Life insurance company John Hancock teamed up with Alphabet’s Verily to bring new insurance products in the market. The latest venture of these two business firms was announced last Monday, October 28, 2019. The new product will be centered on diabetics, with offers aiming to provide virtual clinic services as well as a behavioral-change program.
Called Aspire, the program brings together Manulife’s John Hancock team alongside Onduo, a joint venture of Sanofi and Verily from Alphabet. Under Aspire, diabetics who avail of policies will be given monetary incentives as well as other rewards, reports Forbes.
Apart from these, individuals who avail of a life insurance plan are also entitled to virtual clinic support, coaching, education, and rewards geared towards health management. Successful plan holders may receive up to 25% on their premiums, says Fierce Healthcare.
Customers who are qualified to join the program are those who have Type 2 diabetes. These diabetics will gain access to blood glucose monitoring services via tech devices using the Ondua app as well as an on-call virtual support group.
In a statement declared last Monday in Manhattan, president and chief executive officer of John Hancock Brooks Tingle said, “We’re actually among the most uniquely positioned to help improve their health outcomes because our customer relationships often last a lifetime.”
Chief executive officer of Verily Andy Conrad corroborated this statement, saying “through this initiative, Verily and John Hancock are pushing the envelope on the role life insurance can play in both providing financial security and helping people live longer. This is a great opportunity to do this at scale in a clever, thoughtful way.”
In the future, both companies are looking forward to expanding their life insurance offerings. Apart from diabetes, the company looks to address other chronic diseases such as depression and hypertension, reports Fierce Healthcare.