AIA NZ part of AIA Group

Who is AIA NZ?

AIA life insurance is the largest insurer in New Zealand and world’s largest insurance company.

It’s New Zealand headquarters is in Takapuna, Auckland with more than 1.200 dedicated staff members. The CEO is Nick Stanhope who also lead the sale of Sovereign to AIA as part of a multi billion dollar deal.

Life Insurance, health insurance and income protection is the focus of what AIA NZ does and has been doing since starting business in New Zealand back in 1981.

With a strong product offering to individuals and families, the company is also leading way in the business and rural insurance market, helping Kiwi businesses and farms to continue operating. 

What does AIA insurance stand for?

American International Assurance Company, Limited (AIA) was founded by Cornelius Vander Starr in 1919 in Shanghai China.

  • Claims Paid: $634.1M
  • Policyholders: ?
  • Fitch: AA

About the AIA Group

AIA is the largest independent publicly listed pan-Asian life insurance group in the world – with a presence in 18 markets across the Asia-Pacific region.

It’s main HQ is based in Hong Kong, with wholly owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97% subsidiary in Sri Lanka, a 49% joint venture in India and a representative office in Myanmar.

AIA Life Insurance

Is designed to protect real Kiwis as they do the things they love doing and some policy features include early payouts for terminal illnesses and level premiums for long-term affordability.

Benefits include

Life Cover Benefit

The Life Cover benefit pays out when the person insured dies, whether from illness, accident, natural causes or any other means. The only exclusion is for self-harm (e.g. suicide), and this exclusion only applies during the first 13 months of the policy.

Early Terminal Illness Payout

Early payout of up to 100% of your life cover amount in the event of a terminal illness.

Terminal illness has a meaning which is set out in the policy, but in summary it is an illness which AIA believes at its discretion, after considering medical evidence provided by your doctor and any other evidence required, will result in death within 12 months, irrespective of any treatment you may receive.

Funeral Benefit/Bereavement Support

Funeral benefit of up to $15,000 paid out in advance to cover funeral expenses

Specified Terminal Conditions Benefit

You can apply for a Specified Terminal Conditions Benefit equal to 30% of your Life Cover Benefit, subject to a maximum of $250,000, if you are diagnosed with any of the following incurable terminal conditions:
- Motor Neurone Disease;
- Exocrine Pancreatic Cancer (Stages 3 or 4);
- Non-Small Cell Lung Cancer (Stage 4); or
- Distal Oesophageal Cancer (Stage 4).
Payment of this benefit will be treated as a partial payment of the Life Cover Benefit.

Automatic Interim Insurance Cover

When placing an application, you are automatically covered with an interim insurance cover for 60 days.

AIA Income Protection Insurance

Income Protection

If you are unable to work because of illness or injury, this provides a monthly payment to replace a portion of your income. There are three types of cover options: Agreed Value, Indemnity, Loss of Earnings.

Mortgage and Income Protection 

If you are is unable to work because of illness or injury, this provides monthly payments to help cover a proportion of their mortgage or rent payments, or a portion of their income.

Advantages with Mortgage and Income Protection

  • Tax free monthly benefit
  • No ACC offset
  • Max 45% of income or
  • Max 115% of contractual mortgage/rent payment.

AIA Health Insurance New Zealand

Many health issues Kiwis face are either not accidental or can result in delayed treatment due to long waiting lists and can cost thousands.

The good news is health insurance removes the worry around unexpected medical bills so you can focus on getting the right treatment and start your recovery sooner.

Benefits include:

Cancer Cover

Includes $500,000 extensive cancer cover for every stage: from diagnosis to treatment and recovery

Surgeries

There’s no annual limit on the amount you can claim for surgeries, both cancer and non-cancer related

AIA Business Insurance

The main business income protection insurance options

Start-Up Income Protection

For new business owners who have been trading for three years or less. The monthly benefit covers the business from disruption if you face illness or injury that stops you from working.

Business Continuity

As an established business owners, you can access monthly benefits, should you or a key-person in your business face serious illness or injury and be unable to work.

Rural Continuity

Protecting the income of your farm or share milking business in way of monthly benefits if you or a key-person in your business become unable to work due to illness or injury.

Your key benefits are:

  • Simple for Start-Ups
    With Start-up Income Protection, access up to $9,000 sum assured a month without having to provide detailed financial information.
  • No ACC offsets
    Business Continuity doesn’t have ACC offsets and with Rural Continuity your client can choose to offset or not
  • Long Term Support
    Option to extend Rural Continuity with Business Income Support to help your clients manage long term illness or injury

AIA Centennial

AIA can trace its roots back to 1919 in Shanghai, when American entrepreneur Cornelius Vander Starr began a new insurance business.

In 2019, the AIA Group is celebrating its 100-year journey.

Sovereign Life Insurance

Sovereign Life Insurance was acquired by the AIA Group in July 2018 from the Commonwealth Bank Australia.

As of Monday 5th August 2019, Sovereign Life Insurance has integrated and become a part of AIA NZ and into AIA Group.

AIA Vitality

AIA Vitality is set to offer discounts and up to $4,000 a year in rewards for people who eat healthily, exercise, and sleep well.  

AIA Vitality is a wellness programme aimed at tackling the four main lifestyle risk factors: physical inactivity, unhealthy diet, smoking, and excess alcohol consumption. 

It allows users to measure how healthy they are by recording the information on devices like Fitbits or a Garmin.

On their journey of wellbeing, they will get to know their health, how to improve it and will enjoy rewards for doing so.

Vitality members earn Vitality points through a number of health and fitness related activities. These can include health and nutrition assessments, along with physical activity targets.

Core Principles

Making people healthier and enhancing and protecting their lives.

4 lifestyle choices:

  • Physical inactivity
  • Unhealthy diet
  • Smoking
  • Excessive Alcohol

lead to

4 chronic conditions:

  • Cardiovascular disease
  • Cancer
  • Respiratory disease
  • Diabetes

Responsible for 60% preventable deaths.

 

AIA_Vitality_logo_Red

AIA Airpoints

Get Airpoints Dollars™ rewards when you buy life insurance.

Earn Airpoints Dollars™ with any eligible AIA or Sovereign branded policy.

For every $100 of premium paid, you will earn 1 Airpoints Dollar*.

Until 29 February 2020 earn 5X Airpoints Dollars™ on new insurance policies. A favourable offer for New Zealanders collecting Airpoints.

airpoints-earn-device

AIA NZ Financial Strength Rating

The superior financial strength of AIA New Zealand is recognised in its AA (very strong) Fitch rating.

The solvency margin of AIA New Zealand as of 30 June 2019 is $143.3M made up as shown.

Rating:                                               AA Fitch
Actual Solvency Capital:                 $260.2 M
Solvency Ratio:                                 223%

AIA named in top 20 companies leading transformation

AIA has been named one of only 20 global companies to have achieved the highest-impact business transformations over the last decade. 

The report, by strategic consultancy firm, Innosight, was published in the Harvard Business Review.

“When we introduced AIA Vitality earlier this year we knew that we were going to transform the role we play in our customers’ lives and in society. And Kiwis can easily track their health and be rewarded for making healthier choices. We’ve moved from being a payer of claims, to a partner in the health and wellbeing of our customers”, says Nick Stanhope, CEO of AIA New Zealand.

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