MLC to assess risk using smart watch technology
MLC customers may be able to save up to 10 per cent on their life insurance premiums for the life of the policy as part of a new smart watch measurement program.
MLC On Track allows customers to measure their health data using smartwatch technology and be subsequently rewarded for healthy behaviour with a life insurance premium discount for the life of their insurance policy.
MLC executive general manager of insurance David Hackett said: "The MLC On Track program is part of our commitment to integrate innovation throughout our insurance business."
"We're continually seeking new ways to enhance the offering to our customers, and the program will deliver financial savings while encouraging them to live healthy lifestyles."
"The insurance industry has assessed risk in the same way for a long time but smartwatches offer new and improved ways of assessing and pricing insurance risk," Mr Hackett said.
Customers will have between 90 and 160 days to achieve their target wellness score to receive a five per cent discount. The opportunity will be available twice, meaning customers could receive a maximum of 10 per cent discount on the life of their policy, a statement issued by the company said.
"In today's environment, it's imperative that we are agile and adaptive so that we can deliver simple and better experiences for our customers. Insurance companies need to be relevant to their customers beyond a potential claim," Mr Hackett said.
"Our customers' expectations have been changed by the use of digital channels and devices and we're excited about the opportunities that MLC on Track will provide them."
MLC will partner with Big Cloud Analytics to make the Intel Basis Peak fitness and sleep tracker available to customers. The program is set to launch on 23 November.
ASIC confirms Endeavour, Linchpin wind up
The corporate regulator has confirmed orders from the Federal Court of Australia...
Former CBA adviser permanently banned
The corporate regulator has permanently banned a former Commonwealth Bank-aligne...
Hayne devalued financial advice, says AFA
The Association of Financial Advisers has called out the Hayne royal commission ...