The controversial life insurance subsidiary of tobacco titan Philip Morris is now part of start-ups alliance Insurtech UK.
Reviti, whose launch earlier this year marked the Marlboro maker’s entry into the British insurance market, has become a member of the trade body which was formally established as an association in June. Wholly owned by Philip Morris, the insurance disruptor promises lower premiums for policyholders who either quit smoking or switch from cigarettes to their electronic counterparts.
“Rethinking life insurance is no mean feat, so it is great to be collaborating with other forward-thinking organisations keen to ensure that policymakers and regulators hear our voice and our sector thrives into the future,” stated Reviti chief executive Daniel Pender, referring to the alliance made up of more than 50 members.
Commenting on Reviti’s arrival, Insurtech UK operations chair Matt Hodges-Long said: “Traditional insurance companies set premiums based on how ‘risky’ a customer is to insure when they buy a policy – what Reviti brings to the market is different.
“They recognise that people’s lives change over time and want to help them on this journey of positive change, so if customers make better choices through improving their lifestyle, Reviti will reward them. This is the kind of innovating force we’re keen to attract to our organisation as we put the UK on the map as a place to innovate and invest.”
An anti-tobacco organisation, however, has a different take on Reviti’s proposition.
“It doesn’t get more twisted than a tobacco company hooking people on its deadly products, then turning around and trying to sell them life insurance,” Campaign for Tobacco-Free Kids president Matthew Myers previously told Insurance Business.
“Philip Morris is looking to profit any way it can from its addicted customers. Where will Philip Morris diversify next – perhaps into funeral homes, with Marlboro-branded coffins?”
