Following the Aviva’s announcement that it will be axing jobs to reduce costs and splitting its general and life insurance divisions;
Yasha Kuruvilla, General Insurance Associate Analyst at GlobalData, a leading data and analytics company, offers his views on the company’s shakeup:
“Aviva has not said what areas of its business will be receiving job cuts but it has said that cuts will be worldwide.
“In the UK, one in four households is an Aviva customer. Across its personal and commercial lines, Aviva has greater than market average Net Promoter Scores for 11 out of the 12 products we examined according to our 2018 General Insurance Consumer Survey and 2018 SME Insurance Survey.
“Aviva must ensure that its job cuts do not lead to less touch points for its customers when purchasing a policy or initiating a claims process, especially for sensitive products like life insurance or critical illness, which can negatively impact customer experience and have knock-on effects to its market share.
“While cutting costs is welcomed by investors, customers’ experiences are paramount to the success and longevity of the business.”