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VitalityLife – Changing Life Insurance For Good

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In View Summary

VitalityLife promotes engagement in wellness and then actuarially and clinically determines the effect of this engagement on clients mortality, morbidity and health risk

VitalityLife offers incentives for living healthily and actuarially and clinically determines the effect of this engagement on clients’ mortality, morbidity and health risk

VitalityLife is the fastest growing insurance provider in the United Kingdom. Originally branded as PruProtect (a joint venture with Prudential Group), Discovery Life Group bought a majority ownership in 2010 and changed its name to VitalityLife.

Unlike traditional insurers who underwrite policies based solely on your age and health status, VitalityLife employs a different approach where it offers incentives for you to live more healthily. Specifically, Vitality rewards an active life style and then actuarially and clinically determines the effect of this engagement on your mortality, morbidity and likely health risks. VitalityLife then prices these effects dynamically into the insurance premium over time thus lowering the cost for those who embrace a healthy lifestyle.

Essentially, the healthier you get, the more Vitality lowers your premium whilst simultaneously rewarding you. It is a virtuous circle that is good for the customer, good for Vitality, and good for society as a whole.

Even more impressive is the fact that Vitality Life has signed up more than 5.5 million members to its reward program, which has pioneered change in the UK life insurance market.

According to Discovery CEO Adrian Gore, “Discovery’s increased investment in the UK has always been part of our longer-term strategy. It will afford us the opportunity to realise our vision to further entrench our insurance model and to be recognised as the best protection provider in the UK. Being highly receptive to the needs of our clients, and highly engaged with them, mean that we are well placed to achieve our goal of substantially improving the health of two million people in the UK by 2020.

Reported Benefits

Benefit to Customers

  • Health partner discounts
  • The opportunity to reduce your premiums by looking after your health
  • The opportunity to earn cash back
  • A range of additional rewards

Benefit to the Insurer

  • Rapid growth in tech savvy millennials (new market segment)
  • Reduced claims cost due to online processing
  • Entry into markets with otherwise high entry barriers (entry through partnerships)
  • More trust and transparency in customer interactions
  • Superior actuarial dynamics and higher profit margins

The Digital Insurer's View

VitalityLife is successfully tapping into a wealth of consumer data it acquires through health assessments and wearables that record fitness levels, and using advanced analytics to improve underwriting and influence customer behavior. Vitality’s program, a direct marketing innovation, has also been effective in driving customer engagement and retention, which is evident from the rapid growth of VitalityLife in UK.

Ultimately, the success of VitalityLife’s behavior-based insurance model highlights a direct correlation between incentives and client purchasing behavior. This paves the way for the testing of further unique and innovative big data use cases in the insurance value chain.

References

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