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Fix Fitbit: John Hancock only sells interactive life insurance.

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(Reuters) – John Hancock, is one of the oldest and largest life insurance companies in North America. Instead of ditching traditional life insurance, the company said Wednesday it only sells interactive policies that track fitness and health data on wearables and smartphones.

The move of the 156-year-old insurance company owned by Canada’s Manulife Financial Corp (MFC.TO) is a major transformation for the company. We launched our first interactive life insurance policy in 2015, but now all companies use this model. life protection

Created by Vitality Group partner John Hancock, interactive life insurance is now accepted in South Africa and the UK. It is more common in the United States.

Insurers can receive special discounts to achieve wearable fitness goals such as Fitbit and Apple Watch, register exercise and healthy food purchases in the retail gift card app, and receive other benefits.

Theoretically, policyholders are interested in developing healthy habits, so everyone will benefit from this. The insurance company will collect more premiums and pay less compensation if the client lives longer.

Privacy advocates and consumers can finally use this information to select the most profitable customers. If you do not participate, the fee will increase. The insurance industry has said it is heavily regulated and must provide actuarial evidence for rate hikes and policy changes.

Clients do not need to log the activity for protection. The Vitality program includes insurance policies, but insurers will start replacing existing life insurance policies with Vitality in 2019.

John is still early. Brooks Tingle, John Hancock’s insurer, said Hancock would be the one to determine if there were multiple claims under the vital signs program, but the data collected on customer activity came from big insurers and he said it was possible. the rest of the insured.

John Hancock US life insurance customers can choose a basic life support program in which they register their activity on the app or website. And after you reach your goal, you can win gift cards from top retailers. Instead, the company says there are additional programs that include other benefits such as wearable devices and discounts of up to 15% on insurance premiums.

Posted by Susan Barlin and edited by Bill Rigby.

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