Aviva to launch corporate wrap next year

Aviva is set to launch a corporate wrap solution next year as it looks to grab a foothold in the workplace savings market.

The insurer said it will roll out an initial workplace benefits proposition offering SIPPs and ISAs and other features in the first quarter of next year. A second phase with additional functionality will launch a few months later.

Third parties will be involved in the new workplace proposition which is being aimed at employers across the board - from companies with 50 employees up to large organisations.

The first phased rollout will enable employers to sign up to the proposition and configure their systems for a second phase of features set to be in place by the middle of next year.

These features will enable employees to understand the wider products the industry promotes whilst making them more relevant to their lifestyles. 

Aviva UK head of workplace savings development Iain Oliver remained tight-lipped over product range but said the proposition will offer much more than just SIPPs and ISAs.

"We believe going to market with a technology solution just pushing SIPPs and ISAs will not be sufficiently innovative or engaging," he said. "We believe we can change things quite significantly in the market place, but we need to look at benefits which aren't just SIPP and ISA."

Aviva re-launched its retail wrap in January 2010 - two years after it was forced to close its Liftetime operation to new business because of service issues.

In May, the insurer announced it was integrating its retail wrap with the Aviva for Advisers E-commerce platform in a one-stop-shop offering designed to serve ‘Middle Britain'.