AIA makes major play in health insurance market
AIA has signalled its growth intentions with enhancements to its personal product range, and launching with a new health product that lifts medical cover to $500,000, with a discount regime to make their insurance products more affordable for customers.
Thursday, October 1st 2015, 8:25AM 
3 Comments
The new Real Health product introduces new $500,000 limits on surgical and non-surgical treatments, including new generation, non-Pharmac treatments for cancer, such as the innovative immunotherapy treatments, that are otherwise unaffordable for the average New Zealander.
AIA chief executive Natalie Cameron says: “Our new Real Health policy directly addresses the affordability issues for these new treatments, but we’re also moving to address the general affordability of insurance cover for the average New Zealander by introducing a generous discount regime on premiums.”
AIA customers who purchase the Real Life policy together with other insurance policies receive an escalating discount per extra policy.
“The more policies that are bundled up, the greater the discount that is available,” Cameron says.
The two initiatives, taken together, will increase the number of New Zealanders gaining access to the latest life-saving drugs and treatments, she added.
“These new drugs and treatments are coming to market quickly and although there is uncertainty around when and how much they will cost, we can be sure that costs will continue to rise,” comments Cameron. “The insurance industry is about effectively managing risk and we are introducing this new product now in the expectation that New Zealanders will need that level of support in the near future.”
As the second largest life insurer in the world, AIA is serious about investing in the New Zealand insurance industry, Cameron says. “The AIA group has a market capitalisation of $116.34b, and that gives us the economies of scale to provide New Zealand families with an affordable choice,” Cameron says.
“We aim to be a serious industry player offering innovative products, with real benefits, that are more relevant to people’s lives than our competitors’ offering.”
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Comments from our readers
Do you say this stuff to clients?
70%? Reference please.
Divert acute stuff to private?
A Bugatti? Ever heard of UCR?
Oh, I get it. We have trolls on GR.
Well played.
Medical insurance was at about 50% 30 years ago. Now it is around 30% with over 50% of that in company medical schemes. The HFA thinks about 70%
How many claims have you actually seen
How many quotes from clients have you heard, where the first question is "have you got medical insurance"
And yes I do say this to clients when they are talking letting their medical cover lapse because of the premium problem. So that they can factor it in
It is called "telling the truth"
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We have an affordability issue in NZ where about 70% of medical insurance would not exist but for employer paid cover
Private Medical insurance should be for elective items, and basically to avoid the waiting list
It should not be for medical people to divert you to private care for life threatening issues, where there is no waiting list
If the industry wants to get back to 50% plus insurance, get away from this. In the main it is window dressing anyway, but it creates an opportunity for the specialists to order the new Bugatti for Wife