How Aviva is using data to provide personalised insights

Authored by Aviva

The Coronavirus pandemic has been tough on a lot of businesses, with many having to adapt and evolve the way they operate for continuity. However, it can be difficult to keep up to speed with how their insurance cover also needs to evolve to meet their ever-changing needs. 

Underinsurance is one of the biggest challenges in our market, and the impact of Brexit and Covid-19 has brought to the fore the importance of having the right level of cover – we know from our own data that 1 in 4 SMEs have not had a material change to at least one Sum Insured in more than four years*.   When you consider how business models and operations have recently shifted, this is a concerning statistic.

Our goal at Aviva is to be market leaders in using artificial intelligence (AI) and the wealth of data we have available to us to provide you, our brokers, with actionable insights to ensure your clients have the right level of cover for their needs should the worst happen.

"For our underwriters, our work with data and AI means we’re embedding data driven decision making into every interaction, enhancing and amplifying their capability, leading to greater skill and understanding of more complex customers. By automating processes, we’re freeing up thousands of hours of underwriter time to allow them to focus more on these more complex cases that need their expertise. For you and your clients, it means we’re delivering the highest levels of personalisation and recognition with customer-centric propositions; supported by data-led innovation. Our focus is to work in partnership with you to develop the complete picture of your clients to ensure they have the right level of cover for their needs, delivering growth for you and Aviva." - Jason Chambers, Head of Underwriting Automation, discussing our work with data and AI

One of the recent outputs of our continued investment in this space is the ability to provide automatic quotes for some of our core covers, without needing to ask you or your client any additional questions. By drawing insight and understanding from modelled data, we can provide quotes for additional covers, limits and premiums based on our understanding of your client.

Carol-Ann Burrows, Commercial Product Lead, who has been heavily involved in the delivery of the automatic quotes functionality, said “One of the most effective ways to increase your business’s revenue, profits and retain customers for longer periods, is to care about your client’s future insurance needs. The recent Insurance Times Etrade Survey highlighted that 40% of brokers are concerned about the impacts of Brexit and Covid-19 on retention**. We can help you to maximise the upsell and cross-sell opportunities by showing you the potential cover gaps where we believe your client may have an exposure.”

Automatic quotes for Management Liability

As part of our continued investment in digital, we’ve now added more lines to our automatic quote functionality. In addition to Cyber, Legal Expenses, Group Personal Accident and Transit, we’ve now added Management Liability, with Business Travel due to be added shortly.  

Available 28 days ahead of renewal, you can find these PDFs in e-Documents alongside your renewal documentation. When logged into Aviva Broker, you can access e-Documents via the ‘MyServices’ drop-down menu in the top right-hand corner.

*Based on Aviva held SME business, excluding Fleet – Modelling 45% of the account and extrapolating the total, correct as of September 2020

** Output from the Insurance Etrade Survey 2021