MLC has launched a new health monitoring program through which customers may be able to save up to 10 per cent on their risk insurance premiums for the life of the policy.
The program, called 'MLC On Track', allows customers to measure their health data using smartwatch technology and subsequently be rewarded for healthy behaviour with a life insurance premium discount for the life of their insurance policy.
Executive general manager of MLC’s insurance business, David Hackett, said the program is part of a “commitment to integrate innovation” throughout its insurance business.
"We're continually seeking new ways to enhance the offering to our customers, and the program will deliver financial savings while encouraging them to live healthy lifestyles,” Mr Hackett said.
"The insurance industry has assessed risk in the same way for a long time but smartwatches offer new and improved ways of assessing and pricing insurance risk."
Customers will have between 90 and 160 days to achieve their target wellness score to receive a five per cent discount. The opportunity will be available twice, meaning customers could receive a maximum of a 10 per cent discount on the life of their policy, a statement issued by the company said.
"In today's environment, it's imperative we are agile and adaptive so that we can deliver simple and better experiences for our customers. Insurance companies need to be relevant to their customers beyond a potential claim," Mr Hackett said.
"Our customers' expectations have been changed by the use of digital channels and devices and we're excited about the opportunities MLC on Track will provide them."
MLC will partner with Big Cloud Analytics to make the Intel Basis Peak fitness and sleep tracker available to customers. The program is set to launch on 23 November 2015.