The Apple Watch is becoming an insurance metrics tool

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Since John Hancock released its “Vitality” mobile app, the smartwatch users have been able to try for better premiums.

Recently, the John Hancock life insurance company announced that it would be using wearable technology to allow customers to prove that they are a lower risk for their coverage so that they can earn discounts, and this opportunity has now expanded to the Apple Watch.

The “Vitality” app is now Apple Watch compatible, allowing smartwatch users to prove that they live in a healthy way.

Users of the Apple Watch who are willing to share their data with regards to their fitness habits that have been gathered on their device will be able to see if their efforts can earn them a discount on their life insurance premiums. The app is also available to users of the iPhone and iPod Touch, having been based on the HealthKit platform. It has been designed to track a user’s vitals and healthy lifestyle habits.

This lets Apple Watch users prove to the life insurance company that they are a lower risk.

Apple Watch App - Life InsuranceThis lower risk can be reflected in their premiums with a potential discount as high as 15 percent for either universal life or term life forms of the coverage (the former of which is available regionally in Delaware and Pennsylvania, whereas the latter is available exclusively in Delaware).

When users show that they have lowered their blood pressure (or have maintained a healthy level over time), that they are regularly active such as by walking and/or running, and that they take care of themselves overall, the data is collected by the smartwatch. The user can then send that data to the insurer, which will add it to its premiums calculations and decide how much of a discount (if any) has been earned.

The system also works by building up “Vitality Points” by completing activities that promote better health, such as undergoing an annual health screening. These points accumulate to provide the insurer’s customers with additional benefits such as shopping, travel, and entertainment rewards from participating retailers.

Aside from the Apple Watch, other products compatible with this program include the Fitbit Activity Band. In fact, when a customer purchases this type of policy from the insurer, they can receive a Fitbit fitness tracker for free.

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