AIA New Zealand has announced new online offerings that it says are designed to address the 71% insurance protection gap in the country.
The three new digital AIA Starter Plans will offer solutions targeting New Zealanders who are most affected by the protection gap, the life insurer said. The protection gap refers to the shortfall in financial resources many households would experience should their primary earner be unable to continue to work.
AIA says the online-only AIA Starter Plans are a first for AIA New Zealand, which traditionally uses an advice-only model to sell insurance policies according to a client’s specific individual circumstances.“At AIA we have a dream for New Zealand to become one of the healthiest and best protected nations in the world,” AIA New Zealand CEO Nick Stanhope said.
“Currently 71% of our population are underinsured with either insufficient insurance cover or no cover at all.“While we may not be the first insurer to offer insurance through online channels, AIA Starter Plans will change the game when it comes to competitive, affordable, and rewarding basic cover.”AIA says advisers will remain instrumental in ensuring customers receive tailored advice to meet their needs.
“AIA Starter Plans complement the advice channel by helping those who traditionally do not engage with the financial advice model to get on the valuable protection ladder sooner in life,” the life insurer said.The Starter Plans products – AIA Healthy Starter, AIA Starter Life, and AIA Starter Life Plus – are built for young adults and families, those who are most likely to be underinsured or not insured at all.They come with an AIA Vitality Starter membership and offer basic life, rent or mortgage protection, with an optional add-on of Specialist and Diagnostic Testing for medical conditions.