Introducing Digital Arrears Notifications

At AIA, we’re committed to continually improving our customer communications and experience. That’s why we’re enhancing our existing Arrears process by introducing digital notifications.

If a customer misses a payment, it’s important they are informed quickly, so they have time to resolve outstanding premiums and stay protected.

By connecting with customers at the right time and with the right information, we can help to reinforce the value of insurance and reduce lapse.

Three new Arrears email touchpoints will increase speed of communication, awareness and customer action with digital and self-service channels available.

We’re embracing a customer centric approach, with x1 email per customer vs per policy, with content to reflect whether a customer has one or multiple impacted policies.

Emails will be sent at the following points in the arrears journey:

eDM #1 - Arrears >28 days

eDM #2 - Lapse

eDM #3 - Lapse +15 days

Please note, these digital notifications will be sent in addition to the printed Arrears notifications a customer receives. Email notifications will not be available in Sovlink.

We’re here to support you and your clients with successful Arrears resolution. FAQs are included below. If you have additional questions, please reach out to your BDM.

FAQs

How can I see if my client is in arrears?
In AIAHub, customers who are in arrears by one month will appear in the Arrears Report.

Note: it may take a day or two either side of this statement to account for various payment frequencies.

What is the arrears process?

For Sovereign TCM & AIA Living

Weekly – if the first attempt is unsuccessful, we attempt to double deduct in week two and so on for up to three months, after which time the policy lapses.

Fortnightly – if the first attempt is unsuccessful, we attempt to double deduct the next fortnight and so on for up to three months, after which time the policy lapses.

Monthly – if the first attempt is unsuccessful, we attempt to double deduct the next month, and if unsuccessful, triple deduct the month after. If the deduction fails after three attempts, the policy will lapse.

Quarterly / Half Yearly / Annual – if the first attempt is unsuccessful, we attempt the payment again on month two and three if unsuccessful. If the deduction fails after three attempts, the policy will lapse.

All arrears letters are sent monthly regardless of payment frequency i.e. arrears letter at month one, arrears letter at month two, lapse letter at month three (90 days) and policies with 3+ months of arrears will lapse on the last working day of the month.

For AIA Real

Fortnightly – if the first attempt is unsuccessful, we attempt to double deduct the next fortnight. If the double deduction is unsuccessful, we attempt to triple deduct the next fortnight. If the triple deduction fails, no further attempts are made.

Monthly – if the first attempt is unsuccessful, we attempt to double deduct the next month. If the double deduction fails, no further attempts are made.

Quarterly / Semi Annual / Annual – if the first attempt is unsuccessful, no further attempts are made.

Arrears letters are sent when a customer is seven days overdue. Once another payment is missed (or remains outstanding for a further 30 days) a second overdue notice is sent. If the policy is unpaid for 60 days, the policy lapses and a lapse letter is sent.

How can my clients pay their arrears?

If your client takes no action, we will automatically attempt to double deduct on the next payment due date (noting the arrears and lapse processes above).

The client can pay outstanding premiums through online banking, one transaction per policy, using their policy number as the reference. Search for AIA NZ Limited under Bill Payees or Pre-Authorised Organisation or enter bank account: 12-3107-0009105-02

The client can LiveChat or call our team to request a manual deduction.

The client can email enquirenz@aia.com requesting a manual deduction to clear the arrears. Alternatively, you can forward an email that you have received from your client requesting this, provided it is from the customer’s email address we have on record.

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