A major insurance group has announced the launch of a new private health insurance brand focused on life, health and wellbeing.
AIA Health Insurance will replace AIA Australia's previous offering myOwn Health and allows customers accesses to AIA Vitality, which draws on “behavioural economics” to incentivise its members to better understand their health and implement healthier lifestyle changes.
The new offering will include seven hospital products and four extras products, and include benefits such as a 100 per cent refund on hospital excess for eligible hospital admissions and an additional 10 per cent back on non-dental extras through AIA Vitality Boost.
“Not only do we know that our wellbeing program 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,” said AIA Australia chief health insurance officer Tim Tez.
The offering is also aimed at younger people, with APRA statistics showing that fewer young people aged 20 to 34 held private insurance compared with the same period in the previous year, while AIA’s base is skewed towards a younger demographic.
“We have designed products that will appeal to anyone who wishes to protect themselves while focusing on improving their health and wellbeing,” said Mr Tez.
“Our AIA Vitality program 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.”
The myOwn brand will continue to operate to service existing customers, although products have been closed to new businesses from 6 March 2020.
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