Myaviva plugs into robotics

Insurance giant Aviva has become the latest financial services firm to invest in automated “robo-advice” after taking a majority stake in Wealthify.

Aviva, which employs about 2,500 people across two sites at Perth and Bishopbriggs, said the move was “another important step” in its digital strategy.

The insurer said: “The investment is part of Aviva’s [aim] to build customer loyalty by providing customers with a wide range of insurance and investment services all managed through the convenience and simplicity of Aviva’s digital hub, Myaviva.”

Cardiff-based Wealthify, which enables customers to invest with as little as £1, was launched in April last year by tech entrepreneur Richard Theo and wealth manager Michelle Pearce and offers a choice of investing in one of five diversified investment plans through Isas and general investment accounts.

Blair Turnbull, MD of the insurer’s UK digital division, said the investment highlighted the group’s commitment “to invest in and partner with leading digital businesses, allowing our customers to benefit from new technology and making insurance and investments simpler, easier and more convenient”.

Theo, who is also chief executive of Wealthify, said the investment in the business by Aviva reflected “a clear shift” in market demand for highquality, technology-enabled financial services.

The decision by Aviva to buy a stake comes amid a wave of investment in robo-advice, with price comparison site Gocompare recently taking a stake in Mortgage Gym.

High street banks such as Natwest are also gearing up for robo-advice investment services.