AIA to enhance products, premiums
With several life offices making adjustments to risk insurance products and premiums, AIA says it too will be making changes based on the needs of clients and advisers.
Speaking to Risk Adviser, AIA chief executive Damien Mu said the insurer is looking at different ways to enhance and improve products and address affordability to better support clients and AIA's advice partners.
“Internally, we are looking at product research and global benchmarks, [as well as] customer research to look at what people are looking for [while also] working with advisers," Mr Mu said.
“In terms of product, we see some very strong appetite and we are in development of some fixed-term level products. So, when we talk about premium guarantee we are talking about the premium being guaranteed for the life of those terms.”
Mr Mu added that for stepped premium products, AIA is considering premium “guarantees” but is yet to take any action.
Mr Mu added that AIA has continued to strengthen the business with the addition of a number of client development managers to help support its advice partners.
“Client development managers (CDMs) are also very important roles and as the market's needs continue to grow and as the change continues to impact our industry, we will continue to grow our CDM model as well so we have enough people on the ground,” he said.
“This is what we do day-in and day-out, this is our core business – life insurance is all we do. So, we have been working and preparing as best we can in anticipation of things coming."
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