Reward clients with discounted premiums for staying active
MLC Life Insurance Chief Customer Officer, Retail Advised Insurance, Melissa Heyhoe
Health conscious, tech savvy Australians are among the world’s leading adopters of a growing fitness and wellness movement, inspiring us to further develop our MLC On Track program, which in turn could help your clients lower their life insurance premiums.
Wearable devices, such as smartwatches and fitness bands, for tracking daily personal metrics have revolutionised the way we approach maintaining a healthy lifestyle by enabling us to monitor our activity output, our calorie intake, even the quality of our sleep.
Australians were quick to embrace the “quantified self” movement, that is to use technology to measure their lifestyle data, and it is estimated that more than half (55 per cent) now own a wearable device, according to a 2016 PwC study.1
At MLC Life Insurance, we believe our life insurance customers should be rewarded for being proactive with their health. This is why we have launched a fine-tuned version of the award-winning MLC On Track program - to motivate new MLC Insurance and MLC Insurance (Super) policy holders to stay active and save money in the process.
MLC On Track Phase 2 incorporates valuable feedback from financial advisers and their clients to make it simpler to lower their life insurance premiums. It offers an upfront 5 per cent policy discount when they join and then year-on-year if they meet their annual step target, which they can keep track of on their personal fitness tracker and MLC On Track dashboard.
Here is how it works. To participate in the program, your clients will need their own fitness tracker and a compatible smart device to record their activity information. The program syncs with popular fitness trackers Fitbit, Apple Watch and Garmin so clients have the flexibility with the fitness tracker they prefer to use. They will receive an upfront 5 per cent discount on their first year’s premium and then, to encourage clients to lead active lives every day, we will maintain their 5 per cent discount every year they meet their step target.
We will be there to support you and your clients by providing regular updates on their progress towards reaching their step target.
Financial advisers have told us one of the things they like most about the program is it provides an opportunity to frame the conversation about life insurance as being part of a holistic approach to maintaining the health and financial wellness of their clients and their families.
This is in line with our philosophy behind the program, which is that we want to help our customers enjoy long and healthy lives while receiving real value from day one of their MLC Life Insurance policy, not only when they are making a claim.
So whether you are already familiar with MLC On Track or are new to the program, we encourage you to take a look at the enhanced MLC On Track program for delivering value added benefits to your clients and helping them save money on insurance premiums.
To find out more about MLC On Track, visit www.mlcinsurance.com.au/mlcontrack.
[1]PwC, The wearable life 2.0: Connected living in a wearable world, http://www.pwc.com/us/en/advisory-services/publications/consumer-intelligence-series/wearables.html
AUTHOR
Partner Article
Recommended for you
Hybrid securities can offer investors equity-like returns, yet with a lower level of risk. Here’s a rundown on hybrids and why they are attractive investment options.
Diversified managed funds could make an ideal addition to a managed account, as the broad toolset available to the fund manager enables them to seek outperformance and manage risk, according to Allan Gray.
The number of advisers using managed accounts has exploded in recent years, often at the expense of diversified managed funds. But diversified funds deserve a place in almost any multi-asset portfolio, held either within or alongside a managed account, according to Allan Gray.
Over the years government regulations regarding financial advice delivery has increased complexity, compliance costs and time to deliver advice. As a result, financial advisers have been forced to “orphan” their less affluent clients.
