Aviva, a prominent financial services provider, has solidified plans to make a mark in Ireland’s health insurance realm by acquiring a 50% stake. Currently, consumers in Ireland primarily rely on three major domestic insurers – VHI, Laya, and Irish Life Health. With Aviva’s entry, experts anticipate heightened competition and improved services within the sector.
Expected to commence operations by mid-year pending regulatory green lights from the Health Insurance Authority and the Central Bank, Aviva’s foray comes through a joint venture helmed by former VHI executive Oliver Tatton. Tatton, along with seasoned figures like former Aviva and Irish Life health chief Jim Dowdall and health entrepreneur Stephen Loughman, is spearheading the venture under the banner of Oliver Tatton Douglasdale.
Aviva’s CEO for Ireland, Declan O’Rourke, expressed enthusiasm about participating in Ireland’s health insurance landscape. While the trading name remains undecided, O’Rourke noted that whether Aviva’s branding will extend to the venture is yet to be determined.
Notably, Tatton boasts significant experience in entrepreneurship and investment within the insurance and IT sectors. His previous ventures include Vivas Health and GloHealth, both of which underwent ownership transitions before the formation of Irish Life Health. Tatton’s entrepreneurial track record also includes founding companies like OneBig Switch and Dawn.
The prospect of new players entering the market has garnered positive reception from consumers and industry observers alike. TotalHealthCover.IE hails the move as a potential remedy for consumers grappling with escalating health insurance costs, while Manicube’s Wille Feargal McKenna views Aviva’s entry as a catalyst for revitalizing the sector.