We ve changed the game

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1 We ve changed the game

2 Our financial strength Recent results One of the World s largest insurers Over 50 million customers 54,000 employees 300 year heritage 5 business units including Aviva Europe, with operations in 28 countries 394 billion in funds under management UK 4.3 billion IGD Source: Aviva Corporate Capabilities brochure, 30 September 2009 Aviva Group Results 04 November

3 We ve upped our game 2010 a recap Launch of Avivabroker.ie The Protected Growth Fund Our corporate solutions Group PRSA Group Pension Group Risk The savings campaign And loads more to come.

4 Introducing Income Protection from Aviva

5 Income Protection The final piece of the product jigsaw Revamping our protection suite Group Life Group Disability And now Individual Income Protection Income Protection pays you a regular monthly income if you are off work due to sickness or injury

6 Income Protection Is it the most important financial product anyone can have?

7 Income protection from Aviva Our agenda Our new product Barry McCutcheon Introducing Best Doctors Damien Payne Our underwriting and claims Jean Larkin Some sales initiatives Ronan O Neill

8 Our new product Barry McCutcheon Protection Marketing Manager

9 Income protection from Aviva An overview Guaranteed premium. Up to 75% of earnings covered. Own occupation definition for most occupations. No financial underwriting at outset, only at point of claim. Tax relief on premiums. Up to 200,000 benefit available. Ages up to 60 next birthday

10 Income protection from Aviva Features Portable - No need to tell us about change in occupation. No automatic exclusions - no standard stress exclusion for teachers. Part time workers who work at least 16 hours per week can be covered. Indexation at 3% annually and charge for this is also 3% annually. All claims in payment automatically escalate by 3% annually at no extra charge. Waiver of premium during a claim. Best Doctors Only IP provider in Ireland to offer.

11 Introducing greater coverage Widest number of occupations covered Class 1 Professional, managerial, administrative and clerical Class 2 Occupations involving occasional manual work Class 3 Skilled non-manual and manual occupations Class 4 Partly skilled and unskilled manual occupations Note: Some occupations are placed into Pricing Classes which differ from the descriptions above e.g. Teachers & Dentists are in Class 3.

12 Our occupation defintions Own occupation Essential duties This means that because of illness or injury you are totally unable to carry out the essential duties of your normal occupation and you are not engaged in any other gainful employment or self-employment.

13 Occupations Those we offer Own Occupation Class 1 - Insurance Broker, Surgeon, Clerical, Admin Class 2 - School Principal, Chef, Pharmacist Class 3 Farmer, Teacher, Plasterer, Plumber, Dentist, Nurse Class 4 Builder, Warehouse, Barman, Welder, Security TIP The more detail provided on an application form the easier it is to underwrite

14 Our occupation defintions Introducing the work tasks definition This means that you are totally unable to perform (with aids or adaptations) 3 or more of the following tasks Walking: Rising & sitting: Fine Hand Control: Communicate: Sight: Lifting & carrying: The ability to walk more than 200m on a level surface The ability to rise and sit using a chair The ability to remove five paracetamol from a blister pack in 60 seconds. To hear (with hearing aid or other aid if normally used) and speak with sufficient clarity Decreased visual ability such that even when tested with the use of visual aids, To lift and carry a 2 kg weight, 10m and place back down at table height.

15 Occupations Those we offer Work Tasks Class 1 Neurosurgeon, Journalist Class 2 Actor, Musician Class 3 Taxi, Coach or Van Driver, Bookmaker Class 4 Truck or Forklift Driver, Roofer (up to 50ft), Tiler Decline Motorbike Couriers, Fishermen, Cabin Crew & Pilots, Gardai, Defence Forces, Sportsman, Refuse Collector

16 Occupations We cover homemakers Stay at home Mums and Dads as well as people who care fulltime for ill, disabled or elderly relatives can now be covered. Standard benefit of 15,000 per annum, with the option of indexation. Definition of Disability is Work Tasks. Homemakers are Class 1 and Carers are Class 3. Growing the market for IP 538,600 people in Ireland On home duties (CSO, 2009). 161,000 carers in Ireland (Carers Association, 2009).

17 Introducing greater flexibility Widest range of deferred periods 4 week deferred period 1 st in Ireland In addition a choice of 8, 13, 26 and 52 weeks is available for all occupations. Ideal for The self-employed Income may stop immediately Self-employed are not entitled to state benefits. 4 week offered to all except those in heavy manual occupations Employers with no structured long term sick pay SME s

18 Becoming unemployed We can cover Benefit reduces to the minimum benefit of 15,000 per annum. Also applies if on career break. Definition of Disability changes to Work Tasks if it had been on Own Occupation. Option to increase cover to previous level if client returns to paid work within a year. Some competitors cease cover if the insured becomes unemployed or otherwise ceases work.

19 How Do We Compare? Price Comparison Male, Non Smoker, Age 30, Sum Assured 40,000, Retirement Age 65, Occupational Class 1 Monthly Premium ( ) Deferred Period Income Protection from Aviva (3% esc benefit in payment) Friends First (3% esc benefit in payment) New Ireland (3% esc benefit in payment) Irish Life (5% esc benefit in payment or CPI if lower) CPI currently 0.5% (ESRI) DNQ DNQ DNQ DNQ DNQ

20 How Do We Compare? Price Comparison Male, Non Smoker, Age 40, Sum Assured 40,000, Retirement Age 65, Occupational Class 4 Monthly Premium ( ) Deferred Period Income Protection from Aviva (3% esc benefit in payment) DNQ Friends First (3% esc benefit in payment) DNQ DNQ New Ireland (3% esc benefit in payment) Irish Life (5% esc benefit in payment or CPI if lower) CPI currently 0.5% (ESRI) DNQ DNQ DNQ

