Cross-selling: key to Aviva Singapore's survival
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NOW that the easy part is over, what's left for composite insurer Aviva Singapore to do is the hard part - to quickly devise and execute realistic strategies that it should already have in place, in order to maximise the multi-million dollar group-employee benefits three-year contract it has just secured.
The deal, which may be renewed for another three years, involves providing group term life and personal accident coverage to servicemen of the Ministry of Defence (Mindef) and the Ministry of Home Affairs (MHA).
While observers have said the deal is easily worth at least S$40 million based on past financial filings, this is neither a windfall nor an early Christmas gift for Aviva, which has been struggling since the exclusive bancassurance partnership with local lender DBS ended in December 2015.
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