John Hancock is leveraging advancements in wearable technology to create ‘smart life insurance’ products
John Hancock, the US based insurer and financial services company, has introduced a new approach to life insurance that helps its customers secure their financial future. It also gives them an opportunity to save on insurance premiums and earn additional rewards and discounts based on healthy choices and participation.
John Hancock leverages the wealth of data collected by wearable technologies, including the popular FitBit bands and Apple Watch, to reward their customers. To facilitate this, in April 2015, John Hancock partnered with Vitality, a leading provider of interactive, personalised wellness programs, to design a new life insurance product that offers up to a 15% premium discount to customers who track their healthy habits like exercising, getting an annual health screening or getting a flu shot, etc and share that information with the insurance company. New buyers even get their own FitBit band to begin tracking.
“We want to make life insurance more immediate and relevant in the daily lives of our policyholders and help connect their financial well-being to their long-term health,” said Michael Doughty, President, John Hancock Insurance. “The latest advancements in wearable technology are encouraging people to take a more active role in their health, and it’s time we applied these innovations to create ‘smart life insurance‘ and recognise and financially reward consumers for their positive actions.”
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