Aviva said that it has re-entered Singapore’s general insurance market and it has also plans to roll out business in key markets of Asia.
The company said that it will start with direct online car insurance and 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 proposition that challenges the traditional agency models of the market’s major insurers.
According to Aviva, aside from reducing cost by cutting out commissions and complex back office processes, its online presence allows it to introduce a great number and variety of products to customer efficiently. It also enables the firm to further develop its capability of using internet as the way to communicate, acquire, retain and manage its customers.
Simon Machell, chief executive of Aviva Asia Pacific, said: “Our entry into Singapore marks the first step in our plan to penetrate the rapidly expanding general insurance market in Asia. 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.”