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Aviva to roll out "reinvention of insurance"

Aviva to roll out "reinvention of insurance" | Insurance Business

Aviva to roll out "reinvention of insurance"

Just over a month ago the UK’s Financial Conduct Authority (FCA) launched its general insurance market study… now British insurer Aviva, which serves one in four households in the country, has revealed the imminent rollout of what it described as an “industry-first subscription-style” proposition.

Called AvivaPlus, the upcoming product features a renewal price guarantee for home and car insurance – ensuring that existing policyholders are afforded the same, or an even better price, than an equivalent new customer at their next renewal. It offers flexible insurance cover, monthly payments with no interest, as well as no charges to cancel or change policies.

“We recognise that consumers want the insurance industry to listen to them, so we’ve worked with thousands of customers to understand how insurance could better meet their needs and provide the flexibility they want for their modern lives,” stated Aviva UK insurance chief executive Andy Briggs as part of today’s announcement.

“AvivaPlus is a reinvention of insurance, which has been developed and tested with customers’ needs at the centre, and it’s now starting to roll out alongside our existing products. Like subscription services, it’s designed to make it easy for customers to change their cover as often as they want without incurring charges.”

The London-headquartered firm said AvivaPlus will be available to new and existing UK customers who purchase directly from the insurer, via aviva.co.uk, the online customer portal MyAviva, or contact centres. Rollout will take place over the next few weeks.

In Briggs’ view, they are creating a level playing field for clients as Aviva addresses price disparity though the new product.

“AvivaPlus is a significant milestone in our ongoing digital strategy which, through our commitment and investment in innovation, is making things more convenient, easier, and quicker for our customers,” commented Aviva UK digital managing director Blair Turnbull. “It’s a continuation of our journey and it represents a step change in how we’ll offer products to our customers in future.”

Meanwhile features also include a simple quote journey and quick claims decision on electrical items under £2,000. Over time the company aims to add other benefits and insurance types to AvivaPlus.