Singlife with Aviva offers A Better Way to Financial Freedom

Singlife with Aviva launches tomorrow (1 January 2022) as a financial services brand offering customers A Better Way to Financial Freedom. It leverages the best of Singlife’s insurtech capabilities and Aviva Singapore’s 40-year track record of providing insurance and investment solutions, advisory capabilities and strong customer base, to help consumers achieve financial freedom. Its mission is to help consumers gain control of their financial wellbeing at every stage of their lives.

The coming together of Singlife and Aviva Singapore was first announced in September 2020. Valued at S$3.2 billion, the merger is one of the largest insurance deals in Southeast Asia. Singlife with Aviva is more than an insurance company. It has a comprehensive suite of solutions such as Life, Health and General insurance and is one of the largest providers of Employee Benefits insurance. It also offers investment solutions, including mutual funds and unit trusts, through its dollarDEX and Navigator platforms. On top of that there is the Singlife Account – with the Singlife Debit Card – which allows customers to save, spend, earn and be insured, all through the Singlife app.

Pearlyn Phau, Group CEO, Singlife with Aviva, said: “The COVID-19 pandemic was a much-needed wake up call for the insurance industry.  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.”

Incorporated in Singapore, it is aligned with the national agenda to make sure Singaporeans are well protected, with solutions to cover individuals’ gaps in health, disability and critical illness insurance needs. It is very proudly associated with National Service, covering national servicemen and providing cover for MINDEF (Ministry of Defence) and MHA (Ministry of Home Affairs) personnel. Singlife with Aviva also provides cover for public officers through a group insurance scheme.

Guided by its vision to be a technology-empowered financial services company, Singlife with Aviva is committed to a better way for its customers and the community in Asia.

Environmental, Social and Governance (ESG)

ESG will be one of its key strategic pillars and it is committed to being a business anchored on ethical and transparent practices. In November 2021, it announced its participation in the Monetary Authority of Singapore’s Project Greenprint, in partnership with CO2X Pte Ltd to use real-time data in the transport and logistics sector to monitor emissions and to see if this can improve underwriting and reduce premiums for the sector. It is also working with Fintech company Hashstacs Pte Ltd on its industry-wide blockchain-based Environment, Social and Governance (ESG) Data and Certification Registry, also under Project Greenprint.

On investments, Singlife with Aviva has partnered Copenhagen Infrastructure Partners P/S (CIP) to be a seed investor in a fund focused on renewable energy transition investments with strong and predictable cash flow. CIP is a signatory to the United Nations Principles for Responsible Investment and ESG is central to the Fund’s investment strategy. This is the first of several seed investments to be made with fund partners with a proven expertise with an ESG focus.

Singlife with Aviva will work with local community partners to support financial literacy for communities in need. More details will be announced in due course.

Enhancing bench strength

In the past year, the company has moved to strengthen its management team and established an Executive Committee (Exco) to drive performance and steer the group’s roadmap to develop a trusted tech ecosystem and form strategic partnerships. It has built on the existing team of strong insurance domain experts and added senior hires with proven track records in areas such as design, customer experience, fintech, engineering and marketing.

Pearlyn added: “With the merger now completed, we’re beyond excited to embark on a new journey as Singlife with Aviva. I look forward to tapping into the expertise of our new Exco, who will not only bring value to the organisation, but also prove to be instrumental in driving our next phase of growth with agility, collaboration and empathy at its core.”

Customers and partners of Singlife with Aviva have been informed of the progress of the merger.

All Singlife and Aviva Singapore apps and websites will continue to be available. Customers with the ClaimConnect mobile app will have to update their apps from on 1 January 2022. The Singlife with Aviva Customer Service Centre at SGX Centre 2, as well as all other physical touchpoints, will carry the firm’s new branding. Customers and partners seeking further information may log on to singlife.com.