GlobalData’s 2019 UK General Insurance Consumer Survey found that 27% of UK term assurance policyholders who are open to using a wearable device in conjunction with their policy would do so to make financial savings. Vitality making a recent wellbeing partnership with Waitrose & Partners will go down well with policyholders offering them potential savings on the weekly shop.
Vitality has partnered with Waitrose & Partners to offer discounts of up to 40% on items in the supermarket’s Good Health food range. The partnership illustrates how Vitality is increasingly offering rewards that further improve the physical wellbeing of policyholders. The partnership will be a hit with consumers who stand to receive up to 25% cashback on purchases if they hold one eligible plan or 40% should they have a second one.
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Vitality stands to benefit on two fronts. Given that the discounts are only available on the Good Health food range, the provider is ensuring that policyholders are eating a well-rounded diet, reducing the potential for illnesses linked to poor dietary choices. With the level of discount being linked to the number of activity points, Vitality is also able to ensure that policyholders are physically active, further reducing the likelihood of illness linked to a sedentary lifestyle.
However, despite the fact the partnership will be well received by policyholders, the approach is unlikely to set a precedent in the wider market due to a number of factors. The first is that in 2019, only 6% of term assurance policyholders actively sought the ability to track their fitness and lower premiums as a feature of their policy, according to GlobalData’s 2019 UK General Insurance Consumer Survey. Combining this low interest from the wider market with the fact that Waitrose & Partners has 211 fewer stores than ASDA and 272 less than Sainsbury’s, the initiative will have a limited impact across the wider life insurance market.
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