The streamlining process means that CommInsure Protection products will no longer accept new business from 31 March 2020. However, AIA will continue to support current CommInsure Protection policyholders with the full range of customer service and support that they receive now.
“Our commitment to support CommInsure customers is unwavering; their existing cover remains the same, with the certainty of automatic upgrades to benefits where it doesn’t affect premium rates,” said AIA Australia and New Zealand CEO Damien Mu.
“We will continue to support our customers with the same high-quality service that they have always experienced in the past.”
As part of the streamlining process, AIA Australia has enhanced its Priority Protection product with an involuntary unemployment benefit – a key CommInsure Protection feature.
AIA will also continue to improve CommInsure Protection products to ensure they provide “valuable, contemporary cover for current policyholders”, including automatically upgrading CommInsure Protection with all benefits added to Priority Protection where the upgrade does not result in an increase in premiums.
“For advisers, our focus remains on providing them the best support and the best proposition for their clients,” Mr Mu said.
“We’re committed to making a difference in people’s lives, and championing Australia and New Zealand to be the healthiest and most protected nations in the world, through our strong life, health and wellbeing proposition and market-leading programs such as AIA Vitality, and our rehabilitation programs.”
AIA Australia and CommInsure Life came together under a joint co-operation agreement in 2019.
AIA are a disaster. Existing customers have been hit with premium increase of 50% plus over the last 2 years.
Vitality is so “successful” they have to give it away for free to sell it.
They still have the 5 year step up discounts so the products are completely un-affordable after 5 years.
Their systems and application process is in the dark ages compared to everyone else and claims management is terrible.
Now they will shut down Comminsure but jack up all of the existing customers premiums to pay for the purchase.
Anyone who values their customers should never be writing AIA.
where is the HEYNE commission and the goverment now? to scared to take on the BIG boys!!!
You sound quite bitter. I for one, am pleased to see some change up in this ancient industry – CommInsure have added little to it for the last 8 years and perhaps an actual insurer will use this scale for great client outcomes. Let’s now focus on getting qualified and helping our customers shall we?
You sound very ignorant. Do you have risk clients? Have you actually experienced their pain in having their premiums increased time and time again since the LIF was introduced? Lapses have increased, new business is down and there is less competition (less insurers). Explain how this has created “better client outcomes”??
seems some folk are so blinded by the money they ‘expect’ to make since they are ‘qualified’ academically that they cannot see how clients will be compromised since they have ‘little’ experience.