Damien Mu

Damien Mu, CEO of AIA Australia has been elected to the board of the Financial Services Council.

“With more than 17 years’ experience in the Australian financial services industry, spanning operations, claims and underwriting, superannuation, investments, distribution, product, pricing and marketing, Damien brings a wealth of experience to the FSC Board,” FSC chairman, Greg Cooper said.

Damien joined AIA Australia in 2007 and held roles including Head of Group Insurance, Chief Distribution and Marketing Officer and General Manager – Life Insurance

Prior to joining AIA Australia, Damien was Operations Manager for Australian Super and National Manager of Insurance and Claims Services at Superpartners. He has also worked in the Retail Master Trust sector at Colonial and Norwich Union.

The FSC Board now comprises:

• Chairman: Greg Cooper – CEO, Schroder Investment Management Australia Limited
• Co Deputy Chairman: Brad Cooper – CEO, BT Financial Group;
• Co Deputy Chairman: Geoff Lloyd –CEO and MD, Perpetual Limited;

Directors:

• Brian Benari – MD and CEO of Challenger Limited;
• Pauline Blight-Johnston − Group Executive of Insurance and Superannuation, AMP;
• David Bryant: CEO & CIO of Australian Unity Investments;
• Robin Burns – MD, Equity Trustees Limited;
• Andrew Hagger – group executive, NAB Wealth and CEO MLC Limited;
• John James – MD and Chairman of Vanguard investments;
• Brett Jollie – MD, Aberdeen Asset Management Australia Limited;
• Damien Mu −CEO of AIA Australia Limited;
• Annabel Spring – Group Executive, Wealth Management, Commonwealth Bank of Australia;
• Geoff Summerhayes – CEO Suncorp Life; and,
• Maria Wilton – MD, Franklin Templeton Investments Australia Ltd.

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Damien Mu

The life insurance industry must educate and engage with fund members and employers to ensure successful outcomes for IP and TPD claimants, according to a new survey from AIA Australia.

Superannuation and insurance professionals at the recent AIA Australia Group Insurance Summit were asked for their views on current and future issues in life insurance, and what role an insurer should play in addressing these. Rising premiums overwhelmingly remain the most pressing issue for industry professionals, with 81% saying balancing rising claims with sustainable premiums for members would be the greatest challenge for life insurers.

In addition, 47% of respondents said the most important thing the industry could be doing to address current sustainability challenges was either educating members on life insurance products or the role work can play in rehabilitation. 40% said the greatest challenge to implementing a successful rehabilitation program through their insurer was engaging stakeholders including employers, members and their doctors to participate.

“As insurers we have a role to play by not simply addressing the issue of claims sustainability through continual premium increases,” said Damien Mu, AIA Australia’s chief executive officer. “We need to think more broadly about the ways we manage these claims, so implementing rehabilitation programs backed by comprehensive support, training and education for members and employers needs to be a key capability for group insurers.”

Respondents also believed life insurers should be making more of the advancements in technology and data collection available to them in today’s market. Some of the ways this could be achieved included leveraging data to provide funds with greater insights on employers and members (23%), and allowing members to manage cover online more easily (28%).

“It’s important that the industry make it as easy as possible to encourage members to engage with and learn about their insurance”, said Mr Mu. “We’ve seen recent improvements in online application and claims lodgement, but we need to ensure this level of innovation keeps up with the rapid pace of technological advancements and changing consumer dynamics.”

Insurance education emerged as the primary theme of the survey, with 26% of industry professionals indicating insurers could best demonstrate their value to super funds by educating their members around the claims process. A further 25% said that more creativity and innovation was needed in product design.

“It’s vital that the industry continues to address these issues as we move forward to a more sustainable future”, said Mr Mu. “Life insurers and super funds must continue working together to educate and engage employers and members to ensure group insurance policies remain valuable to Australian’s and they understand what they are getting and how to engage with their insurance”

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Planners are focusing more on life insurance and expect this to continue over the short term

Recep Peker

The proportion of planners advising on risk has remained steady at 90% over the last 12 months, and those who do are sourcing a greater proportion of their practice revenue from providing risk advice (29%, up from 27% in 2013). Looking forward, planners expect this trend to continue with risk advice accounting for 31% of their practice revenue by 2017.

“Risk continues to be a key component of many planners’ businesses,” said Investment Trends Senior Analyst Recep Peker.  “Providers can help facilitate planners’ intention to grow their risk business by addressing some of planners’ key challenges, chiefly high premiums, administration issues and inefficient processes.”

Planners are expanding the range of insurers they use, but switching remains high

After four years of planners consolidating the number of insurers they use, planners have started to expand the number of insurers they use. The typical planner now uses 3.7 insurers each, up from 3.4 in 2013.

