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Insurance Company Begins Using Activity Tracking to Determine Rates


One of the more prevalent life insurance providers in the United States in John Hancock has turned the world of life insurance upside down on its head. A new groundbreaking approach to life insurance that John Hancock is beginning to incorporate has never been seen before. For many involved in the fields of healthcare, insurance provision, health economics, and many other disciplines of study that encompass the interaction between life insurance companies and those who procure life insurance, this new approach is fundamentally “reinventing the consumer life insurance experience” according to the company’s newest press release.

Simply put, John Hancock is now actively lowering insurance premiums with more positive health statuses in an agreement to submit health outcome data to a third party wellness company. This company is called The Vitality Group and it specializes in fusing wellness benefits with life insurance products to form a cohesive product that has elements of benchmarking, monitoring, and incentives for beneficial health outcomes.

In gathering this pool of data, John Hancock expects to be able to determine where their highest risks lie in the general population of insures and they will be able to effectively leverage this risk by working with The Vitality Group to structure the benefits accordingly.

How does John Hancock expect to accomplish such a feat? Simple. Policyholders will be required to wear a FitBit wearable device so they are able to truly track certain health data points that they will hold of high value in the development of their plans. The FitBit can track anything from sleep patterns to dietary intake to flights of stairs climbed in one day and in having all of this data in one place for each and every policy holder, it will be easy to stratify policyholders into certain groups and form benefits structures that match up with the different categories of health status.

John Hancock is not trying to change the behaviors of their policyholders. They are only trying to monitor their policyholders health behaviors so they know how to compose their benefit platform for future profitability and financial models. This new approach is untried but John Hancock is truly an innovator in the life insurance space. 

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Used under Creative Commons Licensing courtesy of Joel Kramer

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