John Hancock has partnered with Vitality to become the first American life insurance firm to reward policy holders for healthy lifestyles based on continually shared data. Internationally, life insurance products utilizing Vitality data are already available in South Africa, Australia, Singapore and Europe. The firm introduced two products integrating Vitality: John Hancock Term with Vitality and Protection UL with Vitality. Once clients purchase a policy, a Vitality Health Review assesses their risk factors, determines their risk-adjusted age (Vitality age) and provides them with personalized lifestyle goals, such as increasing their level of exercise. Rather than undergoing a traditional underwriting process, the products are priced continuously based on the Vitality tracking data that clients share with the firm. Clients who meet their goals and perform healthy behaviors (like getting a flu shot or regularly working out at a gym) earn Vitality points toward policy premium discounts of up to 15%, along with rewards and discounts at various retailers. Clients who sign up also receive a free FitBit device to transmit activity data to Vitality.
To promote the new products, John Hancock launched two responsive-design microsites: JHRewardsLife – which is aimed at prospective clients – and JHRedefiningLife, for financial advisors. Both microsites feature embedded videos and educational information explaining the products and health incentives. The firm also added comprehensive information regarding its partnership and products to the public John Hancock site, public John Hancock Insurance site and advisor site.
New Public JHRewardsLife Microsite Homepage
The firm is also promoting its partnership through a new Vitality Age calculator that provides clients with an opportunity to see how their risk-adjusted age compares to their real age. The calculator features tablet- and mobile-optimized responsive design with swiping capabilities. The tool requires a variety of health-related information, such as date of birth, gender, exercise routine and blood pressure. Once clients submit the form, the tool displays the two ages, along with tips to lower the Vitality age. Clients who purchase the product are given health goals.
John Hancock Vitality Age Calculator
On April 8, the firm announced the products and hosted a promotional Vitality Village event at Grand Central Station. The event featured free financial advice, a trivia game, coffee and massages. The Vitality Village also featured free exercise classes and an appearance by the actor Chris O’Donnell. John Hancock is using #5MoreNow to promote the partnership, and encouraged Vitality Village visitors to share their photos using the hashtag.
John Hancock Vitality Village at Grand Central Station
The integration of both wellness and rewards in a life insurance product is highly innovative in America, and it will be interesting to see if more firms follow John Hancock’s lead. Currently, Accordia Life offers a Wellness for Life optional rider for its universal life and indexed universal life policies that rewards clients with premium discounts based on doctor’s visits and their weight. However, the John Hancock Vitality program clearly goes a step further with its health tracking and rewards system. As millennials are highly health-conscious, the new product type may help John Hancock gain new market share in this key demographic.