TOKYO -- Sumitomo Life Insurance plans to encourage policyholders to develop healthy habits with technology from SoftBank Group.
As an add-on to regular medical and life insurance, the program will award points for such activities as walking.
SoftBank will likely distribute wearable devices for collecting the data. Based on points accumulated throughout the year, policyholders in the top group of a five-tier ranking could enjoy 20-30% discounts on premiums the following year. Shopping and travel perks will also be offered.
The program will employ a model from South African insurer Discovery that analyzes health risks based on exercise, dietary and other habits. Sumitomo Life has obtained exclusive rights to use it in Japan.
Insurers stand to gain from clean-living policyholders through lower benefit payouts.
Sumitomo Life and SoftBank aim to roll out the program in 2018, pending approval by the Financial Services Agency.