Sorry Granny Ina but you missed your Ju-Jitsu class last Monday so we’ve raised your life insurance premium by a third.
Sounds absurd, doesn’t it?
Well, not if we’re seeing the beginning of a new trend in insurance.
The John Hancock Company, one of the biggest life insurance providers in the US, has announced it will no longer offer policies that do not include digital fitness tracking.
Instead, its new ‘interactive’ policies will collect health data through wearable devices.
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Sorry Granny Ina but you missed your Ju-Jitsu class last Monday so we’ve raised your life insurance premium by a third.
Sounds absurd, doesn’t it?
Well, not if we’re seeing the beginning of a new trend in insurance.
The John Hancock Company, one of the biggest life insurance providers in the US, has announced it will no longer offer policies that do not include digital fitness tracking.
Instead, its new ‘interactive’ policies will collect health data through wearable devices.
Activity-tracking gizmos such as the Apple Watch and Fitbit – given as part of a package with policies – record how much exercise a customer is doing and can also be used to log healthy eating choices.
Some consumer groups have branded the scheme an invasion of privacy. Others, however, have welcomed a move that will see policyholders who take their health and wellbeing seriously earn discounts and rewards such as gift vouchers.
It’s also true that many insurance companies already measure how much our premiums should go up or down based on our behaviour.
Black Box
When wee Davey passed his driving test, insurance agents were keen to help him get his motor running. The bad news is young or new drivers are normally hit with insurance premiums that could buy a Bugatti.
That’s why the best agents recommended he fit his car with a ‘black box’ device. No bigger than a mobile phone, this uses GPS to record Davey’s speed, distance travelled and the time of day or night he was on the road.
Creepy? Maybe. Financially sensible? Without a doubt. When Davey improved his driver score, the cost of his insurance fell.
No Claims Discount
Okay, so it’s not tech-based but it’s the original and best way to track and control the cost of premiums. It’s as simple as the term suggests.
Don’t claim for the car dented by a shopping trolley, the stolen smartphone or a leaking porch roof and this track record should see you benefit from a lower premium next year.
Safe as Houses
When was the last time you checked the security of your home? Ensuring all doors, locks and windows are secure and an approved burglar alarm fitted could lower home contents premiums.
You should always keep photographic evidence and receipts as incorrect or unsubstantiated information could result in a claim being given a thumbs down by the insurance claims adviser.
Discover the best way to track your own career with all the latest Insurance vacancies on s1jobs.
Activity-tracking gizmos such as the Apple Watch and Fitbit – given as part of a package with policies – record how much exercise a customer is doing and can also be used to log healthy eating choices.
Some consumer groups have branded the scheme invasive of privacy. Others, however, have welcomed a move that will see policyholders who take their health and wellbeing seriously earn discounts and rewards such as gift vouchers.
It’s also true that many insurance companies already measure how much our premiums should go up or down based on our behaviour.
Black Box
When wee Davey passed his driving test, insurance agents were keen to help him get his motor running. The bad news is young or new drivers are normally hit with insurance premiums that could buy a Bugatti.
That’s why the best agents recommended he fit his car with a ‘black box’ device. No bigger than a mobile phone, this uses GPS to record Davey’s speed, distance travelled and the time of day or night he was on the road.
Creepy? Maybe. Financially sensible? Without a doubt. When Davey improved his driver score, the cost of his insurance fell.
No Claims Discount
Okay, so it’s not tech-based but it’s the original and best way to track and control the cost of premiums. It’s as simple as the term suggests.
Don’t claim for the car dented by a shopping trolley, the stolen smartphone or a leaking porch roof and this track record should see you benefit from a lower premium next year.
Safe as Houses
When was the last time you checked the security of your home? Ensuring all doors, locks and windows are secure and an approved burglar alarm fitted could lower home contents premiums.
You should always keep photographic evidence and receipts as incorrect or unsubstantiated information could result in a claim being given a thumbs down by the insurance claims adviser.
Discover the best way to track your own career with all the latest Insurance vacancies on s1jobs.