Aviva, the UK's largest insurer, will cut 1,800 jobs over the next three years as it looks to rein in costs:
, a subscription service that enables customers to pay monthly for vehicle and home insurance and guarantees that existing customers pay the same as new ones. Despite these investments' importance, Aviva wants to ensure that its tech outlays produce commercial results going forward, according to Tulloch cited by the FT.
Insurance companies are continuing their digital transformation at pace, but many are beginning to sharpen their focus.German insurance giant Allianz, for instance, has shifted its Allianz X — its investment business — strategy. Instead of backing early stage startups, the company's shifted focus to later-stage firms that have sufficient scale to work with Allianz's existing business.
In the process, the insurer has bolstered Allianz X's fund to €1 billion , with an investment priority on firms that fit its own primary strategic objectives. We anticipate this trend to intensify among incumbents, both within insurance and the wider financial services industry. As legacy providers continue to move beyond initial experimentations and innovation, they'll be under pressure to invest strategically in technologies that will ultimately benefit their bottom line.1.
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