However, levels of insurer switching remains high with 40% of planners saying they stopped using at least one insurer in the last 12 months, up from 35% last year.

“Insurer relationships are in a state of flux,” said Peker. “Planners are aggressively expanding the number of insurers they use, while cutting those who aren’t exceptional. There are great opportunities and risks for insurers to either benefit or lose out from this switching.”

Despite insurer relationships changing rapidly over the last 12 months, it is still crucial to be a planner’s most-used insurance provider. Planners currently write 59% of premiums through their most-used insurance provider.

BT Life, OnePath and AIA Australia posted strong gains in terms of primary market share. The top five insurance providers by number of primary planner relationships are now:

1. OnePath
2. AMP
3. AIA Australia
4. BT Life
5. TAL

“Whilst planners are using a wider range of insurers, the market is also becoming more concentrated,” said Peker. “The top five insurance providers now account for 66% of primary planner relationships, up from 62% last year.”

Zurich and AIA Australia has the highest satisfaction amongst its users

“Satisfaction is crucial in the insurance space, as business is not very sticky and planners can easily stop writing new business with an insurance provider,” said Peker. “That’s why there is a very strong relationship between satisfaction and switching behaviour.”

Planners’ overall satisfaction with their most-used insurance provider remained steady at a high level. The top three insurance providers by overall planner satisfaction in 2014 are:

1. Zurich
2. AIA Australia
3. Asteron Life

Underwriting is a key area in which insurers can differentiate their offerings

Following the tightening of underwriting standards over the last year, we’re seeing the average number of days planners say it takes providers to process underwriting submissions increase from last year’s levels. This has resulted in planners’ satisfaction with underwriting falling slightly at an industry level over the last 12 months.

“The underwriting process is the strongest driver of overall satisfaction with insurers,” said Peker. “So, any falls in satisfaction with the underwriting process is noteworthy.”

“Underwriting is very important for both acquisition and retention, and will be a key battleground for insurance providers over the next year,” said Peker.

45% of planners said insurance providers should focus on improving underwriting speeds to help them with their advice on risk.

Users of XPLAN’s risk modules have the highest levels of overall satisfaction

89% of planners who advise on risk use risk software. XPLAN continues to dominate the risk software space with over half (53%) of planners using XPLAN’s risk modules as their most-used risk software. This is followed by Rubik/COIN (18%) and Midwinter (8%).

At an industry level, planners’ satisfaction with their most-used risk software remained steady at the eleven-year average.

Among risk software providers, XPLAN achieved the highest average overall satisfaction rating from its users and ranked highest across all nine of the other service elements measured.

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Damien Mu

Connecting bicycles and smoothies with life insurance might seem like a difficult task, but that’s exactly the challenge AIA Australia is giving financial advisers as they take AIA Vitality on a pilot roadshow around Australian shopping centres.

In the last few months, the life insurer has partnered with two financial advisers – Ged Lowe, at Lowe Financial Group and Andy Hills from All Financial Services – to raise awareness of the incentive-based health and wellness program with prospective clients. Interactive kiosks (image attached), including bicycles that blend smoothies as you pedal, were set up in Melbourne’s Westfield Southland and Sydney’s Westfield Warringah to drive consumers to engage with the initiative.

Speaking about the pilot, Ged said that AIA Vitality and the interactive kiosks provide a new way to talk with people about life insurance.

“We’re turning the conversation on its head. We’re saying to people that we can effectively pay them to be healthy through the tangible, immediate benefits that make up the program, like discounts on shopping, travel and insurance premiums. It’s no longer just talking about ‘what cover will you need if things go wrong’, but we’re also talking about ‘helping you to improve your health and you get paid to do it’, which appeals to people’s aspirations rather than fears. This is a step-change for advisers writing risk.”

Since launching to the market in March, AIA Australia has seen a rapid increase in advisers now writing policies with AIA Vitality attached. More than 1 in 4 policies have been written with AIA Vitality since inception, and over 900 advisers have written a life insurance policy with AIA Vitality attached to it. These figures are destined to grow with the program recently expanded to be available on investment platforms.

Chief Executive Officer for AIA Australia, Damien Mu, believes that AIA Vitality is making good progress in changing perceptions about life insurance, both from the customer and adviser perspective.

“As an industry, we constantly hear about the need to improve engagement with life insurance, both to help financial advisers ‘promote it’ but also to make more Australians open ‘to it’. So, we wanted to do something a little different.  We are starting to see AIA Vitality lift engagement of customers in their own life insurance.”

