AIA delves into the health insurance market

AIA Australia has formed a partnership with health insurance group Geelong Medical and Hospital Benefits Association (GMHBA) and South African financial services provider Discovery to offer health insurance. The partnership is to launch a health and life insurance product called myOwn, bundled with AIA's Vitality wellness program. 

Though it is common practice overseas, due to legislation barriers this is the first time an Australian life insurer has moved into health insurance. Under this deal, GMHBA will offer its members the Vitality program. 

At the Sydney leg of AIA's Life of Advice Series, head of distribution for health Craig Parker named six non-aligned dealer groups taking part in the initial three-month launch of the product, starting 10 July. The groups are Aon, Bombora Advice, Integrity Financial Planners, Sentry Group, Sentinel Private Wealth and Synchron.