AIA Korea’s mobile wellness management application, AIA Vitality, was recognized for its innovation at the Maekyung Financial Product Awards. Now in its 24th year, the Maekyung Financial Product Awards recognizes original and pioneering financial products developed across all financial sectors including banking, insurance and fintech industries.
Launched in 2018, AIA Vitality is a mobile health and wellness management application that motivates its users to exercise through easily achievable weekly health goals or "weekly missions." When these weekly missions such as reaching a certain number of steps in a week or quitting smoking are met, the customers are provided with practical rewards, such as discount in insurance premium or mobile subscription fees, Starbucks coupons, and online bookstore gift vouchers. The program is based on theories of behavioral economics, where a user is prompted to repeat certain behaviors, in this case working towards health goals, in order to receive rewards, which ultimately leads to the development of healthy lifestyle habits.
AIA Korea has integrated the AIA Vitality service with its insurance policy offers. The Vitality integrated policy earned a 6-month exclusive sales license from the Korea Life Insurance Association for its innovation and creativity. The policy differentiates itself from other insurance policies with its dynamic pricing system, where an insurance premium is discounted according to the number of steps taken by the application user.
Byun Chang-woo, CMO of AIA Korea, stated, “AIA Korea is honored to have been selected as the recipient of the Maekyung Financial Product Awards,” adding, “This has served as an opportunity for us to demonstrate our innovation and leadership in fintech development. AIA Korea will continue its efforts to introduce more innovative and customer-oriented products and services.”
AIA Vitality, provided by AIA Korea, has been cited as one of the most successful wellness programs in the world. The service began in 1997 by Discovery, a medical and financial services company based in South Africa. It is currently being offered in 16 countries all over the world including Asia-Pacific, where AIA Group owns the exclusive rights to the service.