“Our message – Life insurance that pays you to be healthy – is prompting consumers to review their life insurance need which is a positive change for the industry.  The kiosks are a fun and light-hearted way to get people interested in the AIA Vitality program. They can see how it integrates into their daily lives and incentivises them to change their behaviour, and the adviser can latch onto a unique selling point for life insurance in Australia that they’ve not had before.”

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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.”

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Damien Mu

Group insurers working with their superannuation fund partners must continue to seek innovation in key areas such as benefit design, claims management, technological support and client engagement in order to tackle the unique challenges facing the sector, according to AIA Australia.

These themes form the basis of a range of discussions at yesterday’s AIA Australia/Conexus Group Insurance Summit, which brings together leading figures from across the group insurance industry to discuss and debate the issues, challenges and opportunities shaping the market today.

Damien Mu, Chief Executive Officer of AIA Australia, said the issue of sustainability is critical as insurers look to evolve their business model in response to the current market climate.

“Since its inception, the group insurance industry has played a hugely important role in providing cover to millions of Australians who would otherwise have been unprotected, and helping to address Australia’s underinsurance gap which is significant by world standards.”

“We are now seeing the evolution of that industry, as insurers and funds hone and reassess their product and service offerings to cater to a changing demographic. For the majority of insurers that process is well underway, which is what today’s event is all about – discussing progress so far and where additional opportunities for innovation lie.”

Claims management under the microscope

One of the key focus areas of the Summit is claims management, and the impact that early intervention and return to work programs can have on both employee health and insurer bottom lines. Many group insurers have implemented occupational rehabilitation programs and are beginning to see a positive change in claims duration.

The issue of widespread chronic illness has also had significant implications for the group insurance industry.

“Three in five Australian adults are now considered overweight or obese, which has contributed to an increase in lifestyle-related diseases. For example 280 Australians are diagnosed with diabetes every day”, said Mr Mu.

However, the industry has an opportunity to engage with consumers around health and lifestyle to achieve better outcomes for both claimants and insurers.

“To better engage Australians with their lifestyle choices, we are beginning to change the life insurance conversation from ‘what if something happens’ to ‘how can we prevent it from happening’,” said Mr Mu.

“AIA Australia’s recently launched AIA Vitality program, which offers reduced premiums on eligible policies, is a good example of this, and its strong reception in the market illustrates how innovation in the sector can change lives as well as business outcomes.”

Mr Mu said AIA Australia was committed to leading the industry on innovation and improvement of services, with a view to ensuring a viable future for group insurers.

“The good news is that innovation is already happening, but more needs to be done”, he said. “By coming together to examine key areas of our practice, we can identify opportunities and embrace change where it is needed, so that our industry is progressing strongly towards sustainability.”

Click here or more information on the AIA Australia/Conexus Group Insurance Summit.

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Peter ‘s appointment comes on the back of over 26 years’ experience across the life insurance, fund and superannuation industries, both in Europe and in the Asia-Pacific region.  His broad knowledge of the financial services industry will provide a new perspective to the FSC board.

Since joining the AIA Group in 1994, Peter has held a variety of senior executive roles throughout the Asia-Pacific region, before his appointment as Chief Executive Officer for AIA Australia in December 2011.

Under Peter’s leadership AIA Australia has grown to become the fifth largest life insurer in Australia with over $1.4b in annual premiums. The company now covers more than three million Australians with life insurance, and is currently the largest group life insurer by market share.

Commenting on his appointment, Peter Crewe said that the new role will provide an opportunity to ensure that life insurance takes on greater prominence in Australia.

“While there have been improvements recently, underinsurance is still a big issue for Australia. We are trying to address this as a business, and I look forward to working with Greg and my fellow directors to ensure that the standards that are agreed by the FSC for the provision of life insurance benefit all Australians.”

In addition to the appointment to the board of the FSC, Peter is also a board member of the Australian Science Media Centre, an independent, not-for-profit service for the news media, giving journalists direct access to evidence-based science and expertise.

Greg Cooper, chairman of the Financial Services Council said: “Peter brings extensive Australian and International experience in the life insurance industry to the FSC board.”

“He will be part of a critical stage in the growth of Australia’s financial services industry as it expands from $2 trillion today, to $3 trillion by 2020,” Mr Cooper said.

