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Aviva tinkers in its garage

Finished basement, five bedrooms, granite countertops, single-car garage… Selling someone a home policy offers many hints about their family situation and income bracket, essential information for determining what life insurance they might need. So brokers licensed for more than P&C can find cross-sell opportunities from policies they’ve already placed, as well as work with clients who want to solve all their insurance headaches in one go. And perhaps more importantly, they’re the kind of broker Aviva’s most excited to keep partnering with.

While not yet licensed to write life insurance, “being able to provide more than just home and auto over the long term in Canada, it’s clearly important to us, and it’s something that we’ve seen done quite well in other countries,” Aviva president Sharon Ludlow told Top Broker. The company is “certainly seeing a lot of interest for those brokers who can embrace the larger product offering than simply home and auto, and consider life and health and wealth management products.”

The insurer has developed a critical illness health insurance product, which they plan to release to the marketplace later this year, and its wealth management arm, Aviva Investors, is looking to develop a Canadian presence as well.

Last year, Aviva established “digital garages” where teams, made up of both business and IT folks, develop products to improve the digital insurance experience. Garage teams are tasked, says Ludlow, with “get[ting] our hands around and our minds around where we think insurance will go in the future.” And Aviva’s future involves brokers licensed for all kinds of insurance.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.