[NEW] 26 July 2019
AIA Vitality is a scientifically backed health and wellbeing program that is designed to support members to improve their health. AIA Vitality members are encouraged to know their health, improve their health, and enjoy the rewards of leading a healthy lifestyle. AIA Vitality members earn points through a number of health and fitness related activities. These can include health and nutrition assessments, along with physical activity targets.
Here’s how it works
With AIA Vitality, your clients are encouraged to:
- Know their health – AIA Vitality offers a range of health assessments and screening programs to help members better understand their health.
- Improve their health – AIA Vitality helps members maintain and improve their health by providing weekly personalised physical activity targets, awarding points for participation in organised fitness events, tracking sleeping habits, and access to discounted active wear, free access to Alan Carr's Stop Smoking program, and up to a 25% discount on a Fitbit and Garmin device.
- Enjoy the Rewards – AIA Vitality keeps members motivated with ongoing rewards for their efforts, including: discounts on entertainment, insurance premiums, and lifestyle partners. Rewards typically increase as members improve their AIA Vitality status. To view our list of partners see below:
Click here to see an overview of the AIA Vitality program and some FAQs.
How can AIA Vitality help your business?
Changing the conversation
AIA Vitality provides you with the opportunity to have more meaningful conversations with your clients. This will change the way you do business by:
- Enabling you to provide your clients with an engaging and rewarding insurance proposition
- Positioning your financial advice to focus on wellbeing along with the benefits and rewards of AIA Vitality
- Providing you with additional opportunities to speak with your clients about their progress on the program
- Providing you with additional referral opportunities from engaged AIA Vitality members
In some markets, we have seen Advisers organise wellbeing days to support clients in engaging with the AIA Vitality program, progressing through the tiers, and generating additional referral opportunities.
Benefits for you
Experience in overseas markets, including Australia, has consistently shown that AIA Vitality members hold higher levels of cover and have significantly better persistency rates.
You will earn initial and renewal commissions based on the underlying insurance premium before the AIA Vitality discount is applied. This is to create value alignment between you and your clients – we don’t want your earnings to be reduced because you have encouraged your clients to engage with AIA Vitality.
For example, if a client’s annualised premium is $1,500 and the client’s premium is reduced to $1,350 following the 10% AIA Vitality discount, the Adviser will continue to earn commission on the original $1,500 premium.
Note: The AIA Vitality membership fee does not attract commission.
What is the AIA Vitality premium discount?
AIA Vitality is based on the concept of “shared value” between the customer, the adviser, and the insurer.
Engaged AIA Vitality members are expected to generate value through improved persistency and reduced claims costs. This value is shared with your clients through premium discounts and rewards and with the Adviser through increased commission revenue.
Customers who elect to join AIA Vitality will automatically receive an initial 10% premium discount on eligible risk and health policies. The discount applies to the insurance premium including percentage loadings (e.g. BMI loadings) but excluding the policy fee and per-mille loadings (e.g. loadings for hazardous pursuits).
Click here to view FAQs.
How does the AIA Vitality premium discount flexing work?
At each policy anniversary date, the AIA Vitality discount level may be affected by the member’s current status:
When a life assured signs up to AIA Vitality, the member will receive an initial discount of 10% on all eligible policies.
For example: an AIA Vitality member who achieves Silver status at their first policy anniversary would have their discount reduced from 10% to 9%. If the member subsequently achieves Platinum status the following year, the discount would increase from 9% to 11%.
This feature is called “premium flexing”.
The minimum discount is 0%. Therefore, AIA Vitality members who do not retain their discount will not pay higher premiums than customers who have not joined the AIA Vitality program.
What is the cost of joining AIA Vitality?
The AIA Vitality membership fee is $11.50 per member per month (inc. GST). This fee recovers some of the program running costs.
Is my client’s privacy protected?
Member data privacy is very important to us and we take steps to ensure that the information collected in relation to the member’s AIA Vitality membership is kept separate from the client’s underwriting and claims information.
Therefore, it’s important that AIA Vitality members disclose any relevant information when applying for new cover or altering their existing cover, as AIA does not consider any information contained within the AIA Vitality program.
For more information on Data privacy for AIA Vitality please click here.