Shared Value Project Founding Member AIA Australia is proud to announce an innovative alliance with GMHBA, a not for profit health fund, and South Africa’s financial services provider Discovery. Together they have joined forces through a joint venture to create the newly launched health insurance brand called myOwn, offering consumers health and life insurance bundled with the wellness program AIA Vitality, the first in the Australian market coupled with the program.
This new health insurance venture through myOwn is an important step in AIA Australia delivering on its vision to help champion the cause of making Australia the healthiest and most protected nation in the world. Launched in July, myOwn offers health insurance with the AIA Vitality wellbeing program to help its members lead healthier lives and get more value for money. As part of this joint venture, GMHBA will also offer AIA Vitality to its members.
Damien Mu, CEO AIA Australia and New Zealand, said: “As a leading life insurer, we are excited to be joining with GMHBA and Discovery who are proven local and global health insurance experts respectively. Collectively, we will bring together the best of each organisation and create a new way to engage with insurance, allowing customers to experience the innovative offering and supporting them to be well, get well, and protect their future. We are proud of the role we play in helping to protect Australians and their families through financial advisers, affinity partners and superannuation funds. With myOwn offering life and health insurance linked with AIA Vitality, we will not only help to financially protect but also to improve the health and wellbeing of Australians.”
The globally successful Vitality program, developed by Discovery and branded in Australia as AIA Vitality, incentivises people to make healthy choices. AIA Vitality rewards are linked to actions that aim to improve or maintain good health, such as physical activity, preventive screening and eating a healthy diet. myOwn packages AIA Vitality with its health insurance products so that members who are actively engaged in the program may be eligible for premium discounts and a range of rewards offered by AIA Vitality.
Mark Valena, CEO GMHBA, said: “myOwn is an exciting development in that we are creating a new form of insurance offering – one that will bring together health insurance, life insurance and wellbeing: there hasn’t been anything like this available on the market in Australia before. Through this new alliance we are delighted to be providing GMHBA members with access to AIA Vitality. This is a significant step forward for GMHBA, as not only will it provide a valuable point of difference for us as a fund, but it will also increase value for our members as they engage in a program that is orientated around a healthy lifestyle.”
Barry Swartzberg, CEO of Vitality Group, a subsidiary of Discovery Limited, said: “Discovery is pleased to join with AIA Australia and GMHBA to bring this innovative health and life insurance offer to Australians to foster happier, healthier lives. In South Africa, where we have combined Vitality with health and life insurance products for many years, Vitality members have shown vast interest and improvement in understanding their health and how to address health risks. Over many years, we have seen that those engaged in Vitality have fewer and shorter hospital stays, and their overall healthcare costs are lower. The rewards are powerful for members and society. We look forward to seeing how these benefits manifest as myOwn grows and helps its members take steps to lead healthier lives.”
*Source: Strategic Insight