AIA Moves Into Health Insurance Space

AIA Australia has joined with a private health insurance provider to create a new insurance brand which will offer life and health cover and a health and wellness program.

AIA Australia CEO, Damien Mu

AIA Australia CEO, Damien Mu

The new brand, myOwn, is the result of an alliance between AIA Australia, not for profit health insurer GMHBA and South African financial services provider Discovery. The three groups will provide life insurance, health insurance and the Vitality program, which is also currently offered by AIA, respectively.

Health insurance products under the myOwn brand will be released later this year and will include the AIA Australia Vitality program, which will also be offered to members of GMHBA, with life insurance cover to be offered in the near future.

AIA Australia Chief Executive Damien Mu said the joint venture brought together the best of each organisation and created a new way to engage with insurance.

“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,” Mu said.

GMHBA Chief Executive, Mark Valera said myOwn was a new form of insurance offering and the first to bring together life insurance, health insurance and wellbeing, and would create a point of difference for the fund.

AIA Australia has offered the Vitality program to its policyholders since 2014 after it was first developed by Discovery for the South African life insurance market. GMHBA is an Australian not for profit health insurance provider, founded and based in Geelong, Victoria, with more than 400,000 members.