Exclusive alliance to integrate life insurance with a healthy living program
Waterloo, ON (Feb. 10, 2016) – Manulife Financial Corporation has announced it has reached an agreement in Canada with The Vitality Group to introduce life insurance that rewards people for healthy living. Vitality is the global leader in integrating wellness benefits with life insurance. In 2015, John Hancock, the brand under which Manulife operates in the United States, announced an exclusive alliance with Vitality for the United States.
Customers who choose this innovative, new kind of insurance will have industry-leading financial protection, opportunities to save on their insurance premiums, and earn valuable rewards and discounts for taking steps to improve their health. Members will receive personalized health goals and can easily log their activities using online and automated tools, which are integrated with the latest wearable fitness technology.
“With Vitality, Manulife is changing the whole notion of life insurance in Canada,” said Marianne Harrison, President and Chief Executive Officer, Manulife Canada. “Manulife will play an active role in helping Canadians live a long, healthy, happy and fulfilled life. We will be there every step of the way, engaging with them, encouraging them to stay fit and active, and keeping up-to-date on their needs and aspirations, and those of their families.”
How it works
After identifying a need for insurance and completing the application process, new members will take an online Vitality Health Review to determine their Vitality Age, an indicator of overall health that may be higher or lower than their actual age, which can improve over time as they work toward living a healthier life.
“Through the success of John Hancock Vitality in the US and long-standing efforts in other parts of the world, 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,” said Alan Pollard, CEO, The Vitality Group. “Vitality and Manulife share a commitment to improving the lives of our customers and with more than 128 years of experience and a history of innovation, Manulife is the perfect partner to help us bring this solution to Canada.”
After their policy is issued, members will immediately begin accumulating points when they complete health-related activities like exercising, getting an annual health screening or even a flu shot. The number of Vitality Points a policyholder earns over the course of a year determines their program status level. 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.
“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,” added Ms. Harrison. “Manulife is the first financial services company in Canada to focus on their customers in this way, and it opens the door for our advisors to have many more conversations with customers.”
During the first half of 2016, Vitality and Manulife will be developing the full scope of the Canadian program, which includes collaborating with other retailers for the rewards component.
For more information on the Vitality program, visit manulife.ca/vitality.
The Vitality Group is a member of Discovery Ltd., a global financial services organization offering an incentive-based health and well-being program to employers, as part of their benefits program, and to insurers. With a foundation based on actuarial science and behavioral economic theory, Vitality encourages changes in lifestyle that reduce healthcare costs, both in the short run and long term, by rewarding members for addressing their specific health issues. Vitality well-being programs serve companies in a wide range of sizes and industries, improving individuals’ health and wellbeing as well as employers’ bottom lines.
Vitality brings a global perspective through successful partnerships with large employers and best-in-class insurers around the world, in countries including the United States, United Kingdom, South Africa, China, Singapore, Australia, Hong Kong, and the Philippines. Additional information can be found at thevitalitygroup.com.
Manulife Financial Corporation is a leading international financial services group providing forward-thinking solutions to help people with their big financial decisions. We operate as John Hancock in the United States, and Manulife elsewhere. We provide financial advice, insurance and wealth and asset management solutions for individuals, groups and institutions. At the end of 2014, we had 28,000 employees, 58,000 agents, and thousands of distribution partners, serving 20 million customers. At the end of September 2015, we had $888 billion (US$663 billion) in assets under management and administration, and in the previous 12 months we made more than $23 billion in benefits, interest and other payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong. Follow Manulife on Twitter @ManulifeNews or visit www.manulife.com or www.johnhancock.com.