Aviva will launch its first targeted support services this summer, after gaining regulatory approval from the Financial Conduct Authority.
The insurer has said it is planning a phased rollout of targeted support services, which will initially focus on pension savers.
Aviva said it will use a combination of prompts and suggestions to offer more personalised guidance. Targeted support allows providers to suggest a course of action or particular products to groups of customers sharing certain key characteristics, based on what typically works for people in similar situations.
Aviva says its initial rollout will evolve through customer feedback, ongoing testing, and regulatory engagement. The pension provider says it hopes targeted support will expand access to financial support, closing the advice gap for customers.
Aviva managing director of wealth Michele Golunska says: “The introduction of targeted support is an important milestone. Millions of people are having to make complex financial decisions without the guidance they need. Indeed, only 9 per cent of people are believed to take full financial advice in the UK today. Targeted support gives us the opportunity to provide people with the help they need in a more practical way.
“We will evolve our targeted support service; testing, learning and building over time. It’s important we get things right for our customers.
“Our ambition is to create a service that feels accessible and easy to use. It will help customers take the next step with confidence and we are committed to playing our role in supporting our customers’ financial futures.”