The time is now for more personalized life insurance solutions
by Brooks TingleMr. Tingle is , President and CEO, John Hancock Life Insurance. Visit www.johnhancock.com
As consumers, we are all experiencing increasingly personalized service and solutions in today’s modern, digital economy. We’ve come to expect online retailers will suggest books or other items we may like via advertisement targeting. Many not only anticipate what we need but when we need it. Content is served to us based on who we are, our interests and our behaviors. Even in the non-digital world, the most successful enterprises are those that know their customers well and provide them with customized and personalized service and solutions.
While advisors have long offered very personalized service and recommendations, carriers themselves have not done nearly enough to truly understand consumers and offer products and services unique to their individual circumstances.
At John Hancock, we are proud to have taken a major step toward changing this dynamic with the introduction of John Hancock Vitality in 2015. With Vitality, we engage customers in unprecedented ways, as we provide them with education, support, incentives and rewards to live a longer, healthier life. Instead of engaging customers once or twice a year in expected administrative ways, we now have close to 40 touch points a month with our customers. This provides us with a deeper understanding of client needs and preferences and, in support of their advisor, can ultimately serve those clients more effectively over time.
Aspire: Life Insurance for People With Diabetes
Now, we’re taking the next major step toward providing more customized and personalized life insurance solutions with the introduction of John Hancock Aspire – the first and only life insurance solution designed specifically for Americans living with diabetes.
There are more than 30 million Americans living with diabetes in the United States today, and over 80 million who are pre-diabetic.1 The life insurance industry hasn’t historically served this growing segment of the population particularly well. Recent research from John Hancock has shown that of those living with diabetes, half either don’t have enough or don’t have any life insurance coverage at all.2,3 Many worry they won’t qualify for a life insurance policy because they have diabetes, and if they can secure coverage, they are worried it’s too expensive.3
By offering life insurance personalized for the unique needs of people living with diabetes, we’re trying to do two important things:
- Change perceptions and increase access to life insurance for people living with diabetes. For example, of the people with type two diabetes who we underwrote in 2018, 88 percent had successful outcomes. 4
- Provide such customers with features and benefits unique to their needs, including:
– The opportunity to lower their premiums by up to 25 percent by taking steps to manage their condition and live a longer and healthier life5
– Access to a state-of-the-art diabetes management platform in Onduo
– An enhanced version of John Hancock Vitality
– A variety of customized content including a free subscription to the American Diabetes Association’s Diabetes Forecast
Deeply Personalized, Relevant Solutions
We believe John Hancock Vitality, and now John Hancock Aspire with Vitality, are powerful examples of the types of deeply personalized and relevant solutions our industry can and should offer today’s consumers.
As an industry, we enjoy very long relationships with our customers – more than almost any other industry, as our relationships average decades, and can even span close to a century. Doesn’t it then stand to reason that we should come to know our customers well and serve them with benefits and service that reflect those customer insights?
Life insurers have long served consumers well, but it’s time our industry put a stake in the ground to break the status quo and offer more personalized, engaging solutions. While providing protection is core to our industry’s purpose, we believe we also have a mandate to make a positive impact on the lives of individuals. Personalized solutions can help us do just that, by empowering individuals to improve their financial and physical health. Offering these solutions will build a healthier and more insured country that benefits us all – I hope you join us in the effort.
1American Diabetes Association. https://www.diabetes.org/resources/statistics/statistics-about-diabetes
2CDC. National Diabetes Statistical Report, 2017. https://www.cdc.gov/diabetes/pdfs/data/statistics/national-diabetes-statistics-report.pdf
3 Nationwide survey conducted online by Qualtrics on behalf of John Hancock. Interviews were completed in September 2017 among 1,025 U.S. adults ages 25 years and older living with diabetes. The data were weighted by age, income, ethnicity and region to accurately represent the U.S. population.
4 Of applicants with only type 2 diabetes, 88 percent were approved by John Hancock in 2018. Of applicants with type 2 diabetes and other related conditions, 75 percent were approved by John Hancock in 2018. 66% of applicants with type 1 or type 2 and other related conditions were approved by John Hancock in 2018.
5 Premium savings are in comparison to the same John Hancock life insurance policy without Vitality PLUS. The level of premium savings over the life of the policy will vary based upon underwriting status, issue age, policy type, the terms of the policy and the Vitality Status achieved. Premiums savings are only available with Vitality PLUS.
The benefits available under Aspire can vary depending on whether the insured has Type 1 or Type 2 diabetes, the type and coverage amount of the life insurance policy purchased and the level of Onduo engagement with the John Hancock Vitality Program. Eligibility for an Onduo membership is also subject to Onduo’s qualification requirements. Certain aspects of Aspire may change over time. There is no coordination between Aspire and any health benefits received from an insurance policy, health plan, or any other wellness programs the insured may be enrolled in. Aspire is not available in New York, Washington, Idaho and Puerto Rico.
Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.