Instead of constantly looking to save more on your insurance how about make money from them? That’s the idea this New York based company had, who have set up an initiative that rewards customers who take their health seriously in the form of monthly payments. Oscar Insurance is in the process of revolutionising the insurance market with a unique strategy that will boot the industry into the 21st century.
The new initiative involves giving its customers a Misfit Fitness tracker, which monitors their daily step count. From this data the insurance company are able to see how active its clients are and set them daily targets. If people surpass this target they are rewarded with $1 and once they hit $20 this triggers a cash-out clause in the form of an Amazon gift card. Clients signing up to the scheme can earn up to a $240 per year by showing they’re serious about their health.
The idea behind the scheme is to replicate the same strategy you get would have with car insurance. If you are accident free your annual fee will be lowered, so if you’re committed to staying fit and healthy you should also be rewarded.
Don’t worry if you’ve only just got used to using a different brand of fitness tracker, customers of the insurance company aren’t forced into only using Misfit, all trackers are acceptable permitting they integrate with Apple’s HealthKit.
It’s claimed over 17,000 people are now signed up for the initiative and the business is looking into ways to track cycling and swimming in the near future, showing again that if you’re keen to keep fit, you should be rewarded for it.
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