AIA Australia deepens links between health, life and wellbeing

From
Damien Mu

Damien Mu

Insurer AIA Australia continues to innovate in order to protect and improve the health of Australians by linking life and health insurance with AIA Vitality, a program which incentivises people to make healthier choices. Through the health insurance brand myOwn, AIA has initiated various innovations in the health space over the past 12 months.

Launched on 31 July 2017, myOwn was the first in the Australian market to include the AIA Vitality wellbeing program, providing members with a 5 per cent health premium discount upfront which they can hold for as long as the member maintains AIA Vitality Silver status or above. As another first, members can earn a 100 per cent refund on their hospital excess when they hold AIA Vitality Silver status or above.[1]

AIA Australia and New Zealand CEO Damien Mu says: “We at AIA Australia are delighted to offer Australians these unique opportunities: As a leading life insurer, we believe that we should be there supporting members through all life’s twists and turns, not only protecting in times of need, but proactively helping create healthier, longer, better lives every day. In fact we believe in the importance of protection, health and wellbeing so much we want to champion Australia to be the healthiest and most protected nation in the world. We set up myOwn to create a unique health insurance offer that not only provides more value for money to the customer but also helps people to be healthier.”

Seeking to more closely link health and life insurance, AIA now also offers a further 5 per cent health, life and wellbeing discount on its advised life insurance products when clients hold myOwn health insurance, AIA life insurance and AIA Vitality. Adding to the AIA Vitality discount of 15 per cent on the life premiums, consumers can save up to 20 per cent on their life insurance.

Mu sees this as an important step to improve customer service and also support business partners: “We have a partnership philosophy at the core of our business. By bringing life and health insurance together, advisers can offer their clients a more holistic solution. AIA Australia and myOwn provide advisers a range of digital tools to help them better realise the growth opportunity that health represents.”

myOwn is a joint initiative of AIA Australia, not for profit health fund GMHBA and South African financial services provider Discovery. Mu explains: “Being in business for only a year now, we are very pleased to see how myOwn has been embraced by customers. It creates a new way to engage with insurance, allowing customers to experience the innovative offering and supporting them to be well, get well, and protect their future.”

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[1] Excess Refund benefit applies to myOwn’s Accident, Basic and Mid Hospital policies

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