The insurer is the first to launch a pilot program in Ireland geared toward trackable wellness for policyholders.
Zurich Life Assurance (Zurich Life) has launched the first ever program in Ireland using wearable technology devices to help policyholders improve their health.
This is a trial program being offered to a limited number of Zurich Life policyholders via select financial brokers.
The customers will be rewarded for their participation in using the wearable technology devices by receiving cashback on their policy premiums. This reward will be applied if they are able to achieve certain health goals set at the start of their participation.
The pilot program will apply to new Zurich Life customers who have taken out a life insurance policy. The wearables they will be using are the Garmin Vivosmart HR. This wearable tech is to be used in conjunction with a mobile app developed in a partnership between Garmin and Hintsa Performance. The app records the data from the device and engages users. It also helps the users to monitor their fitness goals by way of data such as heart rate and a pedometer.
The data from the wearable technology devices helps Zurich to decide on the size of the premiums discount.
The data will help the insurance company to monitor the wearables users’ progress toward their health goals and to mark their fitness achievements.
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According to Zurich Life production solutions actuary, Evan Hanley, “We’re delighted to work together with Garmin and Hintsa Performance, to bring this cutting edge technology to the life insurance market.” He explained that the program will not cause premiums, underwriting or claims to change for the participants. Instead, the participants receive cashback on their premiums only if they show that they are making an effort to be healthier and more active and record that progress using the wearable tech. That said, if they do not meet their goals, participants will not be punished or penalized in any way.
The test program provides Zurich Life with the opportunity to monitor the usage and success of the program and determine whether or not customers are more engaged.
These types of wearable technology devices are already very popular and many people are already quite comfortable with using them for their own fitness goals.