22 July 2013
South African health insurer Discovery has launched a joint venture with pan-Asian life insurer AIA Group to introduce a wellness programme in Singapore, marking the company’s entry into the Asia-Pacific region.
The venture, AIA Vitality, will combine AIA’s distribution and life insurance product leadership and 80-year experience in the Asian market with Discovery’s wellness-based expertise.
“The new venture provides a significant opportunity for Discovery to expand our footprint in the high-growth Asia-Pacific region,” Discovery chief executive officer, Adrian Gore, said in a statement last week.
“Like elsewhere in the world, the Asia-Pacific region is fast becoming vulnerable to the chronic diseases of lifestyle; we have a unique opportunity to help arrest this and positively transform the life insurance market in the process.”
AIA Vitality will provide protection products by linking wellness incentives to life and health insurance, much like Discovery’s Vitality programme in South Africa.
Customers will be offered discounts on premiums as personal health goals are achieved in partnership with a network of well-known health, wellness and rewards partners.
“The intended result is a life insurance model which will have immediate financial and health benefits for participating policyholders, while enhancing sustainable value creation for AIA, and providing positive long-term benefits for the people, communities and countries in which AIA operates,” Discovery said.
“This represents a powerful new means by which we can engage with our customers while helping to address the important social issues of the need for better health,” said AIA Group chief executive officer, Mark Tucker.
“Discovery Vitality has a successful 16-year track record as the world’s largest and longest-standing wellness programme, with more than 5-million customers across four continents,” Gore said.
“AIA is a leading Asian life insurer, making it the ideal partner for us to introduce the Vitality programme in the region.”