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Does your insurer encourage a healthy lifestyle?

Czech Republic, February 27, 2014

In the run up to World Health Day Aegon will be showcasing initiatives that reward, encourage or educate its customers into adopting a healthy lifestyle. Find out how these initiatives are helping Aegon to reach new customer segments.

In February this year Aegon Czech Republic launched Aegon FIT - a life-insurance service for those with a higher Body Mass Index (BMI).

"Customers had the feeling that insurance companies only targeted super healthy and wealthy customers," explains Michal Korejs, Product Manager for Aegon Czech Republic.

Aegon Fit BMI Calculator

Aegon FIT website allows customers to calculate their BMI and premium

"And with a growing number of customers battling with weight issues, we wanted to demonstrate that Aegon isn't like other insurance companies. We went in search of a win-win for both the customer and Aegon, despite the higher risk category of these customers."

Standard premiums for overweight customers

The result was life insurance service for customers with a BMI of up to 35, the borderline of obesity. For these customers, existing life insurance products typically charge up to 50 percent higher premiums, however, Aegon Fit charges standard premiums.

To qualify for these standard premiums the customer has to promise to decrease their body weight by 2 BMI points within two years, confirmed by a medical assessment.

"This acts as a real incentive to customers struggling with their weight, and provides us with opportunities for regular interaction with customers to help them along the way," says Michal Korejs.

Increased life expectancy

A calculator on the Aegon FIT website enables customers to calculate their BMI and clearly shows them the premium saving offered by Aegon FIT compared to a standard policy. It also calculates how much weight they have to lose during the two years. According to Michal Korejs a new tool will be launched next month, which will allow customers to see the positive effect their weight loss is having on their life expectancy.

Aegon Fit Weight Reduction Calculator

The Aegon FIT websites calculates the weight loss required over two years to maintain the standard premium

"There's a real incentive for customers to reach their target weight," explains Michal Korejs. If they fail, the premium will revert to the normal weighted premium which is around 25-50% more expensive."

Keeping it simple

"Through Aegon Fit we are able to access a growing segment, with a product that rewards, rather than penalizing customers. We're much more focused on creating a long-term relationship with our customers, so our main goal was to keep it simple.

"And this drove all discussions with our internal underwriters and claim adjusters. As a result, customers can take out the policy with just a few clicks. As our logo says, we're quite literally Transforming Tomorrow, together with our customers."

 


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Written by: Aegon