Life Insurance Companies Track Fitbit Data to Offer Customers Discounts for Their Wellness Routines
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Does your weight maintenance program also help you save money on your health or life insurance? If you use a fitness tracking system like Fitbit, then you may be in luck.
John Hancock Life Insurance is joining other agencies and offering a discount on insurance premiums for those who hit their daily step and activity goals. In total, customers can save up to 15% if they allow the insurance company to monitor their Fitbit data over the course of a year.
Once their goals have been reached, the company reviews the data and will offer a rebate.
John Hancock Life Insurance who use the Fitbit also receive additional perks, including half-price hotel stays, Amazon gift vouchers and other rewards points for hitting their three medium-intensity workouts each week — like a weekly golf game or a morning jog.
Other activities and behaviors will also earn consumers reward points. Nonsmokers get 1,000 points automatically, for instance, and flu shots get 400 points.
Verified standard workouts must be completed three times a week, or participants in the program can do two “advanced” workouts.
Certain amounts of points are collected to reach silver status (3,500 points), gold (7,000) and platinum (10,000) to determine discounts and rewards.
Michael Doughty, president at John Hancock, told the New York Times that this new incentive could help companies sell life insurance.
“It has been a slow to no-growth industry for a long time,” Doughty commented. “It is crying out for innovation and for someone to try to reinvent the product to make it more relevant.”
In recent months, the Fitbit has taken off among those who are trying to meet their health and wellness goals. They are also popular for weight loss; women — 98% of whom have cellulite — wear them as both a fitness tracker and a fashion accessory.
Even President Barack Obama was spotted wearing a Fitbit watch when he met with Irish Prime Minister Enda Kenny.
Other countries also use similar systems. Vitality, an insurer owned by Discovery in Europe and South Africa, uses location data from their clients’ phones to ensure that they are going to the gym.
It may seem invasive to some, but for the discount, no one so far has raised any major objections.