aviva, said midmarket businesses struggled to access the right risk management expertise and insight to manage this growth, as well as existing and emerging risks.
Too large for government initiatives and too small to employ full-time risk managers, midmarket businesses are often left stuck in the middle.
To address these issues, we are taking a big business approach to midmarket, offering personalised advice, business insights based on sophisticated data analytics and access to innovative technology. Traditionally these sorts of services have only been available to large companies.
Drawing on multiple internal and external data sources, Aviva has assessed the insurance and wider business needs of midmarket companies to offer an integrated insurance and risk prevention solution across eight industry sectors:
- professional and business services
- industrial and manufacturing
- real estate and construction
- arts and culture
- retail and wholesale
- health and public sector
- the motor industry
Now, through data analytics, Aviva can pinpoint what risks a customer might be particularly vulnerable to, as well as identifying their wider insurance needs.
“We can now underwrite from a customer level, rather than selling individual products” Mr Hemming said.
Offering specialist tools
Aviva has also built a suite of products and services through a network of more than 40 specialist partners, offering tools from online reputational monitoring, aerial inspections using drones and leak detection technology, to health and safety training and connected technology for manual handling.
We can now offer our brokers and customers access to innovative tools to assess risks to virtual or real assets, or to help them in times of crisis,” Mr Hemming said.
What’s more, many of these services have been specially tailored to the midmarket segment for Aviva, having previously only been available to larger corporations.
David Carey, who joined Aviva last year as the new Head of Midmarket, is leading the delivery of the new strategy, which includes a dedicated midmarket Client Relationship Management team working closely with Aviva’s regional teams.
The CRM team is fully focused on working with brokers to understand midmarket customers’ businesses and co-ordinate all parts of the Aviva service proposition, from underwriting and claims to risk consultancy and seminars working closely with existing Regional offices.
David Carey said: “Midmarket businesses want peace of mind, customisation, superior service, forward thinking and partnership. Aviva has the footprint to bring this proposition to every corner of the country and offer added value and expertise in our eight industry segments.”
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Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £350 billion in assets. Total group assets under management at the Aviva group are £490 billion.
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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