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AIA Life, the local branch of Asia’s largest multinational life insurer, launched a marketing initiative to raise awareness of protection needs for the vast majority of households without insurance against cancer and death.
Launched in May, the campaign urges the public to identify the protection gap they have against risks in their life and increase their coverage.
“Having led the life insurance industry in the Asia Pacific region, we want to stand on the forefront of the market as we aim to upgrade the protection for Korean people through this campaign. AIA Life CEO Daniel Costello said.
Launched in May, the campaign urges the public to identify the protection gap they have against risks in their life and increase their coverage.
“Having led the life insurance industry in the Asia Pacific region, we want to stand on the forefront of the market as we aim to upgrade the protection for Korean people through this campaign. AIA Life CEO Daniel Costello said.
A study by Korea Life Association said nine out of 10 households have at least one insurance policy. A single Korean family spends about 5 million won every year for life insurance premiums with an average of 4.4 life insurance policies. But AIA says the seemingly sufficient protection is in contrast to the actual number of people under protection.
“Only 37 percent of Korean households are insured against death, leaving the rest vulnerable to income shortage for the remaining family members,” the insurer said.
Dubbed as “Rebalance your life,” the campaign has been making its message through outdoor advertising media including subway stations and bus shelters. AIA Life has also been using social networking media such as Facebook and blogs to spread the message.
Its new TV commercial features a family tour, unprotected against risks, who casually walk into a safari to come across various dangers but are given safe protection from AIA Life in the end.
The company is currently focusing on ensuring that its products provide stable income stream in the event of cancer, deaths and retirement. It has launched an upgraded variable whole life product called AIA Our Family VUWL to meet the demand for lifetime protection.
“We will continue to provide an innovative suite of protection solutions our customers need and position ourselves as the premier protection provider in the market,” Costello said.
By Cynthia J. Kim (cynthiak@heraldcorp.com)
