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August 19, 2022

Aviva sees strong economic growth in H1 2022 as the strength of its digital capabilities pays off

By GlobalData Financial

As Aviva reports strong H1 2022 results, GlobalData survey findings show that brokers believe the insurer leads the way in electronic and digital trading platforms among UK competitors. Aviva reported 12% growth in commercial lines in H1 2022 while other insurers struggled, with its e-trading platform credited as a key reason.

GlobalData’s 2022 UK Commercial Insurance Broker Survey found that Aviva is seen as best in class among insurers for all three digital categories: e-trading platform, extranet sites, and online support. It stands out by a considerable margin for the quality of its e-trading platform. Out of the brokers surveyed, 58.2% said Aviva’s was the best in class in 2022; in comparison, second-placed Zurich received just 7.1% of responses.

Source: GlobalData’s 2022 UK Commercial Insurance Broker Surveys

There have been a range of stories about insurers suffering disappointing financial results in H1 2022, particularly with regards to profit, so this news will be very encouraging to Aviva. The insurer’s UK and Ireland chief executive Adam Winslow told the Insurance Times that the key driver behind its strong profit performance was upgrades to its e-trading platform.

This view is very much supported by brokers, who have cited Aviva’s platform as the best for a number of years. The insurer saw its lead increase by 5.6 percentage points in 2022 to further extend the gap with its nearest competitor in GlobalData’s survey.

This highlights the importance of pushing ahead with modernisation and improving digital presence, even if you are already in a strong position. As UK inflation continues to rise, being able to achieve more and more aspects of insurance digitally – and therefore reduce admin and staff costs – makes it easier for insurer to make a profit in these tough economic times.

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