AIA Australia has just bagged two awards for its recently launched concept Vitality – the world’s largest science-backed health and wellness program.
AIA Vitality has won CANSTAR’s innovation excellence award and the Association of Financial Advisers’ (AFA) innovation award for best risk product of 2014.
Vitality was officially launched on 6 March following a successful pilot program undertaken with a limited number of financial advisers in late 2013.
Just after the launch, Russell Cain, chief executive of life insurance comparison service xLife which was part of the pilot, told Wealth Professional
the initiative is a brand new concept that has never existed in the Australian market until now.
Users, who pay an extra $10 per month, move up levels by “knowing” or “improving” their health in order to gain rewards, he said.
“The first main benefit is the initial premium discount that you get for any lump sum policies. Your premium can have discounts of up to 20% off.”
By consistently knowing their health – which could include for example flu jabs, blood pressure checks, and mammograms; or improving their health through methods such as exercise and eating healthily, users move up four status levels: bronze, silver, gold and platinum.
The users must provide evidence that they are involved in the program, and it is possible to move down levels and lose parts of previously won premium discounts.
As well as the discounts, those involved can also get cash back and other perks, including heavily discounted domestic and international flight tickets through Qantas, discounted Hoyts tickets, and gym and supermarket discounts.
Worldwide, the program has more than five million members across South Africa, the UK, USA, China and Singapore.
In Australia, AIA Vitality is being sold through financial advisers to people who purchase an eligible life insurance policy with AIA Australia.
CEO Peter Crewe said the awards are great recognition for the hard work done by the business to launch the program.
“After two years of primary and secondary research we brought AIA Vitality to Australia, and now we’re hitting the ground running,” he said. “We are convinced that [it] can have a positive impact on Australia’s health, while at the same time revolutionising the life insurance industry.”