Angus Eaton says we are in an “age of disruption” and the market is at risk of serious disintermediation.
Angus Eaton, Aviva UK and Ireland MD for commercial lines has advised that the insurance sector is in an "age of disruption" and is "landing in a world where there could be serious disintermediation".
Speaking to delegates at the Guidewire Conncections conference in San Francisco, Eaton said that other issues impacting were a redistribution of wealth making customers more demanding, and data and the fact the customers no longer trust large institutions.
Against this background Aviva had to formulate a new strategy comprising three key aims:
• Digital first
• Customer composite
• And, not everywhere
Looking ahead Aviva wants to provide a service across all of its business arms from P&C, life, health and asset management with all elements connected digitally - a goal for 2016 for the insurer according to a video presentation shown by Eaton.
Aviva has had to overcome a variety of issue in order to make this happen. Chiefly its systems, which were a "complicated spaghetti" and reliant on old-fashioned green screen technology, have been updated. This change was partly driven because "brokers were demanding more online".
He commented: "The key point is we will not take a decision unless we have decided to do it digitally."
Looking ahead Eaton said the sector must put the customer first. He advised: "All customers are different and we have to listen to them and service them using the digital technology we have got.
"The secret for us as an industry is to listen to the boss [the customer]."
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