UK Edition
Aviva eyeing AI and big data in bid to become fintech firm
Aviva is eyeing acquisitions in artificial intelligence and big data as it looks to overhaul the insurance industry and transform itself into a fintech firm.
Chief executive Mark Wilson said the 321-year-old insurance giant had built a “pretty good balance sheet” and was primed to use it to ensure it remained a step ahead of its rivals.
At its “digital garage” in Hoxton, east London, Mr Wilson said the insurer’s innovation projects had attracted calls from “big names in Silicon Valley” and helped seal a lucrative deal with Tencent, one of China’s biggest technology companies. He said: “I don’t mean billions, but we will do acquisitions if we find the right things, maybe in big data, maybe in platforms.”
Aviva launched the technology hub for product development in 2015 after ploughing millions of pounds into an innovation strategy that failed.
The move led to the creation of Ask It Never, an initiative allowing people to buy insurance without filling in endless forms and the MyAviva app which puts their policies in one place online.
Tencent has bought into Aviva’s Hong Kong business in a joint venture with Hillhouse Capital. The move is part of a plan to target customers through their smartphones.
“We do want to change Aviva into being a fintech,” Mr Wilson added.
“It’s quite weird because we have been getting all these inbound calls from the big names in Silicon Valley.
“I had a call from the chairman and CEO of one of the big ones last week, he called me up and I said ‘why?’ and he said because ‘no one else is doing it’.”