The volume of risk insurance being written through platforms is growing rapidly, as advisers navigate increased regulation and a growing preference from clients for online access to their financial products. According to the Investment Trends Report 2013, 39% of advisers write risk insurance via platforms.
“Advisers are increasingly finding platforms a simpler option to streamline administration and business efficiencies, while also providing easy access to client premium and claim data at the touch of a button,” said Pina Sciarrone, AIA Australia’s Chief Retail Insurance Officer.
In recognition of the move towards platforms and the efficiency and convenience they offer to both advisers and clients, AIA is launching a new campaign to reward its adviser partners who write risk business through platforms.
From 7 September – 30 November, AIA will offer a 5% discount to all new policies written through its award-winning Priority Protection for Platform Investors (PPPI) product. Discounts will apply to lump sum PPPI for the life of the policy, with an additional markdown of 7.5% for those who opt in to AIA Australia’s world-class health and wellness program, AIA Vitality.
In conjunction with the high-quality of the AIA product, the unique discount provides great value to clients, allowing them to lock in a reduced insurance premium price for the long term and ensure less erosion in their retirement savings. The discount campaign is running across all 13 platforms where AIA Australia’s PPPI product is available.
“We recognise that cost is an important consideration when advisers are having a conversation with clients around insurance,” said Ms Sciarrone. “We understand that most clients are looking for value for money.”
PPPI is a fully integrated product solution from quoting through to premium collection, underwriting and claims, ensuring a smooth service experience for adviser and client. Comprehensive reporting is provided by the platform partner and AIA Australia, delivering full transparency for your clients’ needs.
Writing a PPPI product also provides the option for your clients to join Vitality, AIA Australia’s award-winning health and wellness program which rewards members for adopting a healthy lifestyle. AIA Vitality members are rewarded with discounts and vouchers from leading brands including Myer and Qantas when they make healthy choices such as buying healthy foods or exercising.
Using AIA Vitality allows advisers to change the conversation on life insurance with their clients, from ‘what if something happens’ to ‘how can we prevent it from happening’. Vitality’s rewards system also encourages clients to be more engaged with their insurance on a day-to-day basis and improves lapse rates, which is a key consideration for advisers in the lead-up to the new life insurance framework.
“In the current landscape, we understand that being able to add value and cement a long-term client relationship is of increasing importance to advisers,” said Ms Sciarrone. “By offering a unique program like AIA Vitality, advisers have the opportunity to provide demonstrable value for money to their clients over the life of the policy, which can increase engagement and retention of clients.”
Platform users who write PPPI can offer their client’s up to 12.5% off their premium. 5% off their premium for the life of their eligible PPPI policy when they get insured before 30 November 2015 and with AIA Vitality, the discount could be as much as 12.5% off in the first year.
For more information on the discounted rate, please visit pppi.aia.com.au/campaigns or contact your AIA Australia Client Development Manager or Client Development Associate.
Pina Sciarrone – Head of Retail Insurance, AIA Australia
Disclaimer: Priority Protection for Platform Investors insurance policies are issued by AIA Australia Limited. View the PDS and product summary available at pppi.aia.com.au and consider if it’s right for you.