John Hancock to Drop Traditional Insurance Policy for Interactive Life Insurance

Discussion in '[H]ard|OCP Front Page News' started by cageymaru, Sep 20, 2018.

  1. cageymaru

    cageymaru [H]ard|News

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    John Hancock has ceased underwriting traditional life insurance policies in favor of new interactive life insurance policies. Interactive policies will be packaged under the Vitality program which features fitness and health data tracking through wearable Internet of Things (IoT) devices such as smart watches and smartphones. For the time being customers will not be required to log their fitness tracking data, and for those concerned about premium increases can be reassured that there are laws that force the insurance industry to "justify, in actuarial terms, its reasons for any rate increases or policy changes."

    Policyholders score premium discounts for hitting exercise targets tracked on wearable devices such as a Fitbit or Apple Watch and get gift cards for retail stores and other perks by logging their workouts and healthy food purchases in an app. In theory, everybody wins, as policyholders are incentivized to adopt healthy habits and insurance companies collect more premiums and pay less in claims if customers live longer.
     
  2. J3RK

    J3RK [H]ardForum Junkie

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    That's a pretty major invasion of privacy. I'd drop them in a heartbeat and get a policy somewhere else. (and I'm a largely healthy person, other than my occasional cigar)
     
  3. DigitalGriffin

    DigitalGriffin [H]ardness Supreme

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    They are walking a VERY FINE line here. It will be interesting how it will stand up to regulation.
     
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  4. DukenukemX

    DukenukemX 2[H]4U

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    So what kind of drugs are needed to be taken to be on this life insurance?

    tumblr_o054u9UQln1umogkfo1_500.gif
     
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  5. PaulP

    PaulP Gawd

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    No. Not a chance I'd buy this kind of insurance.
     
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  6. MavericK

    MavericK Zero Cool

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    It makes it sound like it only gives benefits and has no effect on your premiums. I guess whether or not that remains true perpetually is yet to be seen...
     
  7. GandraZz

    GandraZz n00bie

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    Mouse trap also has free cheese.
     
  8. gamerk2

    gamerk2 [H]ard|Gawd

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    I got news for you: This is what insurers are doing to try and reduce costs on their end. People who can prove they are engaging in healthier activities will see significant premium discounts, where everyone else will be paying the standard (higher) price.

    Many medical insurers already do most of the same stuff, and it's not that much of a stretch that life insurance companies would want to jump in as well.
     
  9. triwolf

    triwolf Gawd

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    So where does it end? Most people are you know, humans, and don't like to be tracked. I hope there will always be some freedom lovers that say no to all this surveillance stuff. It's a complex world, and if they think they can reduce us all to just a stream of data, they are wrong. I'd gladly drop them and go with a insurer that values my privacy over watching my every move to save a few bucks.
     
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  10. tikiman2012

    tikiman2012 [H]ard|Gawd

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  11. clockdogg

    clockdogg Gawd

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    Is this really from an insurance company or a guerilla marketing stunt for a new episode of Black Mirror?
     
  12. J3RK

    J3RK [H]ardForum Junkie

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    And... I disagree with all that too. I'm healthy. My work hair-tests for drugs and has mandatory physicals for fuck's sake. I get plenty of exercise, eat pretty well, drink every so often, smoke a cigar once in a while, but am otherwise the model of decent health. I still don't opt into those extra programs that reduce my rates on premiums because I find them to be moderately invasive. The whole system is bullshit to start, I know that. I just do my best to keep as much of it out of my life as possible. Sometimes that requires paying a bit more for premiums. I may hate it, but I hate the alternative even more.
     
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  13. Private_Ops

    Private_Ops [H]ard|Gawd

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    Peanut butter. Gotta switch it up sometimes.
     
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  14. Dead Parrot

    Dead Parrot [H]ard|Gawd

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    NO and Hell NO. Don't have a Personalized Tracking Device and don't plan on getting one. Kinda nice knowing I can travel somewhere and not be constantly updating scores of databases.
     
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  15. TheBuzzer

    TheBuzzer HACK THE WORLD!

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    life insurence is a scam, because if you get into finical trouble and have to close it. you get nothing back for all the money you gave them. They bank on people that have finical difficulties and cash in so much money.
     
  16. LightsOut41

    LightsOut41 Limp Gawd

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  17. HammerSandwich

    HammerSandwich [H]ard|Gawd

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    So, how much does privacy cost this week?
     
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  18. masquap

    masquap n00bie

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    I agree with your principles, but with the prevalence of Facebook and Google I think you're wrong on your opening line.
     
  19. M76

    M76 [H]ardness Supreme

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    I can tell you my fine feathered friend that you can stick up your smart devices as far as it goes.

    Yeah, everybody wins, but especially us. What does the insured win exactly? A gross invasion of privacy? Targeted ads based on the collected data? Paying higher premiums if you detect they didn't meet their exercise quota? How is any of that a win?
     
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  20. Dekoth-E-

    Dekoth-E- [H]ardness Supreme

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    As someone who sold AD&D insurance for a few years, anyone who believes they "win" with something like this, I have some amazing swamp land to sell you. Don't get me wrong, I certainly believe that most everyone should have a minimum amount of either life insurance or disability. However pretending that the insurance company isn't the primary beneficiary on any policy is foolish. Basically the rule on insurance should be, you carry a minimum amount of coverage until you have enough investments to cover yourself or your family in the event something bad happens. Once you have enough investments to to cover any situation even if it happens tomorrow, then and only then do you consider reducing it.
     
  21. PantherBlitz

    PantherBlitz Limp Gawd

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    If you have a cell phone you already have one.
     
  22. cdabc123

    cdabc123 2[H]4U

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    To bad most people are fucking terrible with money and would be incapable of saving money even if it cost less in the long run
     
  23. Dead Parrot

    Dead Parrot [H]ard|Gawd

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    Old style flip phone on a legacy T-Mobile pre-paid plan that is rarely turned on.
     
  24. MavericK

    MavericK Zero Cool

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    I assume you are either being facetious or didn't actually read the blurb in the OP, but the incentive is bonuses like gift cards, discounts on premiums, etc.

    Not defending this practice but, it is what it is.
     
  25. M76

    M76 [H]ardness Supreme

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    I did.
    Great deal.
     
  26. MavericK

    MavericK Zero Cool

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    Yeah, that is what the company gets out of it. You get bonuses and discounts. Why would they do this if they didn't get something as well?

    I really don't know what you're arguing here. If you don't think it's a good deal, don't use it. But don't claim that the insured get "nothing" out of this.
     
  27. M76

    M76 [H]ardness Supreme

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    Well a few useless coupons and undetermined premium discounts when they meet some target? What target, who sets the target they must meet to be eligible for discounts? All this for the small price of giving up your entire privacy, and voluntarily running a spy app, and voluntarily registering all your food purchases and so on.

    I cannot believe why anyone would think that's a good deal. It's a non starter. Even if the policy was free if you let them spy on you I'd still say fuck em.
     
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  28. MavericK

    MavericK Zero Cool

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    Okay, that's fine. All I am saying is that claiming you get "nothing" out of this is disingenuous at best. It may not have value to you personally, but it's not worthless.

    FWIW I wouldn't do this either, and I agree with you, but let's at least be honest about it.
     
  29. Mav451

    Mav451 [H]ardness Supreme

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