Changes in society over the years has seen the emergence of an ever-increasing number of women taking up the role of decision-maker in the family.
And with the progression of product development and focus on target markets, one insurance company has made an Australian market first with the release of a women’s only insurance product.
Earlier this month, American International Assurance (AIA) launched Women’s SmartCover, which includes the female crisis assistance benefit. This benefit is the first of its kind in the Australian life insurance market.
The female crisis assistance benefit covers the more common health issues for women including carcinoma in situ of the breast and cervix — pre cancerous conditions that if left unchecked may ultimately lead to invasive cancers.
Breast cancer is the most common malignancy in women. With the widespread implementation of breast cancer screening programs, the detection and treatment of the disease is increasing. Carcinoma of the cervix is the most common gynecological tumour. It is found when a woman has a Papanicolaou (Pap) smear.
The benefit also covers osteoporosis and a number of complications women can face during pregnancy, as well as congenital abnormalities of children such as blindness, deafness and down syndrome.
“These are events that have not been covered in the past in a traditional life product, and the benefit is unique in Australia,” AIA director of life and annuities Pina Sciarrone says.
The Women’s SmartCover product has been on the Asian market for a number of years, where it has been received with success. But with the wide differences between the Asian and Australian markets, Sciarrone says the group is not relying on this success.
Instead, she says AIA have “thrown the product into the market” and are now gearing up to increase its awareness among advisers.
Information seminars for advisers will be held across each state by AIA, and according to Sciarrone, some female advisers will be conducting their own launches with clients, incorporating the help of prominent women, to raise the awareness of the product.
“Initially, we were concerned about how our male advisers would feel about discussing this product with women, but what we can see so far is that our male advisers are taking this on really well,” Sciarrone says.
While the launch of Women’s SmartCover is an Australian first, the product could be replicated by other insurance companies in the future.
“Other insurance companies will be watching the success of this product, but AIA tends to be a company that experiments more with products and is more of a niche market player,” Sciarrone says.
—By Nicole Szollos
