AIA Australia rejigs retail team, appoints new lead

AIA Australia's restructure of its retail business will see two senior leaders depart while a new chief retail insurance officer has been appointed to take charge of the next phase of growth.

Chief retail insurance and advice officer Pina Sciarrone and chief retail insurance officer for life and health Stephanie Phillips will both leave the organisation in September.

Sciarrone was appointed to the role in October 2024 and has worked as a long-serving senior leader at AIA Australia, starting out as the head of adviser services in April 2010.

She then moved onto lead retail insurance, and the bancassurance, partnerships and advice unit. In 2021, Sciarrone spearheaded AIA Financial Wellbeing, which operates with a separate AFSL to AIA Australia and offers personal advice to customers of CBA with life insurance and wealth needs, as chief executive and managing director.

Phillips was named chief group insurance officer in October 2015, having acted in the role a few months prior. Prior to this, she worked in multiple positions within AIA's group insurance division after joining the company in 2009. Before that, she held roles at HESTA, Superpartners and OnePath.

AIA Australia said it acknowledges the significant and impactful contributions of Phillips and Sciarrone.

"After distinguished careers with AIA Australia spanning more than 15 years each, Stephanie and Pina have decided that this is the right time for their next chapter. AIA Australia thanks them for their leadership, passion, dedication and service to our partners and our customers over many years and wish them every success for the future," the insurer said.

In the newly rejigged unit, Paula Bourke will lead AIA Australia's retail leadership team, overseeing retail product, pricing, distribution and retention functions.

Bourke was previously the chief executive of SCOR Australia and New Zealand for two years and spent a total of 10 years at the life and health reinsurer.

Her previous senior leadership roles included BT Financial Group/Westpac and CommInsure, where her responsibilities included leading growth and transformation initiatives and building partnerships across insurers, advisers, superannuation funds, distribution partners and regulators.

AIA Australia chief executive and managing director Damien Mu said the appointment marks an important milestone in the organisation's retail growth strategy.

"The new structure of our retail team represents an important step in delivering our strategy. By bringing together our product, pricing, distribution and retention capabilities, we are creating a stronger, more connected structure that optimises how we can be supporting advisers, meeting the changing needs of customers and delivering sustainable growth," he said.

On her appointment, Bourke said: "I'm looking forward to working with the talented retail team and our advice partners to build on that foundation, deliver meaningful value for customers and drive sustainable growth in a rapidly evolving market."

Separately, AIA Australia recently entered into a new partnership with Beyond Blue, which involves working closely to address rising mental health challenges and reduce the number of Australians reaching crisis before seeking help.

They will also focus on early intervention and prevention and support employers to address psychological risks and promote mentally healthier work environments.