One of Australia's largest life insurers, AIA Australia, is entering a joint venture with a not-for-profit health fund and a financial services provider to launch a new combined life and health insurance brand.
AIA Australia's partners are health fund GMHBA and South African company Discovery. The three will work under the new brand myOwn and offer both life and health insurance, along with AIA's wellness programme AIA Vitality,reported Financial Standard.
AIA Australia chief executive Damien Mu said: "Collectively, we will bring together the best of each organisation and create a new way to engage with insurance, allowing customers to experience the innovative offering and supporting them to be well, get well, and protect their future."
GMHBA Chief Executive Mark Valena said myOwn represented "a new form of insurance offering -- one that will bring together health insurance, life insurance and wellbeing: there hasn't been anything like this available on the market in Australia before".
"This is a significant step forward for GMHBA, as not only will it provide a valuable point of difference for us as a fund, but it will also increase value for our members as they engage in a programme that is orientated around a healthy lifestyle," Mr Valena added.