The newly-created AIA Sovereign has confirmed its commitment to move to a single product offering in 2019.
Speaking at the opening plenary session of the inaugural Financial Advice NZ Conference in Rotorua, AIA Sovereign’s Chief Marketing Officer, David Savidan, told delegates his company is the country’s largest insurer and that the transition to a single operating unit, following the formal acquisition of Sovereign by the AIA Group, had started well.
Savidan said the group will be sharing further details regarding its long-term branding strategy in New Zealand, as it integrates two distribution teams into a single unit and makes plans to rationalise what is currently a dual product range into a single product offer next year.
He also confirmed the insurer’s intention to launch the AIA Vitality health and wellness program into the New Zealand market in 2019, following a successful implementation of the value-added service in Australia in 2014.
The Vitality membership program encourages people to take steps to improve their health and wellbeing by rewarding them with tangible, immediate benefits, including entertainment discounts and cheaper insurance premiums (click here for more details).
According to Savidan, the launch of Vitality in New Zealand next year reflects a growing trend within the life insurance sector away from a set and forget (‘you die; we pay’) attitude to a more ongoing partnership with the insured life where the insurer asks ‘How can we help you live a healthier, longer, better life?’
Savidan told delegates further announcements will be forthcoming regarding the insurer’s brand and product strategies from 2019.