Revolutionary Step of IGI Life Insurance for Health by shaking hand with Vitality Group
By: Shahid Javaid
As being Healthy is hard. Vitality is here to help. Vitality is a leading behavior change platform which uses the power of incentives, data and behavioral economics to make people healthier and enhance and protect their lives. Vitality has achieved global scale through successful partnerships with leading insurers. More than 8.9 million people in 19 countries engage in the Vitality program. Vitality was founded 20 years ago by Discovery Limited – a leading insurance & financial services company listed on the Johannesburg Stock Exchange.
Vitality embedded life policies are much more valuable to insurance companies than traditional life policies – as much as four times more valuable. The reason is that Vitality can influence behavior that causes 60percent of all deaths.
The three culprits are smoking, what you eat, and exercising. Vitality is an industry disruptor, and a good example is Hong Kong where 75percent of all policies now sold are Vitality embedded. The biggest insurer in Asia, AIA, is using Vitality. In China, the market leader Ping An’s second most products sold are Vitality co-branded products. They have a better selection, lower lapse rates and fewer claims.
Now first time in Pakistan IGI Life Insurance and Vitality Group, a subsidiary of Discovery Limited, announced the launch of IGI Life Vitality, a first-of-its-kind shared value insurance.
IGI Life Vitality is not only Pakistan’s first active insurance company but IGI life is the first insurance company in South Asia that not only gives you weekly, monthly and yearly rewards just for staying active but also secures your family’s future. IGI Life Vitality is a shared value wellness program in which they provide tools and incentives to change the peoples’ lifestyle and bring a healthy change in their lives. This comes with constant medical health checks and analytics to assess and monitor client’s health
Vitality is based on three
main pillars – know your health, improve your health and enjoy the rewards.
Customers who participate in IGI Life Vitality will first complete the IGI Life
Vitality Health Review to determine their “Vitality Age,” an indicator of
overall health risks. Their “Vitality Age” may be higher than their actual age based on their overall
health.
Customers receive a set of clearly defined personal health goals, which they
meet by engaging in a broad range of healthy activities. These include running,
walking and other forms of exercise recorded with a wearable device, or having
medical and other health checks. They will earn “Vitality points” for
successfully completing each recorded activity. The more points they earn, the
higher their Vitality status and the greater the rewards.
For these rewards, IGI Life Vitality has teamed up with Foodpanda, easytickets and Samsung to offer discounts on Foodpanda orders, movie ticket purchases and Samsung wearable devices.
Vitality Group’s Vitality shared value insurance model, applied by major insurers globally, incorporates Vitality, a scientifically validated health promotion program, into insurance. The program provides participants with the knowledge, tools and the motivation to improve their health using a digital app and wearable devices. When linked to insurance, it becomes a powerful mechanism for a differentiated insurance offering.
The partnership between the Vitality Group and IGI Life Insurance, initially announced on December 26, 2017, integrates health and wellness tools and rewards with IGI Life Insurance products.
Public should be thankful for the efforts of CEO IGI Life Syed Haider Ali, Head of business operations Tahir Masud, Head of agency sales Mohsin Abbass, Head of marketing Jahangir Nazar Haidery to introduce such a wonderful & modern idea in insurance industry of Pakistan to facilitate people.