Lapse rates have dropped by 40% among consumers who have signed up to AIA Australia’s Vitality program with the insurer set to hire two new staff to help advisers integrate the program into their business and client base.
AIA Australia, Chief Retail Insurance Officer, Pina Sciarrone said the program, which has just past the two-year mark since it was launched, has also attracted 12,000 members and is supported by 2000 financial planners.
Sciarrone said while the program was designed to improve the health of consumers with AIA policies it also had a dynamic pricing model which had contributed to the growth of the program and the reduction in lapse rates.
“The Vitality program brings life insurance into people’s daily lives and since the program is integrated into our policies there is an initial insurance discount, which becomes a deeper discount as people become more involved in the program,” Sciarrone said.
“We have found client have become engaged along the way and get the rewards offered in the program and don’t want to give those rewards and benefits while they are involved in improving their own health.”
Sciarrone said the two new Vitality coaches would assist advisers with integrating Vitality into their business at the time of providing insurance advice to clients and in an ongoing basis to create more client engagement prior to policy renewals.