Strong economic growth in Asia doubled Aviva’s life insurance unit in Singapore to S$715m. This makes Singapore the fastest growing market for Aviva in Asia.

Better economic conditions have made people more willing to buy life insurance.

Aviva plans to increase it’s market share by distributing more products online and via DBS Bank, financial advisory firms and a newly set up tied agency force of under 100 advisers.

With Aviva’s traditional strength of healthcare insurance in UK, it’s managed to gained a substantial market share, since it’s entry into the healthcare insurance market in Singapore through the integrated shield plan, MyShield.

Aviva’s term insurance products are also one of the most competitive in the market including level term, mortgage term and disability income. Right now, it is also the only insurer that offers guaranteed premiums for it’s limited pay critical illness plans. It’s term plans also have an enhanced definition for TPD, that pays upon meeting 3 out of 6 activities of daily living or ADLs.

More competition for you? If you can understand the competition, you gain the advantage. Aviva or any insurer have their pros and cons. It’s how you position and differentiate your service or products. Or you may play into niches, where your products are stronger.

Do you understand your company’s strengths and weaknesses? Feel free to drop a note.

Original Article: 05 Mar 2011, Straits Times: Aviva’s life insurance sales double to $715m



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