As we all know, New Zealanders are under-insured, particularly in terms of personal risk insurance. In early September the Commission for Financial Capability reported that New Zealanders only spend 2.5 per cent of GDP on insurance, compared to the OECD average of 8.4 per cent. And only 15 per cent of New Zealanders have income insurance. *
AIA and Sovereign combined is the largest life insurer in New Zealand, and we are uniquely positioned, as a provider, to work with advisers to finally address the long-running national issue of under insurance. One of the key goals of the acquisition of Sovereign Insurance is to help New Zealand become one of the healthiest and best-protected nations in the world. Reflecting that commitment, AIA and Sovereign have already begun rolling out initiatives to support the health and wellbeing of New Zealanders, in line with the companies’ common health philosophies. AIA and Sovereign’s New Zealand’s Healthiest Schools Challenge kicks off in term four of the school year, inspiring 50,000 children and their families to get moving in a fun way. By taking part in activities in the real world, kids travel through a virtual global adventure, learning to make healthier choices as they go. In doing so, they could win a share of $50,000 worth of AIA and Sovereign sports grants for their school, as well as the chance to host visits from Healthiest Schools Challenge Ambassadors Cory Jane and Gemma McCaw. See healthiestschools.co.nz for more information. Helping Kiwis live healthier longer better lives is why we are planning to introduce AIA Vitality in New Zealand in the near future. AIA Vitality is a world-leading, science-backed wellness programme that encourages people to look after their health and wellbeing, and benefit from lower premiums and other rewards, at the same time. AIA Vitality is already in 10 markets (including Australia), and has over 900,000 members around the world. And the great news is that AIA Vitality will be launched in New Zealand next year. AIA Vitality seeks to change the conversation around life insurance and New Zealander’s lifestyle choices, in general, from ‘what if something happens?’ to ‘how can I prevent it from happening?’
We are confident that AIA Vitality will be the game-changer that is needed to help put personal risk insurance, and health and wellness, at the forefront of Kiwi’s minds. But to help close that insurance gap, we’ve introduced the chance to earn a holiday, or some shopping time, into the mix. AIA has partnered with Air New Zealand to become the exclusive ‘personal risk’ insurance partner for Airpoints™. AIA customers with qualifying products can earn Airpoints Dollars™ to get away, book flights, hire cars, book spa days, as well as donate to charity, or choose to spend their points on a wide range of products through the Airpoints Store™. For more information visit www.aia.co.nz/airpoints
One of the many reasons the team at AIA felt that the purchase of Sovereign made sense was the commonality between the companies’ respective philosophies. AIA‘s overarching goal is to ‘do the right thing, in the right way, with the right people — and the results will come. That philosophy drives everything the company does. That’s evident in both companies’ approach to rehabilitation and return to work support. Working closely with customers and trusted treatment providers, AIA and Sovereign case managers develop an outcome-focused and optimum rehabilitation strategy for each claim. The goal is to get customers back to their ‘normal’, by helping customers to achieve the highest possible level of readiness for a return to work, independence and quality of life.
Together, AIA and Sovereign are entirely focussed on working with our partners to help make New Zealanders as healthy and protected as they should be. By leveraging our combined strength, and innovative solutions like AIA Vitality, we are excited and proud to have been able to start that work already. Over the next few months expect even greater things to come.
*Source: CFFC Commission for Financial Capability, 03-09-2018, Kiwis’ ‘she’ll be right’ attitude to insurance could backfire.