IGI Life Insurance and Vitality Group, a subsidiary of Discovery Limited, on Monday announced the launch of IGI Life Vitality, a first-of-its kind Shared-Value Insurance offering in Pakistan.
Vitality Group’s Vitality Shared-Value Insurance model, applied by major insurers globally, incorporates Vitality, a scientifically-validated health promotion program, into insurance. The program provides participants with the knowledge, tools and the motivation to improve their health using a digital app and wearable devices. When linked to insurance, it becomes a powerful mechanism for a differentiated insurance offering.
Syed Hyder Ali, CEO of IGI Life Insurance, said, “We are very excited about the launch of IGI Life Vitality in Pakistan because it reflects our strong commitment to not only be a leader in our industry, but to also to be at the forefront in addressing a societal issue to help people live healthier and better lives. IGI Life Vitality is a game-changer for the insurance industry in Pakistan and a win-win for everyone: for our customers, for the entire community, for our partners and for IGI Life.”
On applying the Vitality Shared-Value Insurance model globally, Barry Swartzberg, CEO of Vitality Group, said, “Vitality is a powerful behavior-change platform, which is now helping to improve the health of more than 8.9 million people in 19 markets. Today, we are excited to extend that reach even further as we introduce IGI Life Vitality to Pakistan. Maintaining the integrity of our core Vitality offering, we aim to introduce a tailored program in partnership with IGI Life Insurance that will enhance their insurance offering to help make the Pakistani population healthier by incentivizing healthy behavior and to change the way people experience insurance.”
The partnership between Vitality Group and IGI Life Insurance, initially announced on December 26th 2017, integrates health and wellness tools and rewards with IGI Life insurance products.
Vitality is based on three main pillars – know your health, improve your health and enjoy the rewards. Customers who participate in IGI Life Vitality will first complete the IGI Life Vitality Health Review to determine their “Vitality Age”, an indicator of overall health risks. Their “Vitality Age” may be higher or lower than their actual age based on their overall health.
Customers receive a set of clearly defined personal health goals, which they meet by engaging in a broad range of healthy activities. These include running, walking and other forms of exercise recorded with a wearable device, or having medical and other health checks. They will earn “Vitality points” for successfully completing each recorded activity. The more points they earn, the higher their Vitality status and the greater the rewards. For these rewards, IGI Life Vitality has teamed up with Foodpanda, easytickets and Samsung to offer discounts on Foodpanda orders, movie ticket purchases and Samsung wearable devices.