DISCOVERY has named John Hancock Insurance, which will sell products developed on the Vitality model, rewarding policyholders for good behaviour, as its new US life-insurer partner.John Hancock, one of the largest US life insurers and a division of giant Canada-based financial services group Manulife, launched a suite of products on Wednesday similar to those of Discovery Life.Discovery is expanding globally through joint ventures in which it embeds its Vitality actuarial model into insurance products. This includes partnerships with AIA in Asia and Australia, and the Italian-based Generali Group. The Vitality model offers lower premiums to customers with healthier behaviour. This benefits the insurer through lower claims and improved mortality rates.Adrian Cloete, PSG Wealth portfolio manager, said the deal would not affect Discovery’s earnings in the short term but offered a "huge opportunity" in the long term. "Discovery doesn’t have the distribution and scale to build an insurer...
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