Aviva launches financial advisory firm

SINGAPORE'S leading insurer Aviva has launched a financial advisory (FA) firm with about 280 financial advisers.

Aviva said the advisers on board its new firm are licensed to advise on a full range of life, health, general insurance and investment products.

Aviva Singapore's chief executive, Nishit Majmudar, said: "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."

He 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."

The FA channel in Singapore has grown consistently over the last decade. The market share at the end of 2015 was 20 per cent, while the tied agency channel has declined steadily from 68 per cent in 2006 to 39 per cent in 2015, Aviva said.

The introduction of Aviva Singapore's FA channel is aligned with the insurer's aim to provide platforms for consumers to make informed decisions.

It follows the launch of the compareFirst Web aggregator last year, which allows consumers to quickly compare the features and premiums of similar life insurance products offered by different insurance companies.