Vitality-linked insurance product launched in Japan | Fin24
 
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Vitality-linked insurance product launched in Japan

Jul 18 2018 16:48

Vitality Group, founded by Discovery 20 years ago, announced the introduction of the first Vitality-linked insurance offering in Japan, in partnership with Sumitomo Life.

Sumitomo Life Vitality was presented to employees and other stakeholders in Tokyo, Japan.
 
This partnership links the Vitality programme to a Sumitomo Life insurance product and uses digital technology to enable access to and discounts on Vitality programme offerings.

Masahiro Hashimoto, president and CEO of Sumitomo Life, said Sumitomo Life Vitality provides a unique position in the Japanese insurance market. The upfront discounts offer clients the ability to take a higher level of insurance.

"We aim to revitalise life insurance in Japan, creating better health for society and tangible value for our clients and our business,” said Hashimoto.

According to Vitality Group CEO Barry Swartzberg, Vitality works because it incentivises people to understand their health, exercise more, eat better and stop smoking.

"With our extensive network of health and reward partnerships in Japan, we hope to see Sumitomo Life Vitality propel the success of the business (forward) and provide the necessary shift to help lower the high number of premature deaths from non-communicable diseases prevalent among this region’s ageing population,” said Swartzberg.

"Healthier people translate into a more productive and healthier society, with lowered healthcare needs and costs. The clear correlation between lowering insurance risk by encouraging preventive care and healthy lifestyle habits led to us developing this model, termed Vitality Shared-Value Insurance."

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vitality  |  discovery  |  health
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