Could a new app help lead you to better health?

In recent years, specialist software providers have created applications to help people compare different insurance companies’ options.

The reality is that product differentiation between insurers is subtle, and, as a result, price often continues to have an influence on Advisers and their clients.  That’s why when a new product comes on the life insurance market, it’s always worth checking out.

The latest innovation now available for New Zealanders has already been tried and tested for the last 23 years in South Africa.

This program is called ‘Vitality’, and it’s available to Sovereign and AIA policy holders, and new AIA customers who own at least one of AIA’s products.

AIA describes Vitality as “a personalised health and wellbeing programme that supports you every day to make healthier lifestyle choices. It shows you how healthy you are now, provides you with tools to start improving your health right away, and offers amazing rewards to keep you motivated along your journey.”

As a member gets healthier, they attract more and more points and can purchase health and wellbeing services and devices at discounted rates. Discounts include things like spa and mole mapping services, Fitbit technology, and nutrition consultations among other services that can help members to achieve their goals.

This program is available for $11 per month additional to the basic premium which is discounted by 10% for a period of one year. If the insured person then reaches health and wellbeing milestones as defined by the Vitality program, this discount can be maintained or even grown to a maximum of 30% or eroded over time if the program is not engaged with by the insured.

Several AdviceFirst Advisers are road testing the app right now, and they reckon Vitality is going to attract quite a bit of interest among New Zealanders. If you are a Sovereign or AIA policy holder this programme is likely to be available to you now, so if you’re interested in finding out more, please get in touch with your AdviceFirst Adviser.

AdviceFirst is a Financial Advice Provider (FSP23242).