The financial services firm is reallocating funds saved from cost-cutting drives across the business into developing new digital products and services and improving existing functionality as well as automation and predictive analytics.
Aviva plans to launch more products like its “Aviva Drive” app, which monitors a user’s driving to assess their insurance risk. It also plans to offer customers the same level of control over health and life protection products as it does with car insurance when allowing them to renew and update policies online.
Additional funds will also be invested in analytical tools such as real time decisioning technology that help predict and forecast consumer behaviour.
Heather Smith, Aviva UK’s general insurance marketing director, says the aim is to produce products and services that “enable customers to transact in a modern, self-service way” and “optimise the customer journey”.
Chief executive Mark Wilson has made investment in digital and data tools one of the key facets of its plan to boost operational performance and accelerate the company’s turnaround.
Aviva said last week operating profit grew 6 per cent to £1.9bn in 2013.