In a move that may inspire more healthy eating habits than any other inducement, John Hancock, the insurance conglomerate, has placed the discount gauntlet squarely at the feet of their life insurance customers with the issuance of their “Vitality” life insurance product.
As John Hancock explains, they turned to pairing technology, incentives and science to inform and reward customers to make healthy choices every day. They claim their internal data shows that those who adhere to the “Vitality” protocols will live 13-21 years longer and generate 30 percent lower hospitalization costs than the rest of the insured population.
When a company reaches into our pockets and either takes or places money into those pockets, it garners attention, especially to the owner of the pocket.
Going forward, John Hancock will be availing their “Vitality” application to their insured population, at no cost. For those who wish to receive the full benefits of the program there will be an additional fee, reduced premiums, and participants will be expected (though not mandated) to wear a FitBit or Apple Watch. Apple Watch purchase is at a discount and subsidized by the insurance company. The subsidy is calculated by the number of workouts completed by the insured.
The auto insurance sector had made the transition into this new territory long ago. Progressive, for example, offers their insured two avenues to savings via their “SnapShot” program. The insured either download a mobile app to their smart device or put a plug-in device into their vehicle.
Progressive then monitors acceleration, hard braking, logs trips, distance, times, time driving, time idling, time at highway speed, miles per gallon, average speed, etc. In exchange, those with fewer accelerations or fewer hard-braking events will pay less in premiums.
*** This is a Security Bloggers Network syndicated blog from Cylance Blog authored by Christopher Burgess. Read the original post at: https://threatvector.cylance.com/en_us/home/insurance-companies-are-monitoring-personal-telemetry.html