Aviva 2014 Annual Report Download - page 24

Customer focused
innovation
Our Customer Cup competition captures
our people’s best ideas so we can
improve things for our customers. The
judges for the 2015 competition have
challenged entrants to come up with
ideas to make the most of our True
Customer Composite model.
The 2014 winners, our Life Claims
Assessment Team (pictured above),
speak every day to customers who have
been diagnosed with serious illnesses.
Thanks to this team’s great ideas,
customers’ claims can be settled much
more quickly, and they can access
support as a result of our partnerships
with leading cancer charities such as
Macmillan Cancer Support. The results
are industry-leading – and mean we can
better support our customers when they
most need help.
True Customer
Composite
We are a True Customer Composite,
offering customers life, general and health
insurance and asset management. We will
provide our customers with tailored
offerings to recognise, reward and delight
them, in return for their trust and loyalty
Why it’s important
Operating as a True Customer Composite
enables us to carry out more effectively
our purpose of ‘freeing people from fear
of uncertainty’. The True Customer
Composite will benet customers by
offering them a exible combination of
products tailored to their needs, from
protecting their lives and assets to saving
for retirement. Wewill be able to offer
more competitive prices and reward
loyalty, since customer acquisition and
administration are cheaper. We will
provide customers with additional value
and convenience compared to our
mono-line competitors, supported by the
benets of increased customer retention
and engagement.
Why now
In the past, the nancial benets of the
composite were clear (lower capital
requirements through diversifying our
risk), but operational benets were more
elusive. Very few customers held more
than one Aviva product as our business
was distributed almost solely through
intermediaries.
In the emerging digital world, the
advantages of being a True Customer
Composite become more tangible. We
will have much greater direct access to
customers, who will not use intermediaries
to the same extent.
If customers are not relying on brokers
to analyse their needs and recommend
a suitable package of products, they
could nd themselves managing multiple
different products from different providers.
This is not what our customers tell us they
want.
What they want is simplicity to meet
all their insurance needs. This builds on
our customer thesis priority of ‘simplicity,
your way’.
Aviva is the only composite of scale in
the UK that can offer life, general and
health insurance and asset management,
and one of only a few international
insurers that can do this.
How we’ve progressed
We have launched new propositions and
campaigns rewarding existing customer
loyalty, and improving average product
holdings and protability. For example,
in Singapore we now offer discounted
general insurance products to Singapore
Armed Forces life assurance policyholders.
In France, we offer discounts on
selected new products to existing business
customers, and we are selling unit-linked
products to existing ‘Euro fund/with-
prot’ customers who want long-term
savings products offering returns linked
to the performance of the investment
markets.
in upper quartile 50%
at or above market average 33%
below market average 17%
Customer advocacy
Our Relationship Net Promoter Score®
measures the likelihood of a customer
recommending Aviva. During 2014 Aviva
returned the most consistent and
improved set of RNPS® results since the
survey began in 2009.
20 | Aviva plc Annual report and accounts 2014
Our strategic anchor