I’m sitting at The Homestead in Hot Springs, Colorado today writing this post. I’ll be speaking at a broker-dealer conference to some awesome people about the power of social in their business practice. As I walked around this gorgeous property earlier today, I noticed something. Everywhere I looked I saw them, including me. You know who you are…the folks embracing wearable technology.
Wearable technology is not a fad, my friends. We are tracking everything in life from our heartbeat to steps to our sleep. Whether you are loyal to Fitbit, Garmin or Jawbone (my preference at the moment) – – these devices are changing the way we look at fitness and tracking. I have no idea how they work and I don’t care – I just love to see people embracing the concept of taking technology everywhere with them. I love it more when I see companies in the financial services sector step-up and say, “We want to be different too.” Can I get a witness?
John Hancock recently launched a new product feature called Vitality – and it’s very special. When I read the product folder and it claimed to be “an innovative life insurance solution that rewards healthy living” I immediately thought it was just another credit program. I mean, what would be different about that? So many insurance companies have health credits where they offer a kickback to help insureds get a better rating at issue. Yeah, that’s nice, but who gives premium credits? Yep, you heard me right: the healthier you live, the more you can save on your insurance premium.
When I went to the John Hancock with Vitality website, I read about all the ways they help. After you purchase your life insurance you will receive a free Fitbit device. You start tracking and logging all your steps. In addition, you receive a free health check annually. Depending on the amount of life insurance you purchase, you could even receive additional discounts on health gear, hotels, cruises and shopping. But I’m really intrigued with the idea of the wearable technology helping a client receive discounted insurance premiums.
The program is available up to age 70; that covers a lot of folks. Depending on the client’s level of engagement with the program (and right now about 70M people are wearing some type of fitness device) a client could save between 5-10% on premiums each year. Think about that…if your annual premium was $1,000 – what normal client wouldn’t want a $100 back? I would! If you get into the larger cases where the annual premium is $10,000 – I’m pretty sure even a wealthy client would love to get $1,000 back if all they had to do was walk and do their annual physician directed wellness exams.
One of the eye-openers I got was the Vitality Age calculator. I always think I’m pretty funky and fresh at 44, but Vitality said my current lifestyle puts me at age 51. Kerplunk! Take the test by going here: https://www.johnhancockinsurance.com/life/Vitality-Age.aspx – -It seems I have some work to do! Do you?
My point is that wearable technology is going to continue to change and companies like John Hancock were very smart to realize this early on, make adjustments to their product to include this valuable data and offer clients a new way to engage with their insurance purchases. If you would like more information on this, go to http://www.jhrewardslife.com/
…sorry to run off, I have some exercise to go log!
Be bigger, better and more BIONIC!
Sheryl Brown @BIONICsocialite