Disrupting the market – how Aviva is using data for change?

Authored by Aviva

While the Coronavirus pandemic has undoubtedly hit businesses hard, we’ve also seen how brilliantly adaptable and resilient they can be.

But as businesses have adapted and evolved, has their cover kept pace? According to Aviva’s own modelled data, only 20% of businesses have updated their insurance policy to reflect the change of operations since the Covid-19 pandemic*. Even more concerning is, despite Cyber security and incidents being in the top 5 risks in our recent Risk Insights Report, only 20% of business leaders surveyed indicated that they did not think they were exposed to any cyber risks.

Underinsurance is often one of the biggest challenges in our market. But as conditions shift and evolve rapidly – and businesses do the same – it can be difficult to understand whether cover is still suitable for business needs.

Providing you with actionable insights

On a recent webinar, Aviva’s Head of Underwriting Automation, Jason Chambers, discussed how Aviva are using data to provide better outcomes for you and your clients.  You can watch the webinar on demand here.

Data and artificial intelligence present a huge opportunity in our market. We’re constantly being told that the insurance industry is ripe for technological disruption, and the recent investments from the likes of Amazon and Google are an indication of this potential.

Our goal at Aviva is to lead the market in how we use artificial intelligence (AI) and leverage the wealth of data we have available to us – providing brokers with actionable insights and outputs. This means we can:   

• Automate processes likes renewals and presentation scanning to free up thousands of hours of underwriting capacity to focus on the more complex cases that our brokers need support with.
• Tackle underinsurance and unlock growth potential by using AI and data to review existing client portfolios to assess where there may be gaps in cover or inadequate Sums Insured limits.
• Produce personalised and tailored reports based on data-driven insights to provide a platform for client conversations to identify potential gaps in cover, without the need for additional questions.
• Proactively respond to poor claims outcomes before they even happen.

Data and technology are here to stay and will no doubt shape our industry in the future. 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 and deliver growth for you and Aviva.

Automatic quotes to support your renewal conversations

To assist renewal conversations and identify potential gaps in cover, we’ll be using data and insights to provide instant quotations without the need for additional questions.  These quotes will appear automatically in e-Documents 28 days ahead of renewal. This is effective for policies renewing on or after 19 April 2021.

Where we have enough information to do so, you’ll see a PDF in e-Documents that details the suggested additional covers, premiums based on our understanding of your client and the limits available.

Initially, we’ll be providing automatic quotes for Cyber, Legal Expenses, Group Personal Accident (GPA) and Transit. Currently, these automatic quotes are available for offline renewals that are traded through your regional branch.

Cyber is one of the key risks in our industry today, with attacks growing in volume and sophistication since the Covid-19 pandemic. Because of this, we’ll provide a Cyber quote for all of your clients who we believe don’t currently have cover. To support your conversations with your clients, we’ve also produced a Cyber playbook to help educate your clients on the necessity of having cover in place, should the worst happen. You can download it here.

For more information

To find out more about how we’re using data to provide actionable insight, you can download this handy one-pager that highlights how we use the data and the benefits to you and your clients.

*Source: Aviva UKGI Media Research, SME lockdown reactions, 2020.