Japanese insurer Sumitomo Life Insurance will launch a product that rewards its customers for their efforts to stay healthy, with premium discounts of up to 30%.
The policy encourages customers to exercise regularly and engage in other health-related activities in order to reduce the risk of diseases and early death.
According to a report by Jiji Press, these initiatives are gaining popularity among Japanese insurers, with several other firms already having released versions of their own.
Sumitomo Life’s new product, which is backed by Vitality’s health promotion program developed by South Africa-based financial services firm Discovery Ltd., will be offered as an optional add-on to its life and medical insurance policies.
Individuals that choose the add-on will be recognised as health-conscious and will receive a 15% discount from their insurance premiums. They will also gain points when they go to gyms, meet certain health requirements during checkups, and carry out other health-improving activities.
Users will be divided into four groups based on their health score per year. Those in the highest group will receive a premium discount of 30%, while those ranked at the bottom will have their premiums increased by up to 10%.
“We want to realise a society where people live long, healthy lives,” Sumitomo Life president Masahiro Hashimoto said at a press conference. The insurer seeks to gain five million additional users over the next decade.
Other insurers in Japan, such as Dai-ichi Life Insurance, Tokio Marine & Nichido Life Insurance, and Sompo Japan Nipponkoa Himawari Life Insurance, have come out with similar products. Meanwhile, insurers such as Nippon Life Insurance, who have not released such policies, are also engaging in efforts to improve their policyholders’ health.
