Aviva strengthens distribution with NatWest partnership for protection insurance
Deal News | Nov 27, 2024 | Aviva PLC
Aviva PLC has entered into a five-year agreement with NatWest Group to distribute Aviva's protection insurance products through NatWest's UK retail brands. This new partnership, effective from Autumn 2025, marks a deepening of the relationship that began with NatWest's former partner, AIG Life, now owned by Aviva. NatWest's customers at its brands NatWest, RBS, and Ulster Bank will have access to Aviva's Term Life Insurance, Critical Illness cover, and Guaranteed Over 50s Life Insurance. The offering will include integration with Aviva's Digicare+ app for health and wellness and will be made available through NatWest's digital channels. Both Aviva and NatWest emphasize a strategic alignment in digital customer engagement, looking to optimize underwriting and pricing through data science.
Sectors
- Insurance
- Financial Services
- Technology
Geography
- United Kingdom – The partnership centers on UK retail banking brands such as NatWest, RBS, and Ulster Bank, making the UK a primary geographical focus.
- Europe – Aviva has operations and interests extending into the broader European region, indicating a wider geographical relevance.
Industry
- Insurance – Aviva is involved in providing protection insurance products, highlighting the relevance of the insurance sector.
- Financial Services – NatWest Group operates within the financial services industry, offering a range of banking and financial products.
- Technology – The integration of digital services and data science in the delivery of Aviva's protection products emphasizes the technological innovation involved.
Financials
- 398 billion – Total Group assets under management at Aviva Group as of 30 June 2024.
- 7.6 billion – Estimated Solvency II shareholder capital surplus for Aviva as of 30 September 2024.
- 25.6 billion – Amount paid by Aviva in claims and benefits in 2023.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aviva PLC | Insurance Provider | Company | Aviva is a leading UK diversified insurer providing a range of insurance products. |
| NatWest Group | Banking Partner | Company | NatWest Group is a major UK banking entity distributing Aviva's insurance products. |
| AIG Life (owned by Aviva) | Former Partner | Company | A former partner with NatWest for protection products, now integrated under Aviva. |
| Daren Boys | Protection Portfolio Distribution Director | Person | An executive at Aviva who commented on the partnership. |
| Lloyd Cochrane | Head of Proposition and Protection | Person | An executive at NatWest Group discussing the partnership's impact. |