Aviva snaps up UK robo service

Company is targeting digital businesses as it makes huge online push

Aviva snaps up UK robo service

Insurance News

By Paul Lucas

Aviva has made no secret of the fact that it sees its digital operations as being crucial to its future – and now it has taken another step along the technological path by announcing a huge deal for a robo investment service.

The insurance giant will acquire a majority shareholding in Wealthify Group Limited, the holding company of Wealthify – a company that aims to make “investment affordable and accessible” in the UK mass market.

According to the insurer, the investment is part of its strategy to enhance customer loyalty by offering a wide range of insurance and investment services conveniently. Wealthify will be made available through MyAviva, alongside other Aviva products and services; while the Cardiff-based investment firm will also look to accelerate its own growth plans as it gives customers the chance to invest in one of five diversified plans for as little as £1.

“Wealthify aims to take the complexity out of investing,” explained Blair Turnbull, managing director of Aviva UK. “It is remarkably easy to use, with no complicated jargon, no expensive fees, and you can start investing with as little as £1. It is particularly aimed at traditional cash savers, who are seeking to diversify their investments, and also at millennials who appreciate an effortless and straightforward digital experience.

“Wealthify combines a smart management team with great technology and a start-up culture. Together with the brand and financial strength of Aviva, we are very excited about the future opportunity, making Wealthify available to Aviva customers through the convenience of our MyAviva online and App experience.

“This is another important step in Aviva’s digital strategy. It underlines our commitment to invest in and partner with leading digital businesses, allowing our customers to benefit from new technology and making insurance and investments simpler, easier and more convenient.”

The transaction remains subject to regulatory approval.

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