Manulife is set to launch a new insurance program to Canadians that rewards healthy activities such as using fitness trackers, getting a flu shot and going to the doctor with discounts for their healthy living.
The Waterloo, Ont.-based insurance giant is partnering with Vitality Group to bring the program to Canada, after rolling out similar systems in parts of Africa, Asia and the United States.
The sign-up process is similar to many insurance policies, in that applicants take an online test to determine their level of overall health and then are offered a premium. Once enrolled, members will immediately begin accumulating points each time they complete health-related activities like exercising, getting an annual health screening or even a flu shot.
"The more engaged they are with the program and involved in living a healthier lifestyle, the more points they can accumulate to earn other rewards and discounts from leading retailers," the company said in a release.
Unlike other insurance plans, which largely rely on a self-verifying questionnaire and then claim activity down the line to set rates, the Vitality program will work with wearable fitness-tracking devices such as Fitbit and others to monitor healthy living activities, and offer reward points or insurance discounts as the policy evolves.
"Manulife is moving away from being a traditional insurance company to one that actively partners with customers to help them achieve overall well-being, including physical and financial health," Manulife Canada's CEO Marianne Harrison said.
Manulife's U.S. unit, John Hancock, offered a similar program to American clients last year, in which discounts of up to 15 per cent are possible. While details of the program are still being ironed out, Canadian policyholders will have the option of saving on insurance and also getting reward points to be used at other retailers.
"We've found that when people purchase an integrated life insurance product and participate in the program, they are motivated to set goals and take steps to healthy living," Vitality CEO Alan Pollard said.
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