Pina Sciarrone
Life insurer AIA Australia yesterday announced a number of enhancements to its top-selling Priority Protection product.
Clients can now access a 12.5% discount for lump sum policies purchased with AIA Vitality, up from 7.5%. In addition, a discount of 12.5% has also been introduced on eligible Lump Sum Benefits when Lump Sum cover and Income Protection are purchased together.
Additional product enhancements were made to AIA Australia’s Total Permanent Disability (TPD) Maximiser and IP products.
As a part of the launch, AIA Australia has also updated its AIA Vitality program. More immediate and day-to-day rewards have been introduced for members through a new partnership with Boost Juice. As a part of the ‘Active Benefits’ offer, AIA Vitality members who accumulate 250 physical activity points – the equivalent of 37,500 steps – in one week, will receive a $7.50 Boost Juice voucher.
In addition, improved benefits have been added including gift vouchers with a combined value of $650 that are redeemable at Myer, Woolworths, JB Hi-Fi, Caltex Woolworths and Rebel Sport. AIA Vitality members can also access upgraded discounts to Virgin Active Health Clubs and Anytime Fitness. Further new partner and benefits are planned for the first half of 2016.
Using research in behavioural economics, incentivisation and wellness, the AIA Vitality program rewards members with special rates on everyday purchases when they make positive choices such as buying healthy foods or exercising.
AIA Australia Chief Retail Insurance Officer Pina Sciarrone noted that AIA Vitality’s appeal is reflected in the client retention results.
“We recognised early on how important product innovation was and introducing AIA Vitality has been a game-changer for the industry. Its rewards system encourages clients to be more engaged with their insurance on a day-to-day basis and improves lapse rates, which is a key consideration for advisers.
“By offering a unique program like AIA Vitality, advisers have the opportunity to provide demonstrable value for money to their clients over the life of the policy, which can increase engagement and retention of clients. Indeed, the results to date show that by giving clients the chance to engage with their insurance on a daily basis through the program, they are 40% less likely to lapse on their life insurance policies,” Ms Sciarrone said.
The new Priority Protection enhancements were part of AIA Australia’s regular review process to ensure their product range reflected the changing needs of Australian life insurance customers and their advisers.
