AIA offers up to three months free from premiums
AIA has launched a new campaign, linked to its popular Vitality programme, where people taking out a new policy can get up to three months off premiums.
Wednesday, September 18th 2024, 4:54PM 
3 Comments
AIA New Zealand's latest campaign is offering new and existing customers up to three months off their premiums.
“This new initiative is a great deal for customers and aims to reward New Zealanders for making healthier, long-lasting lifestyle choices,” AIA NZ chief customer officer Angela Busby says.
“With AIA Vitality celebrating its fifth birthday last month, we’re excited to continue empowering New Zealanders to live Healthier, Longer, Better, Lives, all while saving our customers money."
Here’s how it works:
When a person takes out a new eligible insurance policy between September 18 and November 24, and have the policy issued by 23 December 2024 they get a free month.
A second month free starts if the customer adds and activates AIA Vitality membership within six weeks of the policy being issued.
To get a third month free the policyholder needs to reach Silver Status with AIA Vitality within the first 10 months.
Existing AIA Vitality member? If someone already is an existing AIA Vitality member at Silver Status or beyond, when they buy a new eligible policy, they will automatically get three months premium-free on the new policy too.
“As we approach the summer holiday season, many Kiwi households are looking for ways to both save money and boost their health. This campaign offers added value to our customers, helping them achieve both their financial and health goals,” Busby says.
AIA Vitality members have walked 51 billion steps in the past five years – which is equivalent to walking the length of New Zealand 1,295 times. AIA data insights show that members who regularly engage in exercise have a higher status and with up to 15,000 points on offer for physical activity.
By phase three of this campaign, customers should be well on their way to achieving Silver Status, equipped with the knowledge and motivation to continue striving for higher status levels, and reaping the benefits of living Healthier, Longer, Better Lives.
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Comments from our readers
Insurers have traditionally been pretty poor about looking after long-term loyal clients, as they represent an increased claim risk compared to new clients.
At the same time, the bread and butter point of insurance coverage is for the long-term unexpected risks. We sell life insurance, not gym memberships, and the strange perversion of this with an emphasis on Vitality doesn't make much sense in the advice world.
Life insurance is priced over an average 7-year policy term, and the profit from a policy increases to the insurer after that; why aren't we encouraging long-term policy retention with loyalty discounts for existing clients paying everyone's bills and supporting holding the cover to do what it intended?
If you want to be a life coach, go do that. The harsh reality is despite the wellness messaging, bad things out of people's control still happen, and that's why we're here to ensure that gets support.
We're not selling cars or the latest tech where things are commoditised; we are not able to switch people with the latest gadget or feature without exposing them to significant disclosure risk, so why are insurers encouraging this behaviour?
The point of all the legislative review and regulation we have just gone through has been all about driving better customer outcomes, whereas switching for jelly beans is counter to better client outcomes!
I stand by reviewing and moving people for genuinely better coverage reasons, but moving for gimmicks that result in poorer outcomes isn't what we're looking for. If you want to talk wellness, introduce clients to a wellness specialist, join a gym, and spend the money directly on well-being services that directly help not a gimmick that potentially snookers your ability to pay for your premiums as your health declines.
And yes, I have Vitality largely because it provides some discounts, but that follows where my cover is and not because of the program.
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