Standfirst

AIA New Zealand has a pipeline of new products, with chief distribution officer Jonathan Beale identifying the business and rural insurance markets as areas where the insurer believes it can do much more.

AIA New Zealand is targeting the business and rural insurance markets as part of a product development programme that will see more products launched before Christmas.

Beale says AIA has spent time talking to advisers and customers about gaps in its existing range.

“The market that we think we can be much better in is the business market,” Beale tells GRTV.

AIA has also received considerable adviser feedback about its rural product range.

Beale says the insurer is using that feedback to shape new products rather than deciding internally what the market needs.

“The best way of building product is actually speaking to advisers who are speaking to customers to say what are their concerns or what are they looking for.”

The development work follows several recent launches, including Cover for Life, Severe Trauma and Specialists and Tests. Beale says AIA now has a “quite long roadmap” of further product releases.

AIA is also working to make it easier for advisers to do business with the insurer.

This includes changes to its adviser support model, improvements to the AIA Hub and work on existing business processes. Beale says artificial intelligence is being used behind the scenes to help process work faster.

Cost-of-living pressures are another focus. Beale says advisers are spending more time helping existing clients deal with affordability issues.

AIA's response includes product and pricing changes as well as its Vitality programme. A new healthy food benefit allows Vitality members who link their Everyday Rewards account to receive up to 25% off fresh fruit and vegetables at Woolworths.

Beale says AIA's approach to pricing is about value rather than being the cheapest insurer.

“We've been around 100 years, we want to be around another 100 years. So it's writing sustainable business.”

Over the next 12 months, Beale says AIA will continue talking to advisers, introduce more products and make further service changes.

Watch the full GRTV interview with Jonathan Beale to hear more about AIA's product pipeline, adviser service improvements, Vitality and where he sees opportunities in the life insurance market.