AIA Singapore boosts mental health support and enhances corporate insurance benefits for over 1.3 million employees

SINGAPORE - Media OutReach Newswire - 4 October 2024 - AIA Singapore, the leading insurer in employee benefits, today announced substantial enhancements to its corporate insurance policies starting in 2025. This includes a first-in-market expanded inpatient coverage for mental health care and other enhanced benefits to provide more accessible and inclusive support for its corporate customers, at no additional premiums.

Designed to address the evolving needs of employees today, these improvements are poised to benefit approximately one-third of Singapore's workforce, demonstrating AIA Singapore's commitment to providing comprehensive employee benefits solutions.

Critically, over half (59%) of Singapore consumers believe that they need or might need more resources or support for mental wellness, identifying affordability (66%), accessibility (53%), and presence of workplace initiatives (51%)[1] as essential resources and support required. This is especially worrying as nearly 1 in 2 (44%) Singaporeans experience mental health struggles[2].

Businesses also face considerable repercussions from poor employee mental health, with productivity losses reaching up to 40% among those struggling with mental health issues[3]. As the leading provider of employee benefits, AIA Singapore's corporate insurance policy enhancements are set to make a substantial positive difference for more than 1.3 million employees they insure[4].

"Today, achieving holistic wellness means going beyond physical fitness and taking care of both physical and mental wellbeing. With full-time employees in Singapore averaging over 40 hours per week at work[5], employers hold a crucial responsibility in supporting their employees' mental health. Recognising this, AIA Singapore is dedicated to partnering businesses by offering comprehensive and flexible benefits that prioritise their employees' well-being," said Kenneth Tan, Chief Corporate Solutions Officer at AIA Singapore.

More inclusive and accessible health benefits for employees and their loved ones

In 2025, corporate employees insured by AIA Singapore will receive enhanced support for their mental wellness under the Group Hospital & Surgical Insurance (GHS). Setting a new standard for employee mental health coverage, AIA Singapore will be the first in market to expand inpatient plans to automatically include inpatient mental care. This ensures that the actual costs of inpatient mental health treatments will be fully covered, up to the plan's maximum limit.

This enhancement makes quality mental health care more accessible and convenient, empowering individuals to seek timely support for their mental wellness. Additionally, by treating mental health with the same importance as any other health condition, AIA Singapore aims to reduce the stigma surrounding mental health — which 6 in 10 (58%) of of Singapore consumers feel that there is stigma towards mental health[6].

Seamlessly integrated into the AIA eBenefits app for user convenience, AIA's Think Well WhiteCoat services, such as unlimited text chats with psychologist and daily self-assessment tools, are designed to help employees manage their mental health symptoms on a day-to-day basis, preventing more serious problems from taking room and promoting early long-term mental wellbeing. These services are seeing an upward trend in utilisation, highlighted by a five time increase of adopted users utilising these services, with a 64.6% rise in text-based mental wellness sessions from 2023 to 2024, according to WhiteCoat's Think Well Quarterly Insights Report[13].

"As the evolving needs of Singapore's workforce and enterprises continue to surface, AIA Singapore is steadfast in transcending traditional insurance offerings by delivering accessible and holistic support aimed at safeguarding physical, social, mental and financial well-being. These forthcoming corporate insurance policy enhancements underscore AIA Singapore's unwavering commitment to crafting flexible, insight-driven solutions that partners employees on their journey to live Healthier, Longer, Better Lives," added Mr. Tan.

For more information on the corporate insurance policy enhancements, please reach out to your respective sales intermediaries or AIA representative.

AIA Group Limited and its subsidiaries (collectively "AIA" or the "Group") comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR[1], Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR[2], and a 49 per cent joint venture in India. In addition, AIA has a 24.99 per cent shareholding in China Post Life Insurance Co., Ltd.

The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$289 billion as of 30 June 2024.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 42 million individual policies and 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock codes "1299" for HKD counter and "81299" for RMB counter with American Depositary Receipts (Level 1) traded on the over-the-counter market under the ticker symbol "AAGIY".

[1] Hong Kong SAR refers to the Hong Kong Special Administrative Region.

[2] Macau SAR refers to the Macau Special Administrative Region.