SMART INSURANCE
US insurer John Hancock to sell only Vitality-linked cover
Discovery’s model of incentivising healthy living is making huge inroads in the US. One of the US oldest insurers, John Hancock Financial, announced on Wednesday it would sell only interactive life insurance linked to Fitbit armbands that are provided by Vitality. This will provide a significant platform for Vitality as John Hancock has about 10-million customers. Vitality is an incentive programme that rewards members for adopting a healthy lifestyle and being more active. The move to completely discontinue underwriting traditional life insurance is a bold one that no other traditional insurer has undertaken. "The remarkable results of our Vitality offering convinced us this is the only path forward for the industry," said Brooks Tingle, head of John Hancock’s insurance unit. "We have smart phones, smart cars and smart homes. It’s time for smart life insurance that meets the changing needs of consumers. We believe this is the future of our industry, and I encourage other insurance ...
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