AIA Australia Update – Product, Services, FASEA Support

AIA Australia has released more details around its recent product and service enhancements following the release of a new combined Product Disclosure Statement earlier this month (see: AIA Australia Releases New PDS).

In a video message to advisers by AIA Australia’s Chief Retail Insurance Officer, Pina Sciarrone, the insurer says its product upgrade is intended to both simplify and streamline its processes for advisers and their clients.

The product update combines Product Disclosure Statements and policy documents for AIA’s Priority Protection and Priority Protection for Platform Investors offers into a single PDS. Sciarrone says this provides a more streamlined application process and reduced complexity for clients.

The insurer has offered improvements to its TPD, Crisis Recovery and Income Protection benefits through adjustments to definitions and increasing maximum sums insured, as well as adjusting and simplifying underwriting guidelines and rules. This includes an enhanced offer (across TPD and IP) for casual workers and increasing the maximum sum insured up to $2 million, especially for heavy manual workers and home duties clients.

Other enhancements include:

  • An upgrade to the insurer’s TPD definition of ‘All Duties’ – intended to give greater clarity at the time of claim
  • Simplified underwriting processes for pastimes
  • Introduction of an enhanced pre-signing ability prior to underwriting for musculoskeletal conditions
  • Adoption of a progressive underwriting approach to female cancers

FASEA Service

Sciarrone has also announced a new education program to deliver FASEA education qualification requirements.

The program is intended to assist advisers meet their individual FASEA requirements, and includes the offer to support advisers through their qualification journey with what the insurer says is a cost-effective solution.

To that end, the AIA Australia has partnered with Kaplan to offer significant discounts to the standard educational costs associated with FASEA courses. It is also providing access to Kaplan support, including practice exams, as the adviser goes through the process of obtaining a minimum QF8 qualification requiring up to eight subjects, depending on any eligible credits for prior learning.

Other Value-adds

New reporting on AIA Vitality services for clients now provides advises with information regarding their clients’ current and previous status and also their current points.

The insurer is also set to launch a new support program called ‘Go for Gold’, which is intended to deliver a multitude of ideas to support advice businesses, including:

  • Marketing packages
  • Referral tips
  • Other ideas for clients participating in the AIA Vitality program

AIA Australia’s new ‘Go for Gold’ service …to offer additional support for advisers and their clients