Could Aussie life insurance customers soon earn a dirt cheap Apple Watch?
That’s exactly what’s happening in the US right now with major insurer, John Hancock offering its life insurance customers the chance to run, lift, swim or cycle their way to a $25 ($32 AUD) Apple Watch.
As reported by CNBC, John Hancock has recently partnered with Apple to offer the fitness and lifestyle tracker to new and existing members of its Vitality program for a cheap $25 activation fee, in an effort to encourage them to live healthier lifestyles.
And they’ve already had positive results during a trial period, according to Brooks Tingle, Senior Vice President of Marketing and Strategy at John Hancock.
“The addition of the Apple Watch program to our John Hancock Vitality solution over the past year has already resulted in an increase in participating customers' activities and engagement as compared to others in our program. We're excited to expand the offer of the Apple Watch Series 3 to all of our John Hancock Vitality customers," Tingle said.
But there is a catch! While customers who exercise regularly will be able to keep the device for free, those who don’t will need to pay off the full price of the device via a series of instalments.
Despite concerns over user privacy and the amount of data that could be shared with insurers, it appears that the Aussie life insurance market is ripe for this kind of digital innovation.
According to PwC’s Future of Life Insurance in Australia report, released in March of this year, Aussies are willing to embrace new digital, consumer-focused innovations in the life insurance space.
The report said that wearable technologies, like the Apple Watch, would obviously increase the customer insights insurers can draw but more importantly, that Aussies would be open to these kind of health-related partnerships if it led to cheaper gym memberships or increased access to wearable technologies.
But what are the odds of this kind of initiative showing up on Australian shores?
Well, considering the sharp downfall in industry profits, PwC Insurance leader, Scott Fergusson said that life insurers must act quickly to turn things around, meaning Aussies could be offered neat perks like an Apple Watch sooner than they think.
“Ongoing development in technology and through innovation will mean that life insurers simply can’t continue to be all things to all people. The players that will win in the future will be really clear about where in the market they play, and how they differentiate from competitors,” Fergusson said.
In the meantime, however, check out Mozo’s life insurance tables which compare a range of options on the market to make sure you’re getting the best possible cover for your current situation. If you’re not quite sure what to look for in a life insurance policy, it is also worth reading through our dedicated guide.