AIA Australia has named the licensees taking part in the pilot phase of a new health insurance brand that will aim to combine health and life insurance into a single offering.
Speaking at the Sydney leg of its Life of Advice Series yesterday, AIA head of distribution for health Craig Parker named non-aligned dealer groups Bombora Advice, Synchron, Aon, Sentry Group, Sentinel Private Wealth and Integrity Financial Planners as the licensees taking part in the initial three-month launch of its new myOwn brand, starting from 10 July.
AIA announced last month it will create a new health insurance brand that will offer consumers health and life insurance bundled with its Vitality health and wellness program.
It is collaborating with not-for-profit health fund GMHBA and South African financial services provider Discovery to launch myOwn.
Mr Parker told the audience, mainly comprised of advisers, that these are new agreements between myOwn and the licensees, and that they clearly point out that health insurance is being referred and is not part of advice.
In addition, he said there will be an expectation from the licensee that professional indemnity cover is slightly changed.
“That is to reflect health insurance is being referred [and is] not advice,” Mr Parker said.
“Of those six licensees that we’ve worked with, that hasn’t had any impact across to their PI insurer but naturally that’s a conversation between the AFSL and the PI.”
Mr Parker noted that there are around a million new customers entering the health insurance market every year.
“We know it’s something that’s resonating with individuals because the cost of private health insurance is increasing, and it’s one of the largest expenses that individuals do have on a monthly basis outside of their debt,” he said.
“Many of you are actually having those conversations around cash flow management and debt management, so health insurance is a nice fit.”