Following Singlife’s acquisition of Aviva Singapore and subsequent combination of the businesses, it has launched its new brand, known as Singlife with Aviva.
The SG$3.2 billion merger was one of the largest insurance deals in Southeast Asia. The transaction brought together Singlife’s capabilities in insurance technology and Aviva Singapore’s 40-year track
record in insurance and investment, advisory capabilities and wide customer base, the company said.
Singlife with Aviva offers life, health, general and employee benefits insurance. It also offers investment in mutual funds and unit trusts, through its dollarDEX and Navigator platforms, and the Singlife Debit Card.
The company provides insurance for Singapore’s National Service, Ministry of Defence and Ministry of Home Affairs personnel. Singlife with Aviva also provides cover for public officers through a group insurance scheme.
“The COVID-19 pandemic was a much-needed wakeup call for the insurance industry,” said Pearlyn Phau, group CEO of Singlife with Aviva. “The world moved online, and the insurance industry had to quickly change its processes and transform. It was clearly behind the curve and there is still much to be done to digitise and use data and technology to improve customer experience. The products are complex, difficult to explain, the industry is fragmented with multiple players. We believe that consumers deserve better. They deserve clear, simple information and an industry which supports their needs all through their lives. After all, we offer policies for 20 years or more, we have to be here for the long term and provide customers a far simpler way to control their financial wellbeing at every stage of their lives.”