Pay-as-you-workout health insurance for fitness freaks – the economic times market risk career
CHENNAI: Burn more calories, pay less? Well, hitting the gym everyday might have more rewards than usual. Market risk premium today Insurers are now looking at making health covers cheaper for their more fitness-conscious customers by tracking their health routine.
In a variable premium product, Cigna TTK Health Insurance Co on Wednesday launched its pay-as-you-workout concept, where it is offering to charge its policyholders less if they manage to burn out more in calories. Market risk example Earlier this week, Bajaj Allianz General Insurance Co had also launched a variable premium products with its pay-as-you-drive motor insurance policy – enabled by telematics technology.
Cigna TTK Health has launched “Get ProActiv India,’ where policyholders get rewarded for being fit. Credit risk market risk “We have a mobile app, which you can sync with any fitness wearable
from Fitbit, Garmin or pedometers. What is market risk The mobile app will maintain a daily log of your activities. Emerging market risk The more you workout, the higher the reward points on the app. Market risk premium nyu At the end of the year, you can use the points to pay less for your policy or use them towards availing of other health benefits like pharmacy bills, doctors’ consultations,” says Sandeep Patel, CEO & MD, CignaTTK Health Insurance Co Ltd.
While walking activity gets automatically updated on the app, for non-trackable activities like yoga, aerobics, dance, policyholders have the option of manually entering activity log. Market risk premium 2012 “Healthy reward points are earned based on the quantum of physical activity and one point earned equal one rupee. What is the current market risk premium High-intensity workouts like cycling, swimming and weight training can make the reward points ticker soar,” says Cigna’s Patel.
Two other private insurers are also contemplating launching a product with differential pricing based on the policyholder’s fitness record. Market risk analyst At an exploratory stage, the insurers are looking at whether they want to hand out the tracking devices themselves or tie-up with a fitness device provider.
Dutch insurer Aegon Life has been looking at using data analytics for differential pricing of insurance products based on live health data streamed from wearables. Beta market risk “We are looking at using activity trackers like Fitbit to collect health data from individuals for pricing of life insurance. Risk analysis in stock market This sort of thing is already happening in motor insurance where pricing is decided by how the insured drives the vehicle,” said Hiek van der Scheer, head of data and analytics at Aegon in an earlier interview to TOI.
Cigna TTK said this latest initiative is part of its overall attention to fitness and wellbeing. Market risk premium calculator Earlier this year, the insurer launch a “health coach” programme, where policyholders can avail of a personal fitness expert, dietitians and a doctor to draw up a diet chart and fitness regimen based on their individual needs.