Aviva has launched a financial advisory firm, Aviva Financial Advisers, in Singapore. It is licensed to advise on a full range of life, health, general insurance and investment products.
The firm is launching with approximately 280 financial advisers. Nishit Majmudar, CEO of Aviva Singapore, said: “At Aviva, we are very excited about the launch of Aviva Financial Advisers. We hope this move will provide the catalyst for the shift of Singapore’s insurance industry towards more mature markets such as the UK and Australia, where most financial advisers offer solutions from multiple product providers. We believe customers will benefit from greater options to meet their needs.”
Aviva said the FA channel in Singapore has grown consistently over the last decade. The market share at the end of 2015 was 20%. On the other hand, the tied agency channel has declined steadily from 68% in 2006 to 39% in 2015.
The insurer noted that customers in Singapore are becoming increasingly savvy, as they have greater access to information in today’s digital era.
In tandem with improved financial literacy, customers are also expecting more options and accessibility to financial planning advice and solutions that cater to their unique needs and preferences.
Majmudar added, “The launch of Aviva Financial Advisers marks an important milestone for Aviva, and signals our strong conviction that the Financial Advisory (FA) channel will dominate the future of insurance. Among all distribution channels, FA firms are best placed to deliver quality holistic financial planning services to their customers.”