John Hancock Wants You Alive (And Healthy)
John Hancock’s refreshing approach to keeping its customers in good health is good for business. Brooks Tingle, John Hancock’s president and CEO, shared a straightforward message at a recent event: the company is invested in its customers’ well-being because it benefits everyone.
During the event, Tingle recounted a revealing moment. When asked how many people wanted to live to 100, only a few hands went up. However, when reframed to “What if I could ensure you good health until 100?” nearly every hand shot up, highlighting an important distinction.
Tingle realized about a decade ago that John Hancock needed to partner with its clients to maintain their health. Seeing the over-85 age group as the nation’s fastest-growing demographic, it became clear that the company’s old approach needed an update. “We would issue policies and say, ‘Here’s your life insurance. Hope you live a long, healthy life,’ because that would be good for us and good for you. But we did almost nothing to achieve that outcome.”
This realization led to the John Hancock Vitality program, which uses “education, tools, technology, incentives, and rewards to help [our clients] live a longer, better, happier life.”
Vitality operates somewhat like a frequent flier program, but here, the benefits are earned through activities that support a longer, healthier life. Customers earn points for daily steps, sleep, exercise, healthy food choices, and preventative screenings like colonoscopies or mammograms. These points lead to bronze, silver, gold, or platinum status, each offering discounts on premiums.
Tingle highlighted a successful partnership with Apple in 2016 as a key example of how the program encourages users. “Customers claim an Apple Watch for a small fee, basically sales tax, and over the next 24 months, they repay 1/24 of the retail cost per month.” Customers who meet physical activity targets can waive these monthly charges. Tingle shared a customer’s willingness to change their habits to keep from paying for the watch, saying, “‘I don’t think twice about paying $25 for a glass of wine at my favorite restaurant, but I’ll be damned if I’m making that $15.50 watch payment.’ It’s gamified.”
Tingle hopes other insurance companies will follow suit, acknowledging that “We all benefit if Americans live longer, healthier, better lives.” His willingness to openly discuss the company’s self-interest in its customers’ well-being is part of the honesty he’s found to be beneficial. “We want you to live a long life, and we have your back because we care about you, but also because it’s good for business,” he said. “I’ve found that honesty to be enormously positive and powerful.”
