Life Insurance Company, John Hancock, Embraces Wellness with Success

Both health and life insurance companies have discovered how wellness programs can be used to attract and reward policyholders who pursue a healthy lifestyle (see:Wearable Health Monitoring Devices: a Means to Lower Insurance Costs?;Apple Watch"Gifted" to Insurance Policy Holders; Any Gotcha's with the Deal?).John Hancock is moving in this same direction as described in a recent article (see:John Hancock wants to turn life insurance into a wellness game). Below is an excerpt from it:The financial services company [John Hancock] said Wednesday that it will attach a free version of its wellness program,Vitality, to all life insurance policies. Through the program, customers can log fitness and health information with the company in exchange for discounts at places like Amazon and REI.For an extra $2 per month, customers receive a free Fitbit or an Apple Watch for $25. If they hit certain targets, they don't have to pay more for the devices and can receive up to 15% off annual premiums. The insurer says that the wellness program is changing the way people think about its products.....John Hancock hopes that encouraging and rewarding healthy behavior will help customers live longer. The company can then make more money investing premiums while deferring the payment of claims. In the meantime, it gets a trove of data on policyholders, while deepening its relationship with clients. The information John Hancock collects could make it easier to direct li...
Source: Lab Soft News - Category: Laboratory Medicine Authors: Tags: Cost of Healthcare Healthcare Business Healthcare Innovations Healthcare Insurance Medical Consumerism Preventive Medicine Source Type: blogs