AIA Australia, one of Australia’s leading life insurers and the Shared Value Project’s newest Founding Member, has launched AIA Vitality into Australia. As a shared value initiative, Vitality addresses preventative health challenges affecting Australians and various sectors across the country, as a program that has a significant positive impact on Australia’s health, while at the same time revolutionising the life insurance industry.
AIA Australia Limited is an independent life insurance specialist with over 40 years of experience building successful partnerships. One of the country’s leading life insurers, AIA Australia offers a range of products that protect the financial health and welfare of more than three million Australians.
AIA Australia is the country’s largest group life insurer by market share and works closely with major financial institutions and corporate partners to exist to provide customers with financial protection, security, and a comfortable future. Hence with their Vitality initiative they have taken it upon them to help address some of Australia’s most demanding challenges.
Two in three Australians are currently overweight or obese and chronic disease is the leading cause of death and disability in the country. These preventive health challenges affect all sectors in Australia, including the life insurance industry.
At AIA Australia, they have seen this first hand, with increasing numbers of claims made because of chronic diseases that affect a person’s ability to work, causing financial strain and impacting on their quality of life. Finding a way to halt this trend is critical for Australians to live better and happier lives with their families and for a more sustainable future for our national health system.
To help address this issue, AIA Australia officially launched the world’s largest health and wellness program– Vitality – into Australia in March. Using the latest research in behavioural economics and health incentives, Vitality is designed by academics and health practitioners to encourage people to take the first steps towards healthy living and, more importantly, to make these lifestyle changes permanent.
AIA Vitality provides the knowledge and tools for people to achieve their health goals. Members of the program have the opportunity to complete full health and fitness assessments and earn points for undertaking healthy activities, such as buying healthy food and going to the gym. They are rewarded through discounts on shopping, entertainment and travel purchases, among other benefits through a range of partners including the Dieticians Association of Australia, Weight Watchers, Virgin Active, Myer, Qantas, Hoyts. It is being sold initially through financial advisers to people who purchase an eligible life insurance policy with AIA Australia.
Over five million people across five countries – South Africa, UK, USA, China and Singapore – are being motivated every day to lead healthier lives through Vitality, an incentive-based program. Evidence for the efficacy of the program – in terms of improved clinical outcomes, reduced healthcare costs, lower hospital admissions, increased productivity at work and improved mortality rates – has been profiled in leading academic journals such as the American Journal of Health Promotion.
AIA Australia believe that Vitality can have a very significant impact on Australia’s health, while at the same time revolutionising the life insurance industry.
“We are convinced that AIA Vitality can have a positive impact on Australia’s health, while at the same time revolutionising the life insurance industry”, says Peter Crewe, Chief Executive Officer of AIA Australia. “By shifting the conversation with clients to that of preventative health and wellness and finding new ways to encourage Australians to stay healthy, we believe that we can improve engagement with our products as well as tackle the chronic illness epidemic facing Australia.”
The Vitality program has already been recognised with two awards this year.
Winning CANSTAR’s Innovation Excellence Award and the AFA’s Innovation Award for the Best Risk Product of 2014.
AFA CEO Brad Fox Mr Fox singled out AIA Australia for special recognition on its award win. “The AFA’s theme for 2014 is Innovate: Think, Create, Act, so we are very excited to see how the AIA Vitality initiative has challenged the fundamental way insurance connects with consumers. It’s a new conversation”, he said.
For more information about the program visit: www.aiavitality.com.au