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

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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