Australians will be able to save on their life insurance premium by simply exercising and living a healthier lifestyle, thanks to an Australian-first initiative from MLC.
MLC On Track will allow customers to measure daily physical activity and health data using an Intel® Basis Peak fitness and sleep tracker. Customers will be rewarded for healthy behaviour, with a life insurance premium discount for the life of their insurance policy.
Under the program, customers will be provided with a target wellness score, based on a number of factors, including step count, active hours, sleep duration and average resting heart rate.
Customers will have between 90 and 160 days to achieve their target wellness score to receive a 5 per cent discount. This opportunity will be available twice, which means customers could receive a maximum discount of 10 per cent off their insurance premiums for the life of their policy.
David Hackett, Executive General Manager Insurance, believes the ground-breaking wellness program will shake up the insurance industry.
“The insurance industry has assessed risk in the same way for a long time but smartwatches offer new and improved ways of assessing and pricing insurance risk,” Mr Hackett said.
“In today’s environment, it’s imperative that we are agile and adaptive so that we can deliver simple and better experiences for our customers. Insurance companies need to be relevant to their customers beyond a potential claim.
“The MLC On Track program is part of our commitment to integrate innovation throughout our insurance business. We’re continually seeking new ways to enhance the offering to our customers, and the program will deliver financial savings while encouraging them to live healthy lifestyles.”
MLC will work in partnership with Big Cloud Analytics to bring the Intel Basis Peak fitness and sleep tracker exclusively to customers in Australia. The device will be available to customers purchasing an MLC Insurance or MLC Insurance Super policy.
“Our customers’ expectations have been changed by the use of digital channels and devices and we’re excited about the opportunities that MLC on Track will provide them,’’ said Mr Hackett.
The MLC On Track program will launch on 23 November.