Wearables are revolutionising how we keep fit and the vast array of fitness apps and online tools is making it easier to be healthy and stay connected to your physical and mental wellbeing.
A little bit can go a long way and a healthy attitude to life can have a big impact on a person's physical and mental wellbeing. It doesn't take much to stay connected to your health either, and whether a fitness app or a wearable device, technology is increasingly playing a big role in people's overall health and fitness.
Wearable technology is having something of a moment and globally that growth is expected to continue unabated.
Global analyst firm, CCS Insight's latest forecast
reveals the steady growth in the smartwatch market and expects it to double over the next four years reaching 86 million units by 2021 up from 43 million sales this year. Indeed, the wearables market is expected to increase in value from around $10bn to $17bn according to CCS Insight*.
Given the phenomenal growth of fitness trackers, Zurich was interested to see the potential benefits wearables could have for its life insurance customers as a means of supporting them as they embark on a healthier lifestyle.
Zurich is the first company in Ireland to utilise wearable technology aimed at supporting the health goals of its life insurance customers. The initiative is really simple: new customers who sign up for a life cover policy get a free Garmin VivoSmart3 wearable watch. Then if you maintain an average number of daily steps, Zurich will reward you with four months cash back at the end of year one and two month's cash back at the end of year two, off your life insurance premium. For those that are interested, you can arrange a no obligation call with a Zurich financial advisor by filling in this form
or by calling us directly on local 1850 804232 (T&C's apply).
In addition to receiving a free Garmin VivoSmart3 device, a customised app, developed with Garmin and Hintsa Performance complements the device and is used to register and engage users and monitor their fitness goals.
Evan Hanley, Product Solutions Actuary at Zurich Life commented: "We're delighted to work together with Garmin
and Hintsa Performance
, to bring this cutting edge technology to the life insurance market. The aim of this initiative is to support customers to become healthier and more active. It will also create an opportunity to assess the role of wearable technology for insurance in Ireland into the future and to see if it leads to greater customer engagement."
Jussi Räisänen, Co-Founder and CEO at Hintsa Performance added: "At Hintsa, we're passionate about unlocking human potential and enhancing the everyday life and performance of people. This cooperation with Zurich Life and Garmin will create new opportunities to motivate participants to incorporate a healthy mentality into their daily routines, and keep their fitness and wellbeing goals top of mind. We have witnessed more than 70% of people using our digital tool to change their lifestyle choices for the better."
The pilot programme will run over a two year period, with participating customers helping to advance innovations around technology in Ireland's life insurance market.
*Source: CCS Insight