The Financial Services Council board now includes:

• Chairman: Greg Cooper  – CEO, Schroder Investment Management Australia Limited
• Deputy Chairman:  Brad Cooper – CEO, BT Financial Group;
• Directors: Brian Benari – MD and CEO of Challenger Limited; David Bryant:  CEO & CIO of Australian Unity Investments; Robin Burns – MD, Equity Trustees Limited; Andrew Hagger – group executive, NAB Wealth and CEO MLC Limited; John James – MD and Chairman of Vanguard investments; Brett Jollie – MD, Aberdeen Asset Management Australia Limited; Geoff Lloyd –CEO and MD, Perpetual Limited; Annabel Spring – Group Executive, Wealth Management, Commonwealth Bank of Australia; Geoff Summerhayes – CEO Suncorp Life; and,  Maria Wilton – MD, Franklin Templeton Investments Australia Ltd.

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Damien Mu

AIA Australia’s expansion of its Priority Protection insurance range on investment platforms continues with the addition of three new adviser platforms confirmed yesterday.

The new platforms include PortfolioCare, WealthView and PowerWrap.

Over the past 2 years, AIA Australia has launched eight new partnerships with wealth management platforms, including:

• Asgard
• Personal Choice Private
• Life Focus
• Hub24
• netwealth
• PortfolioCare;
• WeathView; and
• PowerWrap

AIA Australia’s General Manager – Life Insurance, Damien Mu, said the addition of Priority Protection to the new platforms would enable more advisers to purchase AIA Australia products through their preferred platform.

“Platforms are a rapidly growing business channel for advisers because of their functionality”, Mr. Mu said. “As a dedicated partnering specialist, it is important AIA Australia continues to innovate in this area and make it as easy as possible for our adviser partners to manage their clients’ policies.”

With over a third (39 per cent) of all risk business in Australia being written through platforms1, securing effective partnerships with investment platforms will remain a priority for AIA Australia heading into 2014.

According to Mr Mu, the feedback from advisers using AIA Australia’s fully integrated retail insurance solutions via one of these platform partners is that this market will continue to grow.

“Advisers are attracted to the convenience of operating via a platform as it allows them to streamline administrative and compliance requirements. At the same time, platforms are looking to broaden the scope of their offering to advisers by providing a competitive range of insurance products as a complement to their client’s investments.

“This is where AIA Australia can provide real value to both parties, so we will continue to be proactive in taking on partnership opportunities in this space as we look to next year”, he said.

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Peter Crewe

Life insurance specialist AIA Australia continues its path of solid performance, as AIA Group Limited yesterday announced a record value of new business (VONB) for the third quarter ending 31 August 2013.

The Hong Kong listed entity reported a 26 per cent increase in the value of new business (VONB) to US$379 million, as well as a 21 per cent increase in annualised new premium to US$839 million and a VONB margin of 44.7 per cent.

Recently awarded ANZIIF’s 2013 Life Insurance Company of the Year, AIA Australia continues to perform strongly in the local group insurance market, with 24.3 per cent of in-force business. Its retail in-force business has grown by more than double the market over the last 12 months – 23 per cent for AIA Australia compared to broader retail market growth of 10 per cent[2].

Commenting on the results AIA Australia chief executive, Peter Crewe, said:“AIA Group has delivered another outstanding set of results, and the team at AIA Australia is playing a big part in this. We have consistently had double-digit growth over the last four years, and that all stems from our ability to provide exceptional value to our customers and partners.”

Highlights of AIA Group’s performance in the 3^rd quarter include:

• 26 per cent increase in value of new business (VONB) to US$379 million
• 21 per cent growth in annualised new premium (ANP) to US$839 million
• 44.7 per cent VONB margin, an increase of 2.1 percentage points (pps)
• Total weighted premium income (TWPI) growth of 14 per cent to US$4,409 million.

“As an industry, it is important for us to keep focused on helping people get access to cover and having a more secure financial future. This is what drives us every day at AIA Australia. These results show that we are making good progress in achieving this objective”, Mr Crewe concluded.

Summary of the third quarter

VONB increased by 26 per cent to US$379 million compared with the third quarter of 2012, as AIA continued to optimise both new business volume and margin to deliver sustainable growth.

Each of the geographic market segments delivered double-digit growth in VONB over the quarter, building on the very strong performance in the first half of the year. Highlights of the quarter include the ongoing positive momentum achieved by AIA in Hong Kong and China, the excellent growth from the Philippine and Indonesian businesses, and sustained improvements in the Korean operation.

AIA delivered a strong increase of 21 per cent in ANP to US$839 million in the third quarter. VONB margin improved by 2.1 percentage points to 44.7 per cent compared with 42.6 per cent in the third quarter of 2012. Margin expansion was achieved mainly through a positive improvement in product mix.

AIA’s proprietary agency channel accounted for 71 per cent of VONB in the third quarter and was a key driver of the overall VONB growth. The successful delivery of the Premier Agency strategy continued with growth in both the number of active agents and agent productivity in the third quarter. AIA continued to review its agency compensation structure in Thailand, as previously highlighted in the interim results announcement. Partnership distribution also reported solid growth, benefiting from strong banc assurance and group insurance results and the ongoing restructuring of the direct marketing channel in Korea.

