OREANDA-NEWS. Aviva today welcomes the publication of the European Commission’s Green Paper on retail financial services. As the largest insurer in the UK and with operations in 7 EU markets, Aviva is keen to see a strong debate on how increased competition, innovation and choice can further improve consumer outcomes across the European Union. 

Aviva is committed to becoming a truly digital insurer: offering new digital services and new technology to make customers’ lives easier. Aviva believes that Europe should aspire to become a leading location for FinTech, creating the right infrastructure and regulatory environment to support high growth industries that improve customers’ lives.

Aviva believes that the Commission can play a vital role in reducing prices for consumers across Europe by tackling issues like motor insurance fraud: the average cost for an Italian motorist in higher premiums due to fraud is estimated at €76, [1] and premiums in the UK are ?50 higher than they otherwise would be. [2] Aviva supports the establishment of national insurance fraud registers and the sharing of their data to combat fraud in motor insurance.

Mark Wilson, Group Chief Executive Officer of Aviva, said:

“Aviva is on the side of Europe’s consumers and businesses, and we very much agree consumers will be best served, not by ever more complex regulation, but by more efficient markets and measures that encourage innovation, especially harnessing new opportunities opening up through digital technology.

“I welcome the Commission’s publication of the Green Paper today and look forward to playing our part in the debate on how we inject more choice and competition into European markets for consumers from Vilnius to Barcelona.“