AIA Vitality now available with Priority Protection for Platform Investors (PPPI) policies
Damien Mu
AIA Australia’s expansion of its Priority Protection insurance range on investment platforms continues, with AIA Vitality available for purchase on PPPI policies from yesterday.
Investors looking to secure life insurance cover will now be able to purchase AIA Vitality on platforms that include Asgard, HUB24, LifeFocus, Personal Choice Private, PowerWrap, Portfolio Care, and netwealth. It will also be available on the IOOF Pursuit platform later this year.
AIA Vitality Is available through financial advisers, and rewards members with points for displaying healthy behaviour, including discounts on shopping, entertainment and travel purchases, and discounts on eligible insurance premiums.
AIA Australia’s Chief Executive Officer, Damien Mu, said the integration of AIA Vitality with PPPI on these platforms will allow more advisers to purchase it through their preferred platform.
“We know that platforms are becoming an increasingly popular business channel for advisers to write risk, so we’ve got to make sure we tailor our products accordingly”, Mr. Mu said. “AIA Vitality has made a huge difference in helping advisers change the conversation around life insurance with their clients and we want to make the program more accessible for them. Platforms will help us do this.”
According to recent statistics from the Investment Trends Planner Risk Report for June 2014, the proportion of risk written on platforms has remained steady over the last 12 months at 38% and is expected to remain steady into 2015. Looking forward, 80% of planners say they intend to use platforms for risk in the next 12 months[1]. Platforms help advisers to streamline their administrative and compliance requirements when writing risk products, and offer a more competitive range of insurance products to complement their client’s investments.
Matt Heine, Executive Director at netwealth Investment Limited, said: “AIA Vitality is unlike any other program in the market at the moment, and we’re confident it will appeal to our advisers and clients. We like the fact that it helps people to improve their health and get rewarded for it, but it also increases their overall engagement with life insurance and superannuation.”