TWPI increased by 14 per cent to US$4,409 million, compared with the third quarter of 2012.

Outlook

Macroeconomic fundamentals in Asia remain robust. Debate over the timing of supportive US monetary policy caused capital market volatility in the third quarter and tested those countries running current account deficits. Asian central banks responded appropriately, as they have the ability and resolve to continue to respond proactively to global liquidity challenges. The larger Asian economies continue to benefit from rebalancing toward domestic sources of growth, while more trade-dependent economies should benefit from a pick-up in global trade emanating from a more positive economic outlook in China and Japan.

Demographic drivers remain strong and AIA is confident in the immense growth potential for life insurance in Asia. The substantial upside from low insurance penetration, rapid urbanisation, increasing household incomes and the opportunity to reduce the substantial savings and protection gaps across the region will continue to provide AIA with significant growth opportunities. AIA’s strong performance since the IPO in 2010 demonstrates the success of its strategy and its advantaged position in the region. It is exceptionally well-positioned to benefit from the expanding demand for its products and services to create sustainable value for shareholders.

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Insurance identified as a significant issue for Australia’s ageing population.

Australia’s ‘greying’ population combined with continuing lack of awareness about the importance of insurance have been identified as the two greatest challenges for the life insurance industry, according to a new survey. 

Superannuation and insurance professionals at the recent AIA Australia Group Insurance Summit were asked for their views on current and future issues in life insurance, and what role the insurer should play in addressing these. 70 per cent said that consumer uncertainty about the need for life insurance and the impact of an ageing population on the level of claims would be critical challenges to be overcome. A further 15 per cent of respondents said members inadvertently losing cover by consolidating accounts or switching to SMSFs would be the third biggest concern for the industry.

AIA Australia General Manager, Life Insurance, Damien Mu said the results show that life insurers must work as a collective to address these issues.

“According to the United Nations, life expectancy in Australia is the fourth highest in the world, and by 2036 it is predicted that around 1.1 million Australians will be aged 85 years or over[1]. This is a huge demographic shift. We must continue to promote the value proposition that’s at the heart of life insurance – protecting the lives of Australians – if we are to respond to this challenge, but it cannot be done in isolation. We have to work together to ensure that Australians not only have life insurance, but that it is at an adequate level for their future needs”, he said.

More immediate challenges revealed by the survey were the sustainability of premium prices (33 per cent), increasing claims (28 per cent) and poor consumer perception (24 per cent). In addressing these issues, delegates believe improving the claims process and innovating products to provide better value for consumers are paramount, polling 42 per cent and 23 per cent respectively.

Lack of awareness of Occupational Rehabilitation among employers

While 72 per cent of respondents confirmed their insurer operates a rehabilitation program for claimants, major barriers in the implementation of such programs remain. 52 per cent think there is a lack of awareness of occupational rehabilitation from employers, while an additional 18 per cent believe the cost of implementing it is too high. 

“Rehabilitation and return to work programs are vitally important for group insurers, employers and employees. When done correctly, getting a claimant back to work is good medicine and a win for everyone involved,” Mr. Mu added.

Mr. Mu pointed to the launch of a research paper ‘A critical equation: balancing Australian worker health and company wealth’, which draws on data compiled by AIA Australia’s rehabilitation team and addresses some of the challenges faced by businesses in implementing return to work programs. Evidence suggests the key to successful rehabilitation and returning members to work is early intervention – after just 20 days of an employee ceasing work, their chance of returning to work is 70 per cent and after 45 days off work, the chance of returning is 50 per cent. 

Delegates at the Summit were also surveyed on the best means for insurers to demonstrate their value to super fund members. 35 per cent said that simplifying product wording to increase understanding of insurance products, while 20 per cent believed that communicating a stronger message on the importance of insurance was needed. Conversely, just seven per cent said providing more comprehensive cover to offset premium rises was important.

“The Group Insurance Summit gives us the chance to take a pulse on the main issues and challenges facing our industry. Clearly, indifference to life insurance is still front of mind for many, so we’ve got to start thinking differently about how we engage with consumers to create long-term behaviour change. If we can do this successfully, a larger proportion of Australians will have access to affordable, adequate levels of cover, and that has to be our ultimate objective”, Mu concluded.

Click here for more information on this year’s Group Insurance Summit.

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[1] (AIHW 2007: 5‐6; ABS Population Projections, Australia, 2006 to 2101 3222.0).

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