“Aviva has been poorly managed for many years, and its high-quality core businesses have been held back by high costs and a series of bad strategic decisions,” said Christer Gardell, Cevian’s co-founder."

Ian Smith FT 8th June 2021

The activist fund also believes that the cost-cutting can go further, calling for reductions of more than £500m from Aviva’s annual cost base by 2023.

Given that 70% of an insurer's cashflow pours through claims operations there is a massive potential for savings there whilst also increasing effectiveness and efficiency. Most claims platforms aim to deliver better communication, collaboration and orchestration tools but new supply chain models offer far more.

'Uberised' supply chains are a natural evolution especially as specialists and contractors work for multiple insurers. A claims and supply chain management platform that registers all participants and matches demand with capacity offers a disruptive exchange model that caters for normal demand and surges. Creates efficiencies with effectiveness and customer satisfaction.

A similar model has transformed the market for interpreters who are typically self-employed. The traditional model had translators physically attend courts, meetings, negotiations and spending most of the time just sitting and waiting racking up costs and inefficiencies.

InterpretersPortal has transformed that matching client's needs with available native language speakers 24/7 from a global panel of interpreters.

Disruptive technologies like HumanProtocol offer the platform to achieve the same across insurance supply chain networks. I'll be writing more about this over the next few weeks including specific technology solutions for insurers to meet the challenging cost reduction goals like that set for Aviva