AIA to change way people view insurance

From left: AIA CEO Pankaj Banerjee, Deputy CEO Upul Wijesinghe, and Chief Marketing Officer Nikhil Advani at the media conference  - Pic by Sameera Wijesinghe

By Charumini de Silva

Reassuring its brand promise to help Sri Lankans live healthier, longer, better lives, AIA Insurance yesterday made a compelling argument to make a positive change to the way customers view insurance. 

With a rapidly aging population, improving lifespans, and more nuclear families, the need for personal pensions have never been greater, AIA CEO Pankaj Banerjee said, underscoring the importance of educating people, helping them plan and save to enable them live life to the fullest.

“Our goal is to help people to make the most of life. As an insurer, we want to change the ‘you die - we pay’ model of insurance to ‘we are here to help you – live life to the fullest with the people you love’. It is better for us as the insurer, for the customer, and eventually it is better for the entire community,” he told journalists in Colombo.

Banerjee pointed out that in Sri Lanka when people get wealthier, they aren’t necessarily getting healthier.

Referring to AIA’s Healthy Living Index (HLI) 2018 survey, which highlights prevailing health trends across Asia, he stated that Sri Lanka is facing a ‘critical illness finance gap’, where savings, current levels of insurance and government health provisions may not be enough to pay for the treatment for critical illnesses. 41% of respondents were concerned about having to financially cope with these serious illnesses.

“There has been a sharp decline in the number of people who are satisfied with their health. This is a key area where AIA is stepping up to ensure that Sri Lankans are financially protected for any health eventuality, so that they can afford the best care and bounce back from illness. We are encouraging the overall wellness of Sri Lankans, by motivating them to lead healthier lifestyles and rewarding them to do so,” he added.

Pointing out that Sri Lankans need a nudge to get healthy, he said AIA is willing to go that extra mile. “We can make Sri Lanka a happier and a more productive nation. We help reduce the financial burden on both individuals and the Government,” Banerjee emphasised.

Outlining how AIA can help, Deputy CEO Upul Wijesinghe said AIA’s expertise is in health and pensions, with options to cover everyone from all walks of life.

“Our flagship health product, ‘AIA Health Protector’, has been designed to help our customers focus on getting better and not have to worry about finances. It is currently the most comprehensive health cover available in the market, and not only covers 37 critical illnesses, over 250 surgeries, and hospital expenses, but also allows Sri Lankans to secure the best medical treatment worldwide,” he added.

Noting that medical cost in Sri Lanka is increasing 7% every year, he noted that unless people plan for it they will not be able to avoid the expense. 

Wijesinghe also said ‘AIA Smart Pensions’ is another great example of how they are ensuring a better life for the many Sri Lankans that entrust their retirement savings to the firm. 

Packed with features, he assured, that it is designed to maximise the customer’s savings when they are ready to retire. “AIA Smart Pensions lets customers replace their monthly pay cheques with monthly pension cheques, which then increase each month to fight against inflation. It again guarantees the pension to your beneficiaries, even if you aren’t around,” he pointed out.

Further, Chief Marketing Officer Nikhil Advani elaborated on ‘AIA Vitality’ as another great example, provided free for people to help people live healthier.  

He said over 30,000 Sri Lankans have enrolled on the AIA Vitality app, and it is immensely popular with corporate employees, whom AIA signs up through the ‘corporate wellness days’ it organises across the country. 

“Corporate wellness is an important part of what we do, because it ensures a healthy workforce which means happier, more productive employees. That is why we proactively conduct corporate wellness days, where we engage employees to understand their health, and show them how they can use Vitality to improve their health,” he emphasised. 

AIA also announced ‘The Healthiest Workplace Survey’ in Sri Lanka for the first time - a comprehensive survey of the health and wellbeing of employees around the Asia-Pacific region. It builds on the success of Healthiest Workplace by AIA Vitality, which has surveyed employees and employers across several countries in Asia. On top of an overview of their lifestyle, clinical indicators, mental health, stress, and other areas that may concern them, each participating employee will receive a personal report and a subsequent recommendation for areas of improvement. A total of 165 of Sri Lanka’s leading corporates have registered for this survey, and the healthiest company will be recognised and awarded at an event later in the year.