AIA Hong Kong sees health as a city’s wealth, CEO says
- The insurer supports customers joining Hong Kong’s new Capital Investment Entrant Scheme with its health and wealth propositions, and expands its health advocacy through the ‘Rethink Healthy’ initiative
Health is a city’s most important asset1, according to the World Health Organization. If a city prioritises health, then better productivity, reduced costs for the public healthcare system and even positive impacts on climate change will follow.
Among all health issues, non-communicable diseases (NCDs), also known as chronic diseases, are collectively responsible for the deaths of 41 million people each year, accounting for 74 per cent of deaths worldwide2.
“Chronic diseases such as diabetes and heart disease, while they are non-infectious, are now among the greatest health threats of our time,” says Alger Fung, CEO of AIA Hong Kong & Macau.
Indeed, NCDs are one of the 21st century’s major health and development challenges, both in terms of human suffering and the damage they cause to a country’s socio-economic fabric. NCDs carry a huge cost that extends beyond health, creating enormous disparities in terms of opportunity, wealth and power3. According to the World Economic Forum, treating NCDs will have already cost the world US$30 trillion by 2030.
Health is wealth
“Insurance is to protect people and communities, helping them to be future-ready. The data is clear – health is a prerequisite for our city to prosper. As a leader in insurance and an organisation deeply rooted in Hong Kong, we passionately believe that we have the responsibility to help people live healthier, longer and better lives,” Fung says. “This is the right thing to do for society, and for AIA.”
Fung calls for the prioritisation of health in Hong Kong for the city’s long-term competitiveness and sustainability. Besides continuous efforts in delivering its Integrated Health Strategy to offer accessible, affordable and effective healthcare, the leading insurer is also starting the “Rethink Healthy” movement in Asia to promote a more holistic and sustainable approach to well-being that is inclusive, relevant and achievable for people in the region.
AIA’s group-wide “Rethink Healthy” initiative seeks to challenge stereotypes and narrow depictions of health in Asia, and calls for new definitions of health that will encourage more people to live healthier.
It tackles four aspects of health, which include physical, mental, financial and environmental health, and it also supports the “AIA One Billion” goal – an ambition to engage 1 billion people to live “Healthier, Longer, Better Lives” by 2030, in line with the insurer’s purpose.
Fung says: “From research, we understand that many people have misperceptions about health, thinking the journey to becoming healthy is an uphill struggle that only a handful of people can achieve. It is imperative that this limiting mindset expands, because it can hinder people from taking action that benefits their overall health.”
He adds: “For example, instead of thinking that being fit means running a marathon, consider that taking a walk every day is also an act of health.” Or, if meditating feels too time-consuming or even incomprehensible, Fung suggests simply starting with getting enough sleep every night. Essentially, the campaign urges people to reframe their minds to take feasible, doable actions that will help sustain a healthier lifestyle.
The company is leveraging integrated ways to encourage Hongkongers to “Rethink Healthy”. Just last month, it launched a 10-day, free-for-all “AIA One Billion Week” event with diverse health experiences such as the first Ninja Challenge in Central for ages six to 60, plus the Sky Mirror at the Hong Kong Observation Wheel for people to take photos, together with a series of cheering activities paying tribute to Hong Kong athletes, including a free ride day on the Observation Wheel. All these activities shared the message that “healthy” comes in different shapes and forms, and it is not that difficult to achieve.
Efforts beyond insurance
As part of its bid to contribute to the city’s sustainable development, AIA Hong Kong is rendering full support to the government’s new Capital Investment Entrant Scheme (CIES) and its mission to encourage asset owners to settle in Hong Kong and explore its range of investment opportunities through wealth allocation and management.
This programme allows qualified individuals, including high-net-worth (HNW) customers, to relocate to the city by making a capital investment in the form of financial assets.
Against the backdrop of CIES, AIA has been partnering with a range of professional value-added services ecosystem partners to offer tailored services that include relocation assistance as well as local and overseas education solutions for children, in addition to privileges such as tax planning referrals and office set-up to cater to the specific needs of HNW customers.
All of this ecosystem support has been well received by the market, from which AIA has already successfully received insurance purchases to support HNW customers for their CIES applications.
At the same time, AIA recognises the strong demand for tailor-made comprehensive wealth and health management services among its HNW customers, which is why in 2023 it launched an innovative trio – the AIA Alta Wealth Management Centre, AIA Alta Wellness Haven and AIA Club Alta – to meet their evolving needs.
“The premium service ecosystem integrating physical and mental well-being, wealth management and medical protection is very well-received by our HNW customers. This is partly attributed to our leadership position and financial strengths, but on the other hand, it is also because we focus on addressing the diverse needs of these customers by offering them premium value-added health services that go beyond insurance, bringing to life ‘health is wealth’ as they continue to prosper or start their new chapter in Hong Kong,” Fung says.
“For example, in the AIA Alta Wealth Management Centre, which is the first of its kind4 in the insurance industry, our financial planners not only provide professional consultation on insurance protection and savings solutions, but also work together with an on-site wealth management and legacy planning team to support customers with convenient access to expert advice,” he adds.
“The Centre also partners with multiple international organisations to provide customers with advisory services through referrals on trust, legacy, tax, legal and premium financing.”
Another first in the insurance industry5 is the AIA Alta Wellness Haven. Blending science seamlessly with Eastern and Western philosophies, the team of wellness experts at the AIA Alta Wellness Haven empowers members with personalised healthcare and health management solutions, as well as a suite of wellness services that address their specific needs with preventing suboptimal health and achieving holistic well-being.
Furthermore, the establishment of the prestigious AIA Club Alta offers esteemed members an array of bespoke benefits that include wealth management, health and wellness service privileges, and exclusive access to lifestyle events and experiences.
Fung says that all together, these efforts and programmes bring AIA Hong Kong’s holistic proposition to life. They are just a few of the many ways in which AIA goes beyond its role as an insurance provider to also serve as the city’s lifelong health partner.
AIA Hong Kong also prides itself on offering unique lifestyle experiences for all. Fung cites the annual AIA Carnival featuring thrill rides, family-friendly game booths and live performances, which has become a signature event on Hong Kong’s festive calendar each year.
In addition, the insurer has been sponsoring a variety of cultural, sports and music events throughout the year, and also engaging youth through the AIA Scholarships, which were established in 2020 with a pledge of US$100 million, as well as the AIA Healthiest Schools Programme.
Fung says: “Through various partnerships, events, community programmes and campaigns, we will continue to educate, inspire and support our communities to improve people’s physical, mental and environmental wellness while also championing financial inclusion.”
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4 As of March 13, 2023, compared with services provided by Hong Kong’s major insurance companies.
5 As of August 1, 2023, compared with services provided by Hong Kong’s major insurance companies.