Aviva CEO – “We want acquisitions.”
Speaking on Wednesday, the company’s CEO Mark Wilson announced at a Press conference that: “We want to turn Aviva into a fintech. We will do acquisitions in this space… I don’t mean billions, there’s nothing imminent.”
“We believe what we have is world leading,” he said. “What we’re trying to do is fundamentally change the insurance industry. How long will it take? I don't know.”
The company is said to be spending a minimum of £100 million a year on digital transformation and has established a venture capital fund that has £200 million to invest by 2020. It has already made six investments, with another imminent.
Read More: Aviva CEO – “We want acquisitions.”
AIG Life’s bold approach to innovation
Adam Winslow, who became CEO at AIG Life in September 2015, tells LII how AIG re-entered the UK life market through its acquisition of Ageas Protect in December 2014. [Ageas completed the sale of its 100% shareholding in Ageas Protect, its UK life protection company, to AIG for £197m].
Winslow says: “AIG had two options: To start from scratch or acquire and re-brand. What attracted us to Ageas Protect was it being a young business.
“We liked that the platform was owned and developed by the business, whilst being very scalable. What the business needed was more capital to fund new business and help it grow.”
Winslow adds that AIG Life aims to more than double the size of its new business inflows over the next three to four years, but notes that the insurer will be solely focused on being a UK pure protection insurance player.
Read More: AIG Life’s bold approach to innovation
Irish tech provider Exaxe launches robo-advice platform
Exaxe, an Irish SaaS software solutions provider for the life and pensions industry, has launched a robo-advice platform for the European market.
The provider said it has invested heavily in R&D to build a solution that provides an innovative approach for advisers and L&P organisations to offer their clients sophisticated options with enhanced rebalancing capabilities.
Exaxe said its sophisticated algorithms provide a full holistic, multi-product view incorporating a gap analysis.
Tom Murray, head of product strategy at Exaxe, said: “We are very excited about initial feedback on our Robo Advice solution. It only goes to prove that we, with the backing of Enterprise Ireland, were right to invest our time and money in Robo.”