MLC shakes up life insurance industry with Australian first smartwatch technology
MLC today announced the launch of Australia’s first smartwatch technology program in the life insurance market, in a potential game changer for the industry.
MLC On Track is a new program that uses smartwatch technology to measure physical activity and will reward customers with lifelong premium savings when wellness targets are achieved.
David Hackett, Executive General Manager Insurance, said NAB and MLC are on a journey of innovation, and we’re investing significant time, resources and money to ensure we are catering to our customers’ evolving needs.
“For too long, companies have relied on old ways to do business. We want to create more value for an insurance customer than the policy itself,” Mr Hackett said.
Through MLC On Track customers will be provided with a target wellness score, based on factors including step count, active hours, sleep duration and average resting heart rate.
Customers will have between 90 and 160 days to achieve their target wellness score to receive a 5 per cent discount. This opportunity will be available twice, which means customers could receive a maximum discount of 10 per cent off their insurance premiums for the life of their policy.
“Our customers’ expectations have changed by the use of digital channels and devices, and we’re excited about the opportunities MLC On Track will provide them,’’ Mr Hackett said.
“We believe this Australian first smartwatch technology program will shake up the insurance industry and give us a significant competitive edge over our counterparts.’’
“Our industry has assessed risk the same way for a long time. Smartwatch technology offers new ways of assessing and pricing insurance risk, while also providing us with new opportunities to improve customer engagement.’’
MLC will work in partnership with Big Cloud Analytics to bring the wearable device, the Intel® Basis Peak fitness and sleep tracker, exclusively to customers in Australia. The device will be available to customers purchasing an MLC Insurance or MLC Insurance Super policy.
MLC On Track will launch on 23 November.