Allianz Retire+ and AIA have formed a strategic partnership aimed at addressing Australia's growing retirement challenge.
The partnership will bring together health, wellbeing and guaranteed lifetime income solutions “to help Australians better prepare for and live well in retirement”.
According to the two insurers, the pair will seek to work with superannuation funds, wealth platforms, financial advisers and retirement service providers to “keep Australians healthier during their working lives” as well as encourage earlier engagement with retirement planning.
“The strategic partnership brings together more than two centuries of experience and combines the strengths of AIA Australia’s expertise in health and wellbeing, behavioural science, member engagement, and financial wellbeing, with Allianz Retire+’s expertise in guaranteed lifetime income, including its Allianz Guaranteed Income for Life (AGILE) solution,” the insurers said.
AIA will bring its behavioural science-baked health and well-being propositions to the table, including AIA Vitality, with Allianz providing retirement income solutions through AGILE.
“At AIA, we are focused on helping people live healthier, longer, better lives. We know that people are currently living longer, but they’re not necessarily spending their later years in good health; and financial security plays a big part in someone’s overall wellbeing,” Damien Mu, chief executive of AIA Australia said.
“This is why we’re partnering: we bring our expertise in lifelong engagement and wellbeing to the table, to combine with the Allianz Retire+ market-leading retirement income guarantee.
“We’re excited about the opportunity for this partnership to provide the two-fold solution to the retirement puzzle: lifetime income security alongside a healthy and comfortable life.”
The strategic partnership, according to Allianz Retire+ chief executive David Kane, comes at an important point for Australia’s retirement system, “as government and regulators increasingly call for solutions that give Australians greater confidence and certainty in retirement”.
“Allianz Retire+ is experiencing positive momentum as advisers, superannuation funds and retirees increasingly recognise the value of retirement income solutions, including Allianz Guaranteed Income for Life (AGILE). This reflects a broader shift in how Australians are preparing for retirement and managing longevity risk,” he said.
“This strategic partnership with AIA Australia builds on that momentum and strengthens our ability to meet rising demand across the market. By bringing together Allianz Retire+’s retirement income expertise and AIA Australia’s strengths in health, wellbeing and customer engagement, we can help more Australians retire with confidence and achieve better retirement outcomes,” Mr Kane said, reported Independent Financial Adviser.