Chris Wei talks about Aviva's Digital Garage in Singapore | Jabar Post Indonesia

Chris Wei talks about Aviva's Digital Garage in Singapore | Jabar Post Indonesia/a> – This time JabarPost.Net will discuss about Insurance companies.

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Chris Wei talks about Aviva's Digital Garage in Singapore | Jabar Post Indonesia

An advertising poster for a Dutch insurance company from c. 1900–1918 depicts an armoured knight.

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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, insurance carrier or underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.

Chris Wei, Global Chairman of Aviva Digital, talks about the rationale for Aviva’s development of a digital garage in Singapore.

The new Digital Garage will take a place in Singapore’s emerging digital economy. Building on collaborations thus far, Aviva will establish lasting relationships with the Singapore FinTech community and start-ups, with partners, and with research bodies.

Aviva is a pioneer of digital insurance in Singapore, and the Digital Garage will build on Aviva’s experience of providing motor insurance, travel insurance, home insurance, pensions and investments online in Singapore and internationally. Aviva has already established a similar Digital Garage in London and will share expertise and insights into digital insurance gained in the UK with the new digital centre in Singapore.

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  1. So much respect for AVIVA's digital strategy delivery. The version, the speed of delivery, the determination and the leadership are just 2nd to none. This is just so rare in the insurance industry. Good luck and all the best. Being an AVIVA shareholder is on my to-do list now.

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