Aviva Canada to invest $15m to fund brokers’ digital innovation ideas

Brokers can get up to $2m in funding for novel digitization, customer service solutions

Brokers with innovative solutions to digitization and customer service in the P&C space could see their ideas come to life through a new funding opportunity from Aviva Canada.
As part of its digital broker strategy, the insurer is investing $15 million to fund the best broker-driven submissions to its newly created BrokerTech LaunchPad.
The first BrokerTech LaunchPad pitch event was held in Toronto last night, which saw the top three out of 10 submissions being pitched to Aviva for funding.
Tom Reid, Aviva Canada’s Executive Director, Digital Brokers, told Canadian Insurance Top Broker that participating brokers can receive up to $2 million in funding to have their winning ideas developed.
“It’s really exciting to see the calibre of ideas being pitched,” Reid said.

Some of the winning ideas Aviva has seen has been around the themes of improving broker management systems, connectivity between broker-and-customer and broker-and-insurer, and big data.
“In Canada, we’ve had four or five of the same broker management system vendors for many years and they’ve served brokers well. But we’re seeing a number of new entrants in that space. When looking at the connectivity issue, the insurance industry hasn’t traditionally lent itself to digitization, so many proposals are about how we can connect in an accurate way. And when it comes to big data, we have a tremendous amount of information about customers that, as an industry, we can use more effectively. Some of the ideas look at how we can do this to the customers’ benefit, to improve the customer experience.”

In response to the demands of digitization, Reid said that Aviva Canada surveyed the digital aptitudes of its 1,300 brokers and found that the majority of brokers want to embrace innovation and quite a number are early adopters of new technologies. “However, there’s a set of brokers who don’t exactly know what to do, and a third set of brokers that really haven’t taken the bull by the horns yet.”

BrokerTech, which is based on InsurTech, is exclusively focused on technology that supports the broker channel, Reid said.
The BrokerTech LaunchPad forms part of the insurer’s digital broker strategy, Reid said, which also includes Aviva “working on technology that will improve connectivity for brokers, and offering brokers a digital marketing consulting service”.

Reid expects to hold at least two pitch events per year.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.