Health

Redefining health insurance

Many health insurance companies wondered what went wrong as millennials left the private health insurance market, and millennials were worried about their lack of self-defense in health, welfare and personal finance. It was.

In parallel, the sectors most hit by various government regulations and closures are disproportionately affecting young people, and unlike baby boomers, many millennials are now at this time. Does not have an asset base to invest in protection.

Roy Morgan recently developed a segmentation based on young consumers aged 14 to 36 with high value and high spending. Studies show that new millennials (those born after the early 2000s) are an important potential market for private health insurance. Currently, more than 2 million people are covered by health insurance, which is only about half (54.4%).

Millennials are withdrawing insurance due to cost and value concerns, but such studies show potential opportunities for insurers. This situation is what the industry can do to break down barriers and redefine its approach so that this age group can rest assured that health insurance is a valuable investment, especially in situations and changes due to pandemics. I am asking the question.

AIA Health Insurance is committed to educating millennials and Gen Z about the importance of maintaining good health before the age of 40. We want to change the perception that insurance is not mandatory, it is expensive, and it is a luxury that is primarily relevant only to parents and babies. Baby boomer generation. Age and health are major factors in health insurance policy costs, bridging the age gap in health insurance by providing relevant, accessible and affordable protection that brings profound value to the consumer’s pocket. That is our job.

how? Our AIA Vitality program helps people better understand and improve their health and well-being, as the limits of COVID-19 pose challenges to our daily lives. In terms of appealing to millennials, AIA Vitality supports and encourages members to make minor changes. This will lead to significant health improvements over time. It has the best benefits for this generation (for example, hosting great retailers such as Apple Watch offers, Endota Spa, Jaggad, Fitness First, Fitbit, and flight awards).

During the pandemic, we’ve been looking at ways we can help people’s mental and physical well-being in small ways every day — a mental well-being app called Mentemia that is free for all Australians until November. Funded. We have developed a home fitness and wellness toolkit aimed at providing health and welfare inspiration to members during the blockade, featuring AIA Vitality ambassadors such as Laura Henshaw and Cris Judd. Recently, we launched the Mindfulness Hub as part of AIA Vitality. We also offer mental health coaching through teleheat and free online cognitive behavioral therapy.

On the financial side, we are leveraging new economic value lenses to step up consideration among price-sensitive millennial switchers who can easily choose health insurance through online aggregators. For example, in July we launched a “Market First” cash refund initiative to give back to members whose access to additional services such as dentistry, physiotherapy and optics was restricted by the pandemic. In essence, this initiative returns money to members’ pockets to support their financial well-being during this difficult time for society. As an example, Platinum AIA Vitality members who do not make extra claims from April to December this year will return 100% of their extra premiums to their pockets. This is a big savings.

As advocates of healthier, longer and better lives, providing health insurance to millennials to level the age gap of health insurance and improve the health and well-being of young cohorts is what we as a health insurance company. It’s my job. AIA Vitality is important to this strategy and other measures are being implemented. We look forward to continuing to evolve our offerings towards 2021.

* Tim Tez has over 20 years of experience in the life insurance industry and has a broad background spanning distribution, operations, strategy, reinsurance, commodities, pricing, marketing, strategy and government relations. AIA has successfully led the local team in proposing the acquisition and integration of the sovereign business in New Zealand and the CommInsure business in Australia.

Top Image Credit: © stock.adobe.com / au / DisobeyArt

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