Aviva Canada will be redesigning the way it does business in 2021, CEO Jason Storah told the Insurance Portal shortly before the holiday break.
"For Aviva Canada, 2021 will be the year we translate challenges into new opportunities and create better experiences for our customers. But if there is just one overarching hope that I have for 2021, it’s that we move away from being reactionary and can instead focus on proactively helping people and businesses move forward after the massive detrimental impact that so many have faced in 2020," he says.
In 2021, Aviva intends to deliver focused growth by optimizing and diversifying its portfolio. The company also wants to strengthen its pricing and production capacity, Storah says. Enhancing claim management and data science are additional goals for 2021.
The insurer also plans to improve its customer service. Aviva wants to make it easier for brokers and customers to do business with the insurer. To do so, the firm will need to strengthen its technology ecosystem and make significant changes to its portal and platforms, he says.
The COVID-19 pandemic and the resulting lockdown has stoked demand for online services considerably, be it to purchase a policy, pay a bill, or access documents, he adds. "It’s essential that carriers and brokers prioritize this as an option for consumers,” he says.
The insurer consequently aims to enhance the digital experience for both brokers and customers, Storah says. Notably, investments will be made in application programming interfaces (APIs) to boost connectivity. “Over 80% of our Commercial SME brokers and 40% of our personal lines brokers have signed up and adopted these paperless solutions," he points out.
The impact of the hard market
In the short term, Aviva Canada intends to focus on the fundamental need to provide affordable coverage. However, the insurer believes that rates will continue to face upward pressure due to lingering market hardening, especially in commercial lines.
Even before the pandemic, the commercial insurance market was already struggling with inadequate pricing and capacity issues, Storah points out. "These challenges have been exacerbated due to continued market hardening, an increase in some insurers exiting certain segments and an increasingly restrictive and hardening reinsurance market.”
The effects of the pandemic
The COVID-19 pandemic has affected insurers, consumers and brokers alike. “We responded quickly to the vast array of challenges thrown at us – where customers had clearly stated pandemic coverage, we paid those claims. We also provided relief measures of $130M to drivers during the pandemic,” Storah says.
He thinks the pandemic has strengthened the bond between brokers and insurers, who need to work together now more than ever. “As an industry, we have many opportunities to do things better, like finding ways to get better at explaining the risks, educating customers on coverage, and protecting Canadians. We have a role to play in helping communities prepare for the inevitable changes that are ahead," he says.
