SINGAPORE - Aviva announced on Monday (July 25) the launch of a financial advisory (FA) firm in Singapore with about 280 financial advisers. They are licensed to advise on a full range of life, health, general insurance and investment products.

Said Mr Nishit Majmudar, CEO of Aviva Singapore: "At Aviva, we are very excited about the launch of Aviva Financial Advisers. We hope this move will provide the catalyst for the shift of Singapore's insurance industry towards more mature markets such as the UK and Australia, where most financial advisers offer solutions from multiple product providers. We believe customers will benefit from greater options to meet their needs."

The FA channel in Singapore has grown consistently over the last decade with a market share of 20 per cent at end-2015, said Aviva. On the other hand, the tied agency channel has declined steadily from 68 per cent in 2006 to 39 per cent in 2015, said the firm.

Aviva said its finnacial advisory firm will not pny offer the suite of products in life insurance, health insurance, general insurance and investments, but also provide customers more choices with access to an extensive range of products from other trusted providers as well.

Said Mr Majmudar: "The launch of Aviva Financial Advisers marks an important milestone for Aviva, and signals our strong conviction that the financial advisory channel will dominate the future of insurance."