Health and life insurance giant Vitality appeals to many individual policyholders, due to their reward scheme and encouragement of a healthier lifestyle.
If you’re looking to do something unique and innovative to boost business, it could be worth implementing a Vitality-style insurance scheme for individual policyholders to help increase retention and build trust.
What is Vitality insurance?
Vitality is an innovative health and life insurance company who reward their policyholders for leading an active lifestyle. When customers sign up as an individual, they are required to fill out a health review and then can start earning points for healthy behaviours.
These points can be earned by working out at a Virgin Active gym which members can get discounts to through the monthly membership, walking, running, cycling and any other form of exercise with a linked activity tracking device such as an Apple Watch.
With enough points earned the individual policyholder will be rewarded with exclusive offers and discounts. This not only encourages a healthier lifestyle but it keeps the customer coming back to Vitality for more than just making a claim or to renew a policy. It keeps users engaged, motivated and incentivised which is fantastic for an insurance business.
Why is a Vitality-like offering good for individual policyholders?
On average there was a rise of 34% in activity levels for those using the Vitality reward service, compared to other insurance firms without incentives. This is a huge jump and at Stubben Edge, we understand the importance of increasing customer engagement and loyalty in order to retain business. Offering a personalised, Vitality-like reward program for individual policyholders can significantly impact your business.
With special discounts and offers customers are much more likely to renew their policy with you and recommend you to others. Even if they don’t make use of certain rewards, perhaps because they aren’t of interest to the specific customer at the time, having savings and deals available will still draw people in as they’ll be able to easily see the value.
As this is still a relatively new concept, now is the time to jump on board and create a similar, innovative insurance membership model for individual policyholders to help you stand out.
How to build a Vitality-like offering for individual policyholders
Despite it’s rising popularity, the Vitality insurance scheme doesn’t work for every individual. For example, having only a select few prestigious gym discounts available that may not be easily accessible to those who live in rural areas, takes away one of their biggest selling point. Plus, with their premiums increasing each year and their marketing geared more toward the younger generation it loses some of its appeal. This then leaves a big gap in the market for level term programs that are tailored to older people.
While the Vitality branding and marketing efforts are strong and their reward scheme is unique, they still lack exceptional customer service which many individuals find extremely important. With our Stubben Edge loyalty platform, you can easily build a Vitality-like offering for your policyholders that’s fully customisable and white labelled to really make it your own. With exclusive local offers, discounts and rewards that are tailored to each individual, you’ll be able to retain and incentivise new policyholders.
Our platform also features marketing tools, the ability to add all of your products and services simply, targeting the relevant customers and increasing profits, and 24/7 communication with an online helpdesk. The Stubben Edge loyalty platform is the way forward and is ideal for building your own unique, Vitality-like offering for individual policyholders.
Find out more about our innovative online loyalty platform for insurance brokers.
Also, take a look at our ultimate guide to loyalty management softwares to find out how to build a relationship with your customers.