Chief executive officer Nishit Majmudar said the healthy growth in business was due to the insurer's strong partnership with DBS Bank and financial advisers.
- DBS is Aviva's biggest distribution channel
- MyRetirement policy, introduced in April, has done very well so far
- Currently on a operational efficiency drive, simplifying underwriting and claims processes
- Changed the way it crafts its regular letters to customers, after receiving comments that these were often filled with too much insurance jargon and were difficult to understand.
- Does not plan to boost headcount here
Commenting on the Financial Advisory Industry Review (Fair), Mr Majmudar said he believes it is unlikely that Singapore will introduce a fee-based model for the insurance industry in the foreseeable future.
"Commissions are easier to work with, and the fee model hasn't had great success in too many countries," he said.
The Monetary Authority of Singapore plans to overhaul the sector by lowering the costs of insurance products and raising the quality of advice. One suggestion was to move to a fee-based model like in Britain and Australia, from the current model of commissions earned by agents selling products.
