Vitality program improving lapse rates, says AIA
AIA Australia's Vitality program has made a significant improvement to the company's lapse rates in the two years since it was launched.
Speaking to Risk Adviser, AIA Australia chief retail insurance officer Pina Sciarrone said the company has seen up to a 40 per cent difference in lapse rates thanks to the introduction of AIA Vitality.
“In other words, clients that have a life insurance policy with Vitality are [up to] 40 per cent less likely to lapse their policy,” she said.
“That is extremely powerful as you could imagine from an adviser's perspective when you think about their business and also from a policy holder’s perspective in that they are seeing the value of their life insurance policy.”
Ms Sciarrone added that in the two years that the program has been running, AIA has had just over 2,000 advisers write at least one insurance policy with the Vitality program attached to it.
“It has been quite successfully in terms of its reach to advisers and there is a lot more that we can do in terms of reaching advisers,” she said.
“What we are doing is bringing life insurance into the lives of people on a daily basis and what it is doing is enhancing the conversation around life insurance for advisers.”
She added: “With Vitality we have enhanced that conversation and made it a much more holistic conversation. Because what we are talking about is not just being there for you when you have a tragedy in your family or you suffer an accident. What we are there for is to enhance your life and enhance your health."
Recently, AIA Australia made a number of enhancements to its Vitality program, while also making a number of changes to three of its risk insurance products.
ASIC revokes Melbourne adviser’s AFSL
ASIC has cancelled the Australian financial services license of a Melbourne-base...
Consumer advice gripes rise
Consumer complaints to the Australian Financial Complaints Authority (AFCA) abou...
TAL calls for deeper client relationships
TAL’s chief executive has told the industry that partnering with customers in ...