By: Luke Jones, Published on May 27, 2017 12:14 PM, Last Update on May 27, 2017 09:15 AM
Further proof that the insurance industry will move to insurtech came from Aviva, one of the world’s largest insurance companies. The 321-year old provider with operations in Canada (under the Aviva Canada brand) has signalled its intention to become a financial technology (fintech) company.
The pledge came on Wednesday as Aviva CEO Mark Wilson held a press conference and said: “We want to turn Aviva into a fintech. We will do acquisitions in this space… I don’t mean billions, there’s nothing imminent.”
Wilson was speaking at Aviva’s Digital Garage location in Hoxton, East London. He said that artificial intelligence, machine learning, and big data are interesting aspects of technology for the company. He added the Digital Garage plays a significant part in the long-term strategy for Aviva to be a digitally-focused company.
In the talk, the CEO said he aims to steer the insurer’s digital division towards being able to “compete and cannibalise” the rest of Aviva.
“We believe what we have is world leading,” he said. “What we’re trying to do is fundamentally change the insurance industry. How long will it take? I don't know.”
At the moment, Business Insider reports Aviva is outlaying a minimum of £100 million each year on its digital transformation plans. Additionally, the company also holds a venture capital fund with £200 million for investments before 2020. Six investments have already been made with money from the fund.
Aviva will also pursue start up investments and partnerships with other companies experimenting with micro-insurance, insurtech, on-demand policies, and blockchain.