New AIA Vietnam product to help fight cancer

11:21 | 09/03/2020
AIA Vietnam has broken the mould of a traditional insurance company in moving from a “payer” to become a “partner” to every family in Vietnam. In a talk with VIR, AIA Vietnam CEO Wayne Besant shared the introduction of AIA’s latest new product, Healthier 100, essentially focussed on a big concern, cancer.
new aia vietnam product to help fight cancer
Mr. Wayne Besant, CEO of AIA Vietnam

What was the inspiration behind the launch of Healthier 100?

AIA Group’s primary concern is for the health and well being of our customers which plays a central role in our new brand message “Healthier, Longer, Better Lives”. Living to our promise, AIA Vietnam is focusing our resources toward cancer and serious diseases with the specific aim of reducing the rate of cancer.

In Vietnam, nearly 165,000 new cases of cancer are diagnosed every year and around 115,000 people die of the disease every year. At the moment, the mortality rate is almost 70 per cent, is far higher than in other countries, which comes from the high cost of treatment and the lack of early-stage cancer screening tests. In New Zealand, the survival rate for cancer is triple that of Vietnam, partly because of better screening practices and early detection.

That is why we have decided to roll out the new product – Healthier 100 – as a financial solution for our customers to help overcome serious diseases, including cancer. We believe, chances of survival will be improved, as our customers will be supported by this product when diseases are detected early.

new aia vietnam product to help fight cancer
"There is no such thing as overprotection when it comes to health, health protection must be 100% protection" - the message AIA wants to convey via its new life insurance product "Healthier100"

What can clients get from Healthier 100?

Healthier 100 has four outstanding features that make it extremely relevant today; all focussed around “100”. It protects policy-holders from age 0 to 100, across all stages, across all types of cancer and a wide range of fatal diseases, and offers health consultation anywhere and anytime (in terms of health, process, and financial procedures).

With advancements in the field of medicine, the earlier cancer is detected, the better the chances of a full recovery. For example, five-year survival rate for early detection is 99 per cent for breast cancer, 90 per cent for rectal cancer, 68 per cent for stomach cancer, and 60 per cent for lung cancer.

Healthier 100 will help to provide a safety net for our customers, encouraging them to actively and regularly receive cancer screening. There are many positive features of this product for our customers. Customers can receive full pay out if they are diagnosed with cancer and fatal diseases at the terminal stage, payment at death, suffer an accident resulting in total and permanent disability before the age of 75, or when they reach 100 years of age.

In addition, beneficiaries will receive 50 per cent of the insurance policy in the unfortunate case of the policyholder passing away before 65 years old. Beneficiaries are entitled to a pay-out ratio of 20 per cent [maximum VND200 million ($8,700)] if diagnosed with early-stage cancer. They can get 30 per cent of total benefits [maximum VND500 million (21,740)] if getting carcinoma or fatal diseases at an early stage.

AIA Vietnam also exempts fees for two years if the policy-holder is diagnosed with carcinoma for the first time or a fatal disease at the early stage.

We are so proud to introduce this market leading product to Vietnam.

AIA Vietnam has announced breaking with the mould of an insurance provider and shifting from a “payer” to a “partner”. What does this shift entail?

Traditionally, most insurance firms are seen as purely a safety fund. In this setting, the customer-insurer paradigm centres on transactions and proof of disease or injury, and insurers are seen as essentially a source of much-needed funds – a “payer”.

new aia vietnam product to help fight cancer
"Little Kicks" with Tottenham coaches - the beginning of the journey to healthy lives for children, helping them fully develop both physically and spiritually.

However, we at AIA Vietnam see better outcomes and opportunities to extend our relationship with our customers. By becoming a “partner” we want to be more than just a safety net of last resort and encourage our customers to live Healthier, Longer, and Better Lives. AIA wants to accompany our customers on this journey through encouragement and advice every day, like a “partner”.

This is the cornerstone of AIA Vietnam’s strategy for the years ahead and 2020 is a significant milestone for AIA. We have set our mission as a “partner” with our customers to save lives by fighting one of the most prevalent diseases in Vietnam, cancer.

What will be AIA Vietnam’s strategy for the years ahead?

Our customers are at the core of what we do. AIA Vietnam is all about providing people security and peace of mind toward a Healthier, Longer, Better Life.

new aia vietnam product to help fight cancer
AIA Viet Nam’s “Little Kicks" to live Healthier, Longer, and Better Lives

At the heart of our business are our customers, our products are simply an extension of ensuring we enhance the customer experience. We have regular customer focus groups to ensure our products meet the needs of our customers. We are so proud of “Healthier100”.

As a big corporate company, with a 100 years history, we are the largest life insurance company in the world. Our focus is to provide innovative products and enhance the customer experience, and we will continue to lead the market for the benefit of Vietnamese people -What is good for Vietnam, is good for AIA Vietnam.

AIA Vietnam has received numerous awards for its efforts, achievements, and contribution to the development of the insurance industry in Vietnam, such as the Third-Class Labour Medal from the State President (2018), Certificate from the Prime Minister (2016), nine Golden Dragon awards, reputable products and services honoured by the Consumer Protection Association in 2007-2015, Top 10 Insurance Businesses by Vietnam Report (2016, 2017), Top 100 working space during 2013-2017 by Vietnam HR Award, and Best working place 2018 and 2019 by Great Place to Work in Greater China.

AIA is the world’s largest insurer in terms of capitalisation, serving 34 million individual insurance contracts and 16 million members under group insurance contracts. The total assets of AIA Group were valued at $256 billion as of June 2019, including internal value of $59.7 billion.

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