Computers and technology might have rewritten the rulebooks for many industries over the last two decades, but the world of insurance is just coming to terms with the new digital opportunities on offer.
"Digital is a big game-changer. If we can get that equation right, we think that we've got a big opportunity in one that we're uniquely positioned to exploit," Tom Stoddard, the chief financial officer at Aviva, told CNBC Thursday.
The U.K.-based firm is a behemoth in the industry and provides around 31 million customers worldwide with insurance and investment products. It's part of a sector that feels the pain when interest rates are low and the search for high-yielding assets grows ever harder.
However, the real focus for Stoddard is how insurance companies can now use digital platforms to generate new revenues and he is fairly unconcerned by record low interest rates, stating to CNBC that his company was well insulated.
"Really, the opportunity for us is to try to reinvent our business and to try to reinvent the future of insurance by being able to offer a better customer proposition to our customers across that full range of products," he said.
He believes there is a gap in the marketplace for a firm who can interact well with customers, which would help a company rise above a market that has grown increasingly competitive.
"You think about it, digital is changing the game, people want more personalized customer service, they want offerings that are unique to them, they want propositions that are not the old traditional products that we're used to selling that are things that really fit your lifestyle," he concluded.
