Aviva has enhanced its online trust process to offer a fully digitised “Add Trust” journey for existing individual protection (IP) policies. This innovation simplifies a previously manual process, helping advisers better serve their clients more quickly and efficiently.
The new digital journey, accessible via the Aviva Adviser site and MyAviva, replaces paperwork with a streamlined online experience that enables straight-through processing, benefitting both advisers and their clients.
Additional support and education
To help advisers make the most of this new capability, Aviva is launching a Protection Trusts Hub and a series of “Ask the Experts” webinars in partnership with Red Apple Law.
Topics covered on the Protection Trusts Hub include:
- “What is a trust” and “how to write a policy in trust”
- Guidance on different types of trust
- Writing an existing policy in trust.
Matt Usher, protection change delivery manager at Aviva, commented:
“This enhancement is a major step forward in our commitment to digital innovation and adviser support.
“Trusts can offer significant benefits to clients, including helping to streamline and speed up access to life insurance payouts by avoiding delays in the probate process. They also provide greater control over who receives the benefit and how it’s used, can help reduce inheritance tax liability, and ensure privacy during a sensitive time.
“Yet, many single-life term policies aren’t written in trust due to the perceived complexity and administrative burden. Consumer Duty encourages advisers to consider trusts in client conversations, and by digitising the Add Trust process, we’re removing those barriers. This makes it easier for advisers to have meaningful discussions with clients about protecting their legacy—quickly, securely, and with confidence.”
The new digital trust is available on personal protection policies that have been submitted through Aviva Life Protection Solutions (ALPs) that include life insurance with a BPL prefix.
Advisers can visit the Protection Trusts Hub to learn more.
