For most people, innovation and insurance don’t go hand-in-hand – and for good reason. The insurance industry has historically been slow to innovate and adopt new technology. But in the words of the great Bob Dylan, “ The Times They Are a-Changin’ “.
An example of this innovation comes from John Hancock Life Insurance Company (Hancock). Earlier this year, John Hancock launched a program offering premium savings of up to 15% for the things they do to stay healthy.
The fitness-tracking service (Fitbit) is part of Hancock’s Vitality program aimed at integrating wellness benefits with life insurance. Customers earn points for various activities from tracking their daily habits with Fitbit. These activities can include running a 5K race, getting a flu shot, and more. In addition to premium savings, these points can be redeemed for gift cards, discounted hotel stays and airline travel.
With wellness benefits and exercise activities becoming commonplace in employer-sponsored group health insurance programs, why not save money on your personal life insurance coverage while you’re at it?
The fitness-tracking service (Fitbit) is part of Hancock’s Vitality program aimed at integrating wellness benefits with life insurance.
Why we like what we’re seeing…
- Easy to understand and transparent pricing
- Policyholder able to reduce premiums by adopting or maintaining healthy lifestyle
- Taking advantage of technology
- More flexibility and control when making product design choices now and in future
- Insurance carriers beginning to embrace innovation and not fight it
Life insurance products are issued by John Hancock Life Insurance Company (U.S.A.), Boston, MA. Opinions in this blog are our own. Vitality program may not be available in all states.