Over half of consumers want insurance premiums to reflect healthy behaviours such as diet and exercise levels, new research has indicated.
The research from VitalityHealth which polled over 1,000 PMI policyholders, found that 53 per cent want so-called healthy behaviours to have a positive impact on premium levels, while 78 per cent said they would increase physical activity if it meant lower premiums. In particular, 87 per cent of those in the 25-34 age group said they would live a healthy lifestyle to reduce insurance costs.
Age and medical history, should also be taken into account, the poll suggested.
According to Rachel Western, principal at Aon Employee Benefits, workplaces which attempt to incentivise healthy behaviour in this way are more likely to see a reduction in ill health. “Establishing a strategy that encourages employees to manage their own health through positive healthy lifestyle behaviours will ultimately improve the health risk of an organisation, resulting in cost increases for health-related benefits to be minimised.”
Greg Levine, sales and distribution director at VitalityHealth said: "Our recent premium renewals show that those members who engage with their health have seen lower average premium renewals. This is great news as not only are they getting healthier, they are also paying less for the health cover that we provide."
Western added: “with health risks becoming more complex and costly as we age, and with an ageing employee population, it is important that we take steps now to manage the exposure these risks will undoubtedly pose for benefit costs in the long term future.”
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales. Registered number: 00210725. Registered Office: The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN.