AIA Australia has launched a fitness program that will be sold to clients who purchase an insurance policy via financial advisers.
The AIA Vitality program was launched in Sydney this morning at the Incentivising a Healthier Australia national forum.
The Vitality program has more than five million members across South Africa, United Kingdom, United States, China and Singapore.
The program uses research in behavioural economics to stimulate people to adopt a healthy lifestyle.
AIA Vitality members begin the program by completing health and fitness assessments and will earn points for undertaking healthy activities, such as running and going to the gym.
Members are rewarded with points for displaying healthy behaviour, including discounts on shopping, entertainment and travel purchases.
Commenting on the launch, AIA Australia's chief executive Peter Crewe believes AIA Vitality provides financial advisers with a new way to connect with Australians about the need for life insurance, and address the issue of sustainability in the industry.
"We believe the program will allow us to engage with customers in a compelling manner that empowers them to make real improvements in their health," AIA Australia chief executive Peter Crewe said.
"As everyone in the industry is aware at the moment, we need to find new ways to connect and engage with Australians about the need for life insurance, and for the sustainability of the industry more broadly."
He added that "by shifting the conversation to that of preventative health and wellness, we believe that we can improve engagement with our products as well as tackle the chronic illness epidemic facing Australia at the same time."
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Bernie McGrath from Illona Consulting
2 comments on this article
wrote: Life Insurer's should look at lowering cost of the insurance to ppl who are fit and healthy rather than giving discounts and free stuff outside policy. Currently they look at age and smoking ect - Why not introduce a fitness assessment as part of policy and offer discounts for those who are fit - this would engage customers directly and be a win / win for both.
7 March 2014 9:41amM. Luthfi Ramlan from Singapore
That's what AIA Vitality is all about. In Singapore, we are also rewarded with insurance premium discounts as a reward for a healthy behaviour / lifestyle.
10 March 2014 8:03pm