Growth was driven by the insurer’s financial advisory channel.
Aviva Singapore’s value of new business (VNB) for its life and health segment surged 47% YoY in the first half of the year, according to a media release.
The surge was driven by strong performance in the financial advisory (FA) channel which ballooned 55% YoY in VNB terms. As of end-June, Aviva has tied up with about 60 FA firms and expanded its FA team to 770 members.
“We are pleased that the FA channel continues to be the biggest contributor to our growth as we believe the FA channel is most aligned to customers’ needs and interests,” said Nishit Majmudar, CEO of Aviva Singapore.
“FA representatives are able to offer holistic advice across different product lines, be it life, health, general insurance, or funds. They also provide access to the most suitable solutions from various product providers,” he added.
The insurer has also forged a partnership with Jurong Central Grassroots Organisation and Singapore Red Cross to roll out a Home Monitoring and Eldercare (HoME+) system which uses smart sensors to track the movement patterns of elderly.
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