Life insurance customers are to be rewarded with cash back on their premiums for meeting certain health goals under an initiative that involves “wearable technology”.
The trial initiative, which will run over a two-year period, will be available to a limited number of Zurich Life Assurance customers through selected financial brokers.
Under the scheme, certain customers taking out a life insurance policy will receive a free Garmin Vivosmart HR device. A customised app developed with Hintsa Performance will be used to register and engage with participants.
The device will be able to monitor fitness goals by recording elements such as footsteps and heart rate. Based on the data, Zurich will reward customers with cash back.
Evan Hanley, product solutions actuary at Zurich Life, said: “The scheme will not have any impact on our customers’ premiums, underwriting or claims – the aim is to support customers to become healthier and more active, and claim cash back rewards if they continue to engage with the pilot.
“It will also create an opportunity to assess the role of wearable technology for insurance in Ireland into the future and to see if it leads to greater customer engagement.”
Hintsa Performance chief executive Jussi Räisänen said: “This co-operation with Zurich Life and Garmin will create new opportunities to motivate participants to incorporate a healthy mentality into their daily routines, and keep their fitness and wellbeing goals top of mind.
“We have witnessed more than 70 per cent of people using our digital tool change their lifestyle choices for the better. We’re excited to be part of this pioneering initiative, and are looking forward to seeing what it can deliver for Zurich’s customers.”
