Innovation in the Insurance Industry

Insurance provides financial protection against risks and unforeseen circumstances or events. However, there is no better feeling in life than being healthy and fit.

As obtaining insurance cover is not necessarily cheap, the Australian insurance industry has shown true innovation to help clients reduce insurance premiums while encouraging the adoption of a healthier lifestyle.

A company which has been offering this innovative service since March 2014 is one of Australia’s fastest growing retail life insurers, AIA Australia.

AIA Australia offers a unique health and wellness program called AIA Vitality.

AIA Vitality is a science-backed health and wellness program that engages its members and encourages the adoption of a healthier lifestyle by offering benefits and rewards – including reduced insurance premiums.

Vitality members will undergo health assessments and will have personalised goals based on the status of their health. Points are awarded, insurance premiums are reduced and statuses (i.e. bronze, silver, gold and platinum) are achieved as members remain engaged in the program.

Members also have the opportunity to unlock several rewards by regularly obtaining points. Some are listed below: 

• Up to 50% off Qantas flights (domestic and international)
• Up to 50% off Endota Spa vouchers
• Discounted HOYTS movie tickets
• Up to a combined value of $650 shopping rewards at your choice of retailer at every 5,000 points (i.e. Myer, JB Hi-Fi, Woolworths, Caltex Woolworths, Rebel)
• Weekly $7.50 Boost Juice voucher if physical activity requirement is met each week.
• 15% discount on all My Food Bag and My Fruit Box orders.

AIA Australia received the CANSTAR 2014 Innovation Excellence Award for showing true innovation in the Life Insurance category by offering AIA Vitality to their members.

Is improving your health and wellness one of your top 3 goals? Would you like to continue or increase your physical activity and be rewarded for it?

If you are interested in receiving discounted insurance premiums as a result of taking part in a health and wellbeing program, please contact our office and one of our Risk Specialist can help you determine which insurances are/is appropriate for your current lifestyle.

The information in this article was correct to the best of our knowledge at the time of publication. Elements of the program such as rewards may differ or have conditions. Please consult the Product Disclosure Statement for accurate information about this product.

References :
• Canstar, Innovation Excellence winner: AIA Vitality
• AIA Vitality, www.aiavitality.com.au

Please note this information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial advisor, whether the information is appropriate in light of your particular needs and circumstances.

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