Life insurance firm AIA is reportedly planning to introduce out Vitality rewards scheme in New Zealand by June this year to reward health-conscious customers.
Owned by South African insurer Discovery, the scheme gives customers reward points if they clear various online health assessments and routine medical checks.
The insurer will provide discounts and rewards worth up to $4,000 per annum to policyholders, who maintain good diet regimen, exercise, and sleep well, reported NZ Herald.
The programme seeks to deal with the four main lifestyle risk factors including physical inactivity, unhealthy diet, smoking, and excess alcohol consumption.
Users can check how fit or health they are by recording the information on devices like Fitbits or a Garmin.
The users are required to download an app and complete a health survey that will provide them a ‘lifestyle age’ and an instant discount off their insurance.
AIA Australia and New Zealand CEO Damien Mu was quoted by NZ Herald as saying that points are accumulated daily depending on how many steps a policyholder is recorded taking, going to gym and taking part in organised sporting events (including a marathon).
The points earned will grant them access to rewards including discounted flights and accommodation, movie tickets, gym membership and supermarket vouchers.
“So you are getting that constant value. But ultimately it is about cheaper insurance,” Mu told the publication.
Mu further stated that the product will be a game-changer for the New Zealand life insurance market which has stagnated since 2012.
AIA said that insurance advisers will not be given additional incentive for bringing people onto the programme; however, they will benefit from greater client satisfaction.
Around 20 years ago, the Vitality programme was rolled out in South Africa. AIA has expanded it across the globe and has launched the product in Australia around three years ago.