21 How Do We Compare? Price Comparison Female, Sum Assured 15,000, Retirement Age 65, Occupational Class 2 Monthly Premium ( ) Age 35, Non Smoker Age 45, Smoker Deferred Period Income Protection from Aviva (3% esc benefit in payment) Friends First (3% esc benefit in payment) DNQ DNQ DNQ DNQ New Ireland (3% esc benefit in payment) DNQ DNQ Irish Life (5% esc benefit in payment or CPI if lower) CPI currently 0.5% (ESRI) DNQ DNQ DNQ DNQ

22 With You in Mind Our Commission Offering Earn up to 162.5% commission in the first year Initial Premium - 13% of premium x term, maximum 130% Clawback in first year only Override of 25% of 130% for online submission Talk to your broker consultant to ensure you are part of our online scheme to receive the 25% override or visit the Avivabroker stand to find out more Renewal commission of 3% of premium per annum

23 Introducing Best Doctors.ppt Damien Payne Best Doctors Ireland Director

24 Our underwriting and claims Jean Larkin Underwriting Manager

25 Income Protection The application form Only 2 additional questions on the application form Do you currently have any physical or mental condition that restricts your normal daily activities or your ability to perform your occupation? Within the last 3 years have you been absent from work due to illness or injury for more than two weeks at a time? 2 additional hazardous pursuits listed Equestrian sports & Extreme sports) 1 more industry question Oil & Gas Driving details Additional occupation details

26 Our underwriting view Likely medical outcomes Current or history of back injury back exclusion Current or history of mental illness mental illness exclusion History of cancer terms depend on date of diagnosis and staging History of stroke decline Diabetes terms depend on age of diagnosis and whether there are any complications Asthma (mild) standard In general, conditions that are likely to cause disability will be excluded or declined.

27 Our underwriting view Non-medical limits No GP reports for auto limits GP report will only be requested for client disclosure Teleunderwriting will replace the GP report for auto limits Different non-medical limits apply based on Class 1-2 and Class 3-4 Use questionnaires where possible

28 Our underwriting view Non-medical limits

29 Our claims team A wealth of experience... Presentation title here page 29

30 Our claims A wealth of experience Notify us of the claim halfway through deferred period Complete the claim form We ll require financial evidence Employee P60 Self-employed 3 years company accounts/income tax assessment Payment made 1 month in arrears (net of tax) We ll review the claim on an ongoing basis Linked claims Proportionate & Rehabilitation benefit Presentation title here page 30

31 Our claims A wealth of experience Income Protection Claims Cardiac 10% Other 15% Musculosketal 28% Neurological 5% Cancer 19% Mental Illness 23% We paid 96.2% of claims in % didn t meet the definition of disability

32 Our sales initiatives Ronan O Neill Broker Marketing Manager

33 Our protection suite Working together

34 Lets address the issues It can be complicated What s the deferred period What job do you do What the occupational definition Own, suited, any, worktasks What class code 1 to 4..or a decline What s the medical history like What level of cover do you want What does your employer pay.. And so on.

35 Lets address the issues There are barriers to sales PHI Someone else will provide Employer The State Rely on savings

36 Income Protection But it s essential 1 in 20 1 in 8 1 in 6 47% of claims last 5 years or more 15% have 6 months sick pay Less than 10% of us actually have Income Protection

37 What s most important. Ask your customer Which of these is the most important to insure? Your house Your car Your phone Your washing machine Your life Your pension Your savings You and your income

38 Some research Customer preferences What is the most important to protect? 25% 20% 15% 10% 5% 0% Specified Illness Income Protection Life Cover Other Don't know

39 Some research Adviser preferences What is actually sold Life Cover Life/SI Cover Specified Illness Cover Income Protection

40 Your own story Could you survive Consider your outgoings Mortgage 1000 Child minder 750 Food bills 850 Utility bills 250 And so on Consider your income Salary nil State benefit 850 Income Protection can make the difference

41 Income protection is expensive Isn t it?

42 Income protection is expensive Isn t it Let s assume a male aged 35nb requires cover to age 65 50k 30k 15k 3 months deferred months deferred months deferred And what about tax relief. You can knock 20% or 41% of the above premiums..

43 Income protection is expensive Isn t it not really! 50k 30k 15k 3 months deferred months deferred months deferred Assumes client is a 41% taxpayer

44 The target market Effective customer targetting is key to successful IP sales

45 How can Aviva help you? Our campaign initiative We ve linked up with Best Advice & Omnibroker Created a campaign just for you From 1 September till 31 of October A campaign at the touch of a button Targetting year olds

46 How can Aviva help you? Our campaign initiative Presentation title here page 46

47 How can Aviva help you? Our campaign initiative Presentation title here page 47

48 What s the size of the prize? It s bigger than you think Males aged Total population within Omnibroker 423,000 97% have no Income Protection 32% have no protection at all Females aged Total population within Omnibroker 202,767 97% have no Income Protection 28% have no protection at all

49 Why choose Aviva?

50 Why choose Aviva? Our key selling points 1. Price we are the cheapest 2. Best Doctors unique to Aviva 3. Widening the occupations covered growing the market 4. Homemakers cover unique to Aviva 5. Deferred periods widest range 6. Expertise in underwriting & claims 7. No financial underwriting up front 8. Up to 162.5% commission paid

51 Something a little different The 3D experience Presentation title here page 51

52 Something a little different The 3D experience

53 Something a little different The 3D experience

54 Thank you Any questions?

55 Income protection In summary IP is vitally important for your customers future Customers need to take ownership for their wellbeing IP can be as complicated or as simple as you want We need to become advocates for its benefits and its importance Best Doctors could be the difference Target, target, target be ruthless

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