Complex regulation, the capital reserves required to underwrite insurance, and underwriting skills and proprietary data built on years of experience kept the insurance industry protected.
Today, hungry digital disrupters eye the lucrative market with predator's eyes. The best way to beat digital disrupters is to do the unpredicted thing and exploit the very strengths that made incumbents market leaders.
Aviva plan is just that
- Join with a technology partner
- Add in freely available capital from private equity form
- Stir in the insurer's expertise
- Choose a growth market to accelerate success
There are signs of other carriers doing the same in their home markets
viva said the plan was to disrupt a market that has traditionally been dominated by agency and bancassurance channels and drive digital transformation across the region. “We remain committed to being a disruptor in our own industry,” said Chris Wei, executive chairman of Aviva Asia & FPI and global chairman of Aviva Digital. “We have also introduced our venture capital fund, Aviva Ventures, in Asia with the objective of supporting start-ups that are at the forefront of innovation, and we are seeing good progress here,” he said in an announcement accompanying Aviva Asia’s financial results for the first six months of 2017.
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