Vitality’s member benefits and rewards initiatives work well for budget-conscious clients who engage with the programme, earn points, and eventually start to see a reduction in their own premiums for their efforts.
In November, it announced it was offering the new Apple Watch Series 4 as part of its rewards programme.
Such ground-breaking initiatives give customers a fairer way of proving to the insurer that they are at a lower risk of making a claim and, subsequently, can enjoy paying less for their protection cover.
Health-conscious clients are incentivised to keep fit in several ways. As well as premium reductions, clients also enjoy an upgrade of their kit, including discounts on running shoes, activity trackers and cashback on a new bike.
If clients wish to receive their free cinema ticket or free coffee on a weekly basis, then they must hit a certain number of points every week.
Vitality is giving its clients a reason for running those extra couple of miles every week, and a caramel macchiato in recognition.
These types of initiatives are not just for elite sportspeople either. Vitality members can simply go for a morning walk around the block and this will be enough to accumulate sufficient points to qualify for a free coffee, cinema ticket or month of Amazon Prime membership; all while reducing their resting heart rate and increasing their overall quality of life.
Most of us pay for our protection every month and hope that we never see first-hand the benefits that these policies give us in times of need. Vitality, however, gives clients an almost immediate return on their premium with items such as Apple watches, Garmin devices and trips to Champneys health spas.
Vitality is providing a membership structure for its clients, rather than just an insurance policy, and being a Vitality member means much more than just being a responsible parent with the right family protection – in a lot of cases, this membership can become a lifestyle.
This type of innovation from Vitality means it should expect to pay out fewer claims while clients live a healthier lifestyle – and with all the free or discounted products on offer Vitality’s big brand partners are also gaining new members along the way.
Tom Baigrie is chief executive of LifeSearch