Aviva's online insurance model has made an impact in just 16 months since its launch. Aviva's share of the private car insurance market it has insured is at about 4%.In terms of premiums, Aviva's market share was 1.4% in 2010.
As Singapore's vehicle population recorded a high of 945,829 units at the end of 2010 with passenger cars at 597,746 units, the motor insurance industry reported $1.2 billion of earned gross premiums.
Aviva was the first insurer to go direct when it re-entered the general insurance market in Singapore. Two months later DirectAsia.com also started offering car insurance online.
According to Aviva Singapore's CEO, purchasing car insurance through internet reduces cost by cutting out middlemen and complex back office processes. It also allows consumers to browse through available options and get quotes effortlessly.
But so far, traditional operators remain the dominant force in the market despite the online challenge. NTUC Income, Chartis and AXA, the top three have a combined market share of 55.5%
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