AIA offers Vitality to advisers

AIA says its new Vitality programme will help advisers achieve higher sales, better client retention and stand out in the market.

Thursday, June 20th 2019, 6:00AM

It is launching the programme, which is available around the world, in New Zealand in August. But it has already rolled it out to an initial group of 250 advisers to trial.

The insurer says the programme is part of a push to "change the conversation" about insurance away from simply application and claims to taking a wider part in clients' lives.

Head of Vitality in New Zealand Ralph Holmes said wellness was the future of engagement for insurers and the only sustainable way to keep insurance affordable.

He said Vitality would be a powerful way to enhance the insurance proposition and give clients a way to see value beyond the claims experience.

The programme rewards members for taking care of their health; eating well, exercising, getting check-ups and not smoking.

Depending on how many Vitality points they earn, clients can achieve premium discounts of up to 20%. There are also discounts at New World, Harvey Norman, Hoyts and Forme available, among other deals.

Adviser commission is paid on the gross premium amount so it is not affected by Vitality discounts.

Clients pay $138 a year for membership to Vitality.

Sovereign, now merged with AIA, tried something similar with Healthy by Sovereign but AIA said Vitality was superior because it was based on global data and had wider benefits for members.

It is available across the suite of AIA products, whereas Healthy by Sovereign was only on health policies. AIA said the take-up of Vitality among staff far exceeded interested in the Healthy offer.

AIA will not get the health statistics of members in the Vitality programme, beyond the member's status to determine their eligibility for premium discounts.

The information is not used in underwriting.

Len Elikhis, chief officer of product and Vitality, said AIA was targeting 50% of new clients attaching Vitality to their policies.

It would give advisers a way to provide ongoing service to check in with clients and have more holistic conversations.

Sam Tremethick, AIA's chief partnership insurance officer, said it was a complex programme based on scientific data but should be simple for advisers to convey to clients.

Tags: AIA Vitality