AIA Australia has announced the launch of its new private health insurance brand, AIA Health Insurance, with its well-being focused product suite designed to appeal to younger Australians.
It replaces AIA’s previous offering, myOwn Health.
A media release from the company says that integral to the new product set will be customers’ access to AIA Vitality, a leading health and well-being programme, “which draws on behavioural economics to incentivise members to better understand their health and implement healthier lifestyle changes”.
AIA Australia Chief Health Insurance Officer Tim Tez said that AIA Health Insurance will help address concerns about decreasing numbers of young people choosing to take up private health insurance.
“Not only do we know that our well-being programme is a drawcard, but we also help our members keep their cover affordable through our youth discount and AIA Vitality’s premium discounts, discounted gym memberships and other financial incentives,” says Tez.
The company quotes APRA’s latest quarterly figures to December 2019, which show that 44,000 fewer young people (aged 20 to 34) held private health insurance compared to the same period in the previous year.
However, AIA Australia’s health member base has skewed towards a younger demographic, with a median member age of 33 in 2019, and 44 percent of the membership under the age of 40, the statement says.
“We have designed products that will appeal to anyone who wishes to protect themselves while focusing on improving their health and well-being. Our AIA Vitality programme enables people to make small steps for big changes, and stay motivated with ongoing financial rewards and premium discounts. This is fundamental to our offering,” says Tez.
The company says a suite of private health insurance products will be introduced as part of its new offering, including seven Hospital products and four Extras products, with new benefits for eligible members, such as:
- A 100 percent refund on hospital excess for eligible hospital admissions
- An additional 10 percent back on non-dental Extras through AIA Vitality Boost
- No Gap Dental for selected preventative treatments at smile.com.au dentists
“AIA Health Insurance, together with AIA Vitality, will allow us to address a clear need in the market and help more Australians live Healthier, Longer, Better Lives,” says Tez.
The company says that the myOwn brand will continue to operate to service existing customers, although myOwn products have been closed to new business from 6 March 2020. Customers of myOwn will be given the opportunity to move across to AIA Health Insurance.
