Title : Dealers Insurance - John Hancock will include fitness tracking in all life insurance policies
link : Dealers Insurance - John Hancock will include fitness tracking in all life insurance policies
Dealers Insurance - John Hancock will include fitness tracking in all life insurance policies
Dealers Insurance - John Hancock will include fitness tracking in all life insurance policies
John Hancock, one of the oldest and largest
North American life insurers, will stop underwriting traditional life
insurance and instead sell only interactive policies that track fitness
and health data through wearable devices and smartphones, the company
said on Wednesday.
The move by the 156-year-old insurer, owned by Canada’s Manulife
Financial, marks a major shift for the company, which unveiled its first
interactive life insurance policy in 2015. It is now applying the model
across all of its life coverage.
Interactive life insurance, pioneered by John Hancock’s partner the
Vitality Group, is already well-established in South Africa and Britain
and is becoming more widespread in the United States.
Policyholders score premium discounts for hitting exercise targets
tracked on wearable devices such as a Fitbit or Apple Watch and get gift
cards for retail stores and other perks by logging their workouts and
healthy food purchases in an app.
In theory, everybody wins, as policyholders are incentivized to adopt
healthy habits and insurance companies collect more premiums and pay
less in claims if customers live longer.
Privacy and consumer advocates have raised questions about whether
insurers may eventually use data to select the most profitable
customers, while hiking rates for those who do not participate. The
insurance industry has said that it is heavily regulated and must
justify, in actuarial terms, its reasons for any rate increases or
policy changes.
Customers do not have to log their activities to get coverage even
though their policies are packaged with the Vitality program. The
insurer will begin converting existing life insurance policies to
Vitality in 2019, it said.
It is too early for John Hancock to determine if it is paying fewer
claims because of its Vitality program, said Brooks Tingle, head of John
Hancock’s insurance unit. But data it has collected so far about
customers’ activities suggest that it will, Tingle said, as Vitality
policyholders worldwide live 13 to 21 years longer than the rest of the
insured population.
John Hancock’s U.S. life insurance customers can choose from a basic
Vitality program in which customers log their activity in an app or
website and can receive gift cards for major retailers after reaching
their milestones, or an expanded program that offers wearable devices
and discounts of up to 15 percent on premiums, among other benefits, the
company said.
source : https://venturebeat.com/2018/09/19/john-hancock-will-require-fitness-tracking-for-all-life-insurance-policies/
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