Aviva is integrating AIG Life’s business, retaining key features like the high-net-worth channel and partnership distribution while transitioning to a single Aviva-branded proposition for new business.
Following Aviva’s April acquisition of AIG Life, the companies have announced future protection propositions and changes to the senior leadership teams.
Distributors who have worked closely with AIG Life in the high-net-worth market will continue offering AIG Life products, with Aviva aiming to expand its capabilities in this area as it currently lacks certain options. AIG Life will maintain new business operations for its current single-tie and contractual relationships.
Additionally, Aviva will continue to offer Aviva-branded core propositions for new intermediated businesses, removing AIG Life’s core individual and group protection products after August 15, 2024, due to similarities.
Aviva has also confirmed that there will be no changes to existing insured AIG Life group protection schemes, with the rate review process, policy administration, and individual claims assessment continuing as usual. Schemes within the rate guaranteed period will also be reviewed.
Existing customers and business clients will retain their current coverage from AIG Life, with Aviva committed to ongoing support. Both new and existing AIG Life customers will continue to have access to the AIG Smart Health service as a non-contractual benefit.
Meanwhile, senior leadership changes include Phil Willcock stepping down as CEO and Nick Austin becoming protection commercial director and Fran Bruce leading the combined business as managing director of protection.
Aviva managing director of protection Fran Bruce says: “We’re pleased to be able to give clarity to our colleagues, customers, intermediaries and partners about our plans for our future product offerings. There are great elements about each of our respective propositions that complement each other well and we believe the combined features will help us realise our growth ambitions in the protection market.
“Over time, our aim is to continue enhancing our propositions and products with the combined knowledge and expertise that we have gained through the acquisition of the AIG Life business and their talented people.”