Insurers in the region are launching products that reward policyholders for their efforts to stay healthy, with attractive premium discounts. We are seeing policies that encourages customers to exercise regularly and engage in other health-related activities in order to reduce the risk of diseases and early death.
Within Singapore, we have seen insurers with such initiatives with AIA being the earliest to implement. Through the AIA Vitality mobile app, members can earn Vitality Points when they live a healthier lifestyle by staying active, eating healthier and not smoking. These Vitality Points can then be used to redeem cashback and discounts, such as a $5 weekly voucher for completing the Vitality Weekly Challenge. As an AIA Vitality member, they are also entitled to a 10% upfront discount on first-year premiums for selected insurance policies. AIA Vitality is open to all AIA policyholders for a monthly membership fee.
Next we have the Orange Health program by NTUC Income. The health and fitness program provides a platform for everyday activity tracking via the Income Insurance mobile app. Orange Health members earn points when they meet daily requirements in the four areas, namely sleep, steps, diet and workout. Points can then be used to redeem vouchers. In addition, the program also features a $15 Orange Health Screening which is open to everyone, even non-policyholders. It tests four main health markers which include Body Mass Index (BMI), blood pressure, lipids profile and fasting blood glucose. Consumers that achieve results within acceptable ranges for all the four health marker are eligible for discounts on selected insurance policies as well
Outside of Singapore, we also see such initiatives gaining popularity among Japanese insurers, with several other firms having released versions of their own. Insurance products could come with optional add-ons that consumers can select to receive discounts from their insurance premiums because they are recognized as health-conscious by doing so. They will also gain points when they go to gyms, meet certain health requirements during checkups, and carry out other health-improving activities.
“We want to realize a society where people live long, healthy lives,” Sumitomo Life president Masahiro Hashimoto said at a press conference. This shift in product structuring by insurers could positively impact society in motivating people to lead a healthy lifestyle. Therefore, start investing in your health today!
"Looking after my health today gives me a better hope for tomorrow." - Anne Wilson Schaef