AIA has announced that the Sovereign brand will be phased out, following its acquisition of Sovereign in July 2018.
The insurer confirmed the process of rolling out the AIA brand will begin later this year and will be completed in 2019.
AIA Australia and New Zealand CEO, Damien Mu, says they are excited to be adopting the AIA brand across their combined New Zealand business next year.
“The recent acquisition of Sovereign, which is a world class business, has transformed AIA’s scale and reach enabling us to become the largest life insurer in New Zealand,” said Mu.
“This puts us in a unique position to address the nation’s significant insurance gap. AIA is committed to helping make New Zealand one of the healthiest and most protected nations in the world,” he explained.
“We will do this as a customer-centric organisation that delivers valued insurance propositions to our customers.”
Mu said one of the propositions include AIA Vitality, which he confirmed will be launched in New Zealand in the near future.
AIA claims that it will be the first and only insurer to offer the market-leading science-based health and wellness programme in New Zealand.
AIA New Zealand CEO, Nick Stanhope, added, “I’m confident that AIA Vitality will prove a game changer in our market, changing the conversation about life insurance and New Zealander’s lifestyle choices, in general, from ‘what if something bad happens?’ to ‘how can I improve my health, wellness and wellbeing?’”
“I’m confident that AIA Vitality will prove a game changer in our market, changing the conversation about life insurance…”
Although the Sovereign brand will gradually come to an end, AIA confirmed that both AIA’s and Sovereign’s products and services will remain fully serviced according to the terms and benefits already in place for customers.
The products will continue to be available to customers via AIA’s partnership with ASB with whom it has a 20-year distribution agreement, as well as a network of independent financial advisers.