For well over a century the life insurance industry has recognized the importance of healthy living. When people stay active, maintain a healthy lifestyle and practice preventive care, they are less likely to develop a chronic disease or die prematurely. So how can we encourage people to change their behavior and reduce their risk factors?
The answer lies in behavioral insurance. Behavioral insurance uses scientific data to provide insights into how people make decisions and then uses those insights to put them on the path to better health. And behavioral insurance lies at the heart of Manulife Vitality.
What is Manulife Vitality?
Manulife Vitality is insurance plus a health and wellness program that provides clients with attractive incentives for adopting an active lifestyle. Members have access to a broad range of wellness and prevention options as well as rewards from popular retailers. In addition, they can reduce their annual insurance premiums.
By providing immediate rewards for healthy choices (for example, going for a run or going for a medical checkup), short-term rewards are married with long-term goals. The formula for effectiveness: Break down long-term health improvement goals into immediate, achievable steps and provide rewards for many of the small accomplishments that make up the overall path.
The Manulife Vitality the program delivers this on an individual, customized basis, no matter what the client’s initial state of health or activity might be. It is a dynamic, progressive model that can work for everyone regardless of their starting point. It’s highly sophisticated, data-driven and complex in its actual design, but the consumer view of it is extraordinarily simple and engaging. Everyday activities offer an opportunity to remember and act upon healthy choices — and earn rewards for doing so.
Results
The big question: Does Manulife Vitality really work? The answer is yes, absolutely 1.
- 11% of members reduced their BMI
- 23% improved their cholesterol levels
- 28% improved their glucose level
- 29% lowered their blood pressure
- 82% of members are satisfied with the program – a measure that continues to climb each year
This new kind of life insurance empowers clients in unprecedented ways. It enables them to realize benefits in both their health and their ability to get the most out of their life insurance protection.
Benefits for advisors
While the welfare of the client is always front and center, Manulife Vitality also offers benefits for advisors:
- Broader market appeal. Manulife Vitality transforms traditional insurance to a new kind of insurance that clients can interact with and feel the benefits of immediately.
- More satisfied clients. With Manulife Vitality, clients don’t just own their insurance, they experience it daily. As a result, they may feel differently about their insurance and their advisors, which may help enhance customer satisfaction across the board.
- Stronger relationships and better business outcomes. Manulife Vitality is founded on engagement, giving advisors multiple opportunities to reach out to clients and see how they’re doing. This ongoing interaction can help forge stronger client relationships, leading to fewer lapses and increased referrals, as well as opening up opportunities for cross-selling and up-selling.
To learn more about Manulife Vitalityjoin our webinar on February 28 where Michael Dawson, Director, Manulife Vitality Sales and Distribution, will explain why it’s so important to help Canadians live longer, healthier lives and how Manulife Vitality can help.
Sign up at
www.bigmarker.com/KeyMediaWebinars/Behavioural-Insurance-A-New-Approach-to-Life-Insurance?utm_bmcr_source=promoarticle
Legal disclaimer:
1 Source: Program Member data as of February 28, 2021
Insurance products are issued by The Manufacturers Life Insurance Company. The Vitality Group Inc., in association with The Manufacturers Life Insurance Company, provides the Manulife Vitality program. The Manulife Vitality program is available with select policies. Vitality is a trademark of The Vitality Group International Inc., and is used by The Manufacturers Life Insurance Company and its affiliates under license. Vitality is a trademark of The Vitality Group International, Inc., and is used by The Manufacturers Life Insurance Company and its affiliates under license.
Manulife & Stylized M Design, and Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.
Founded in 1881, Manulife is the largest insurance company in Canada.