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Manulife Unveils Innovative ManulifeMOVE Program

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In View Summary

 

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The forward-thinking approach to insurance is tailored to an increasingly digital savvy customer base and reinforces the company’s position as a leading advocate for greater health and wellness

ManulifeMOVE’s approach to insurance is tailored to an increasingly digital savvy customer base and reinforces the company’s position as a leading advocate for greater health and wellness

Manulife Asia launched the ManulifeMOVE program in 2015 as a unique insurance concept for Hong Kong consumers that rewards them for being healthier and more active. The forward-thinking approach to insurance is tailored to an increasingly digital savvy customer base and reinforces the company’s position as a leading advocate for greater health and wellness.

Specifically, ManulifeMOVE enables members to measure various health indicators using Fitbit Flex or Misfit Shine fitness trackers, handed out to those who join the program and thus qualify for a discount on their premium by up to 10%.

For example, when members sync their fitness tracker with the ManulifeMOVE mobile app on iOS or Android devices, members can track changes over time and keep tabs on the number of steps they walk or run.

manulifemoveadv

To become a ManulifeMOVE member and participate in this model, consumers simply need to fulfill the following criteria:

  • Aged 18 or above, and you must be the person insured and policy owner of your eligible plan with residency in Hong Kong or Macau
  • Provide a valid email address when you sign up to the policy

 

Michael Huddart, Manulife’s Executive Vice President and General Manager for Greater China, said: “We’re excited that Hong Kong is the first market where Manuife Asia is launching ManulifeMOVE. Consumers here are very digital-savvy and with ManulifeMOVE we’re offering them a more relevant solution; an engaging way for members to stay healthy and measure their activity, using just their mobile and a fitness tracker.

Reported Benefits

Benefit to Customers

  • As a member of ManulifeMOVE, customers can enjoy premium discounts of up to 10% on their original premium.

 

Benefit to the Insurer

  • Wearable tech and IoT adoption enhances the risk assessment capability of Manulife
  • By adopting wearable technology, Manulife is likely to reduce the size of their claims in the future
  • Enticing discounts on premiums will help Manulife earn the trust of policyholders leading to deeper market penetration

The Digital Insurer's View

This ManulifeMove program clearly represents how digital technology is pushing the insurance industry from reactive health protection to proactive health promotion. For the industry at large, this is how digital is going to impact the nature and quality of policy holders relationships, which insurers will enjoy with its customers in the future. In order to compete effectively, insurance companies are identifying market segments where they can tap into new opportunities for  improved customer experience, better risk selection and loss prevention by embracing digital technologies like the hardware/software marriage seen in this move by Manulife Hong Kong.

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